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Jon Ihle
Icon Plc, a Dublin-based contract research and development group in the life sciences sector, has agreed to sign a $ 12 billion contract with PRA Health Sciences . EUR).
The cash and stock transaction, which yesterday was a 30 percent premium to PRA’s share price, will create one of the world’s leading clinical trials companies, with market-leading positions in several key segments and relationships with the most of the top 20 biopharmaceutical companies.
The deal is expected to combine Icon’s expertise in home health services and wearables with PRA’s digital capabilities. Upon completion of the transaction, Icon shareholders will own approximately 66 percent of the combined company, while PRA shareholders will own approximately 34 percent.
« The combined company will create a new paradigm to accelerate clinical research and create new ones Bring drugs and devices to market, « said Dr. Steven Cutler, Icon CEO.
« Both Icon and PRA have seen robust growth and performance. We stand ready to build on this unmatched position of strength and capitalize on the outstanding talents of both companies. With one broader and deeper operational scale combined with innovative technology and real data solutions. We enable all customers to reduce their development time and costs. «
Icon informed the shareholders that the transaction is expected to bring an increase in value of more than 20 percent, which is due to growth and cost savings of € 150 million after the merger. Icon’s market capitalization was $ 11 billion yesterday.
Tax savings are also a key component of the business – putting US-based PRA under the Irish corporate tax system. Icon said the combined effective tax rate for the group will drop to 14 percentage points.
The combined group will be headquartered in Dublin, where Icon is already headquartered with 1,000 employees. Dr. Cutler remains managing director.
The transaction was unanimously approved by both boards of directors and is expected to close in late September 2021, subject to regulatory and shareholder approvals and customary closing conditions.
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