The transaction brings together two organizations that focus on quality and efficient clinical trial execution from Phase 1 to post-approval studies, Icon said.
Under the terms of the deal. Icon will pay $80 per share in cash plus 0.4125 shares of Icon stock for a roughly 30% premium over PRA’s closing price Tuesday.
PRA shares jumped 17% premarket on the news. “PRA’s mobile and connected health platforms and real world data and information solutions together with ICON’s Accellacare site network, home health services and wearables expertise, will be combined to deliver differentiated decentralised and hybrid trial solutions to meet growing customer needs,” Icon said in a statement.
The deal is expected to close in the third quarter, to be “highly accretive” to Icon earnings in the first year after close and to boost them by 20%-plus after that. The combined company will be headquartered in Dublin and continue to be led by CEO Steve Cutler, and CFO Brendan Brennan. Icon shares were not active premarket, but have gained 27% in the last 12 months, while the S&P 500 SPX, +0.13% has gained 16%.
