ICON completes its $12 billion buyout of PRA Health Sciences

Four months after announcing plans to acquire rival in megadeal, ICON confirms transaction is complete.

Last Thursday, ICON announced it had completed its acquisition of PRA Health Sciences, bringing together a total of 38,000 employees across 47 countries and creating one of the world’s largest CROs. The $12 billion acquisition was announced back in February. The combined entity will retain ICON’s name and will be headquartered in Dublin, Ireland. According to a press release issued on the company’s website, the combined company will leverage its enhanced operations to transform clinical trials and accelerate biopharma customer’s commercial success through the development of much needed medicines and medical devices, and the new ICON will have a renewed focus on leveraging data, applying technology and accessing diverse patient populations to speed up drug development.

During an earnings call back in April, ICON’s CEO Steve Cutler said the transaction would allow the combined companies to "become the world's leading health care intelligence and clinical CRO." To fund the cash and stock transaction, which came with a 30% premium for PRA Health Science's shareholders, the Dublin-based contract research organization ICON announced a $2 billion private offering last month. With the conclusion of the transaction, PRA Health Sciences is now a wholly owned subsidiary of ICON, after the former’s shareholders received per share $80 in cash and 0.4125 shares of ICON stock. PRA’s trading on the Nasdaq was suspended prior to market open on July 1, 2021 while ICON saw its share price soar the day following its announcement that the merger was finally closed.