Icon PLC, an external drug and device development provider to the drug and medical device industries, said Wednesday that they have approved PRA Health Sciences Inc. Get PRAH,
in cash and stock contracts valued at approximately $ 12 billion. Under the terms of the contract. Icon will pay $ 80 per share in cash plus 0.4125 shares of Icon stock priced around 30% over Tuesday’s PRA closing price. Pre-sale PRA shares jumped 17% on the news. “PRA’s mobile and connected health platforms and real-world data and information solutions along with ICON’s Accellacare site network, home health services and wearables expertise, will be brought together to deliver differentiated and hybrid testing solutions. delivery to meet the needs of a growing customer base, “Icon said in a statement. The deal is expected to close in the third quarter, to be “very cautious” to Icon’s employment in the first year after closing and give them a 20% increase thereafter. The company will be headquartered in Dublin and will continue to be led by Director Steve Cutler, and CFO Brendan Brennan. Image shares were not active as a pre-sale, but have gained 27% in the last 12 months, and the S&P 500 SPX,
has gained 16%.