JLL will commence a tender offer at $5 per share.
JLL Partners has agreed to acquire PharmaNet Development Group for about $100 million. JLL will pay $5.00 per share, more than three times PharmaNet’s closing price on February 2, the day before the transaction was made public. PharmaNet’s stock jumped to over $4 during trading yesterday.
The transaction will be financed by a $250 million equity commitment from JLL, which includes the necessary funds to retire the $144 million principal amount of the company’s outstanding convertible notes. The parties expect the tender offer to close by the end of this quarter.
PharmaNet provides a range of services to the pharmaceutical, biotechnology, generic drug, and medical device industries. The company offers early- and late-stage consulting, Phase I studies and bioanalytical analyses, as well as Phase II, III, and IV clinical development programs. It has approximately 2,500 employees and 41 facilities throughout the world.