PE-backed INC Research has agreed to acquire Kendle for $232 million. INC Research and Kendle are both contract research organizations. INC Research will pay Kendle shareholders $15.25 in cash per share, a 60.5% premium. INC Research is being advised by Morgan Stanley and Weil Gotshal & Manges, while Kendle is being advised by J.P. Morgan and Keating, Muething & Klekamp. INC Research was acquired by Avista Capital Partners and Teachers' Private Capital last August.