Please login to the form below

Not currently logged in
Email:
Password:

KKR acquires clinical trials firm PRA International

Represents the second healthcare investment by the group in the last 12 months

US clinical research organisation (CRO) PRA International has been acquired for an undisclosed sum by global investment firm KKR.

“PRA is a well positioned global CRO platform led by a talented management team with a long track record of success,” said the head of KKR's healthcare investing team Jim Momtazee.

“As one of the fastest growing companies in the CRO sector, PRA is known for its strong client relationships and differentiated therapeutic expertise.

“PRA management and KKR share the common ambition of building on this platform by continually improving service offerings to clients and providing compelling career opportunities for employees,” he said.

The CRO, which has 5,300 employees worldwide and provides outsourced clinical development services for the biotechnology and pharmaceutical industries, was bought from San Francisco-based private equity firm Genstar Capital.

“This transaction marks the next stage of our evolution. With KKR as our new partner, we look forward to working with them to accelerate our innovation and growth while continuing to make a difference not only for our clients but also for our people,” said Colin Shannon, president and CEO of PRA.

Although the full amount has not yet been confirmed, speculation in the Wall Street Journal and Reuters suggests KKR has agreed to pay $1.3bn for the CRO, which would earn the previous owner a profit of $500m on the $797m it paid for PRA in 2007.

KKR has a long history in healthcare, having invested more than $9bn in the sector since 1995. In June 2012, it acquired the Austrian network of cancer and cardiovascular care centres GenesisCare.

The PPR deal is subject to regulatory approvals, along with other standard closing conditions and is expected to close in the third quarter of 2013.

28th June 2013

From: Research

Share

Tags

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Cogora

Cogora has been a leader in healthcare publishing for over 30 years and has become one of the leading full-service...

Latest intelligence

PM Society Digital Awards – the power of together
Our chief executive, Emma Statham, writes about the value of awards and the power of together....
Seduction_feature_image_thumb.jpg
Seduce anyone in four simple steps
You know the health of the global economy is dependent on our ability to seduce one another – don’t you? And you know that we need to be able to...
What Would Jeremy Do? : Assessing the impact of a Corbyn-led Labour government
GK Strategy are delighted to announce the launch our latest briefing paper entitled ‘What Would Jeremy Do? Assessing the impact of a Corbyn-led Labour government’....

Infographics