JLL Partners has agreed to acquire PharmaNet Development Group for $250 million. The deal values PharmaNet's shares at $5, the company's shares closed at $1.34 prior to the announcement, a $100 million of equity will be used to purchase the outstanding shares with the remaining $150 million to be used to repay $144 million of PharmaNet's debt. The company provides contract research services to the pharmaceutical and biotechnology industries.
There have been eight other pharmaceutical and biotechnology contract research services companies acquired by private equity investors, according to PitchBook Platform. The median buyout of the companies was $72 million with over half of the deals being add-on acquisitions. KRG Capital Partners and the Weinberg & Bell Group are the most active with their acquisition of Cetero Research and subsequent add-ons of Gateway Medical Research and PRACS Institute.