A class action lawsuit against the $3.9 billion deal that took life science company private last winer has been settled.
North Carolina Layers Weekly reported the settlement Friday.
“Despite objections from one institutional shareholder, the North Carolina Business Court has approved the settlement of a class action against Wilmington-based clinical research company Pharmaceutical Product Development Inc. and two private equity firms,” the newspaper reported.
The deal closed in December.
The lawsuit claimed that the $3.9 billion price was too low.
The Carlyle Group in partnership with Hellman & Friedman acquired the firm, which was founded by Wilmington businessman Fred Eshelman.