PPDI

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PPD’s $3.9B acquisition by Carlyle, H&F completed

The Carlyle Group and Hellman & Friedman have completed their $3.9 billion acquisition of PPD (NYSE:PPDI). The private equity firms announced the completion of the all-cash deal for the clinical research organization today. The close follows an approval vote from shareholders last week. At the Nov. 30 shareholders meeting at PPD’s Wilmington, North Carolina headquarters, […]

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PPDI shareholders approve $3.9B sale, $21M in golden parachutes

PPD (NYSE:PPDI), among the largest clinical research organizations in the industry, is on its way to becoming a private company. Shareholders voted to approve the $3.9 billion sale of the Wilmington, North Carolina-based CRO to private equity firms The Carlyle Group and Hellman & Friedman. PPD said that more than 96 percent of shares voting […]

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PPDI shareholders vote today on the CRO’s $3.9B sale

Any PPD (NYSE:PPDI) shareholders with something to say about the $3.9 billion sale of the clinical research organization will probably be making their way today to the coastal city of Wilmington, North Carolina. At PPD’s global headquarters, the CRO has scheduled a meeting for shareholders to vote whether to approve the sale to private equity […]

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PPD’s ‘go-shop’ process turns up no other bids for the CRO

PPD (NYSE:PPDI) will have no other acquirers trying to top the $3.9 billion bid for the clinical research organization from private equity firms The Carlyle Group and Hellman & Friedman. Just one party entered into the same confidentiality agreements that Carlyle and H&F agreed to in order to begin acquisition talks with the CRO. But […]

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PPD’s sale to private equity: How the CRO M&A deal got done

Days before PPD‘s (NYSE:PPDI) $3.9 billion sale to private equity was announced on October 3, the clinical research organization’s lead independent director, Ernest Mario, was busy trading e-mails and phone calls with The Carlyle Group in an effort to improve what had become a substantially reduced offer. Carlyle and Hellman & Friedman, the other private […]

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PPD’s new CEO Hill ‘sticking around’ after private equity sale

PPD‘s (NYSE:PPDI) $3.9 billion sale to The Carlyle Group and Hellman & Friedman offered shareholders of the clinical research organization a nearly 30 percent premium over the company’s closing stock price before the private equity deal was announced. But www.footnoted.com, a unit of Morningstar that looks for hidden items buried in securities filings, suggested that […]

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PPD’s $3.9B sale to private equity and prospects for more CRO deals

PPD‘s (NYSE:PPDI) founder and former CEO Fred Eshelman launched Pharmaceutical Product Development out of his Maryland home in 1985. Twenty six years later, the company Eshelman started as a one-man consultancy is set to be sold for just shy of $4 billion. Wilmington, North Carolina clinical research organization PPD announced today private equity firms The […]

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PPDI acquired by two private equity firms in $3.9B cash deal

North Carolina clinical research organization PPD (NYSE:PPDI) will be acquired by two private equity firms in a $3.9 billion cash deal that will take the CRO private. PPD announced the definitive merger agreement with The Carlyle Group and Hellman & Friedman Monday. The sale price comes to $33.25 per share, a 29.6 percent premium over […]

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PPD names IMS Health executive Hill to be CRO’s new CEO

PPD‘s (NYSE:PPDI) new CEO brings the clinical research organization a long track record in healthcare and life sciences consulting. Raymond Hill comes to Wilmington, North Carolina-based PPD from research and consulting firm IMS Health, ¬†where he has worked for the past eight years. His appointment as PPD CEO and member of the CRO’s board of […]

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PPD names chief scientific officer for China subsidiary BioDuro

Clinical research organization PPD (NYSE:PPDI) has appointed a chief scientific officer for BioDuro, its drug discovery subsidiary in China. Jasmine Cui brings to PPD more than 15 years of drug discovery experience, including 14 years at Merck (NYSE:MRK). Wilmington, North Carolina-based PPD has made China a big part of its business through acquisitions. In 2009, […]

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Is private equity interested in buying PPD?

PPD (NYSE:PPDI) released second-quarter earnings today and in the conference call to follow Wednesday morning, I would bet on at least two questions analysts will pose to management of the North Carolina clinical research organization: How is the search progressing for a new CEO to replace retired CEO David Grange? Is PPD in talks with […]

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PPD for sale? Management says no ‘combination’ talks happening

Talk of whether PPD (NYSE:PPDI) is for sale has prompted the clinical research organization to publicly state it not in talks with any other CRO regarding a merger or acquisition. But Wilmington, North Carolina-based PPD did say that its board of directors has asked management to review the company’s strategic plan and capital structure “with […]