Press release
ICON to Acquire PRA Health Sciences, Creating a World Leader in Healthcare Intelligence and Clinical Research
The consolidation brings together two organizations with a history of robust growth and performance ready to build on this strength using the outstanding
About this update from Icon Plc
[{"type":"text","content":"\n\nThe consolidation brings together two organizations with a history of robust growth and performance ready to build on this strength using the outstanding talent of both companies to deliver enhanced value to patients, customers, employees and shareholders.\n\n\n\nAll customers will benefit from increased functional, geographic and therapeutic scale as well as expansive healthcare technology innovation.\n\n\n\nThe combination will address the growing market need for de-centralised and hybrid trial solutions from a differentiated combination of mobile and connected health platforms, a global site network, home health services and wearables expertise.\n\n\n\nThe combined business will be no. 1 or 2 in key clinical market segments and have formal strategic partnerships with a majority of the top 20 biopharma companies, providing a platform for growth and innovation. \n\n\n\nSignificant shareholder value creation expected as a result of strong industry momentum and leveraging best practice operating models, revenue, cost and tax synergies. \n\n\nICON and PRA to host conference call at 8:30 a.m. EST 24th February. \n\n\n \n\n DUBLIN--(BUSINESS WIRE)--\nICON plc, (NASDAQ: ICLR), a global provider of outsourced drug and device development and commercialisation services to the pharmaceutical, biotechnology and medical device industries, and government and public health organisations, today announced it has entered into a definitive agreement to acquire PRA Health Sciences, Inc. (NASDAQ: PRAH) in a cash and stock transaction valued at approximately $12 billion, with the per share merger consideration consisting of $80 in cash and 0.4125 shares of ICON stock. The consideration represents an approximately 30% premium to PRA’s closing price as of February 23rd, 2021.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210224005484/en/\nThe transaction brings together two high-quality, innovative and growing organisations with similar cultures and a shared focus on high quality and efficient clinical trial execution from Phase 1 to post-approval studies.\n\nBiopharma and medical device customers of all sizes will benefit from broader service offerings and geographic footprint, deeper therapeutic expertise, expansive healthcare technology innovation, and functional talent and capabi...