Private Equity Firm Buys PRA International
PRA International, a clinical research company based in Reston, said it has agreed to be bought by private equity firm Genstar Capital in a deal valued at $790 million.
Under the terms of the agreement, PRA stockholders will be entitled to receive $30.50 in cash for each share of PRA common stock, a premium of about 24 percent over PRA's average closing price for the three months ending Tuesday. Genstar owns about 12.8 percent of PRA shares currently.
PRA is entitled to solicit other offers but would have to pay a $7.9 million break-up fee if it chooses an alternative deal.
PRA provides drug development services to biotech and pharmaceutical companies. PRA manages human trials and monitors drug safety during tests. The company went public in 2004. See its Post 200 profile here.
Separately, the company reported that profits were down sharply for its second quarter, totaling $693,000 compared to $6.8 million for a similar period in 2006. The decline was attributed to restructuring charges and other expenses.
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