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US private equity firm Genstar Capital (San Francisco, California) has completed its $797 million acquisition of PRA International (Reston, Virginia). The deal, first announced on July 25th, was subject to a “go-shop” provision, allowing the CRO to solicit competing proposals before it was finalised (Biopharm Development News 7/8/07).
PRA shareholders approved the transaction at a special meeting held on December 12th. Shareholders will receive $30.50 per share in cash. The move takes PRA out of public ownership: its shares were delisted from NASDAQ and trading suspended after the close of the market on December 13th.
Terrance J Bieker will continue as chief executive officer of PRA.
Genstar’s other investments in the healthcare sector include: OnCURE Medical, which runs treatment centres providing alternatives to radiation therapy; preclinical product and service provider Harlan Sprague Dawley; and Catalent Pharma Solutions, formerly the pharmaceutical technologies and services division of Cardinal Health. The company has some $3 billion of capital under management. It focuses on selected segments of life science and healthcare services, industrial technology, business services and software services. Article submitted by www.jobs4dd.com, for latest nes and jobs in the clinical research industry.
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