Today, PharmaNet Development Group, Inc. announced that it has entered into a definitive merger agreement with affiliates of JLL Partners, Inc. (’JLL’). As terms of the agreement, JLL will commence a tender offer to purchase all of the outstanding shares of PharmaNet at a price of $5.00 per share in cash, an approximate 373% premium to yesterday's closing price.
Although PharmaNet's Board of Directors has approved the definitive merger agreement, the transaction is subject to the valid tender of a majority of PharmaNet common stock, regulatory approvals and other customary conditions. However, it is not subject to any financing conditions. It is anticipated that the tender offer will close by the end of the first quarter of this year.
The Board of Directors and I are very pleased to have a partner in JLL that recognizes the substantial value we have built in the PharmaNet Development Group franchise, stated Jeffrey P. McMullen, President and Chief Executive Officer, PharmaNet Development Group, Inc. We believe this transaction provides meaningful value to our stockholders while providing the solution to address the outstanding convertible notes.
Ramsey Frank, Managing Director of JLL, commented, PharmaNet Development Group is well-positioned as a leading provider of outsourced clinical development services with a global infrastructure and an excellent reputation. We look forward to working with the management team to enhance the Company’s growth prospects and expand its portfolio of services.