KKR deal brings together ReSearch Pharmaceutical Services Inc. and PRA International in CRO merger.
Global investment firm KKR (NY, USA) have recently entered an agreement to acquire ReSearch Pharmaceutical Services Inc. (RPS [PA, USA]), a global CRO, from Warburg Pincus (NY, USA). The deal comes following a recent announcement, when KKR disclosed the acquisition of another CRO, PRA International (PRA [NC, USA]).
Following the completion of both deals, expected in the third quarter of 2013, RPS and PRA will merge. The joint venture shall be led by current PRA Chief Executive Officer Colin Shannon, who commented, “We are excited about the potential to deliver even greater value to our clients through this combination. By bringing together PRA and RPS, we will be able to offer a more comprehensive range of services across all segments of the biopharmaceutical industry through our expanded capabilities, therapeutic expertise and greater geographic presence.”
RPS will also continue to operate independently as the newly formed Strategic Solutions Division of PRA, led by current RPS President Harris Koffer and Executive Vice President Samir Shah. “This transaction represents the next step in the evolution of RPS and its Embedded service model”, stated Koffer. “I can think of no better partner for PRS than PRA and am excited about the opportunities going forward for the clients and employees of PRS”.