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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PPD Inc | NASDAQ:PPD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.28 | 48.00 | 50.00 | 0 | 01:00:00 |
By Dave Sebastian
Thermo Fisher Scientific Inc. said it has agreed to buy pharmaceutical-testing company PPD Inc. for $17.4 billion in cash, the latest tie-up among companies that run clinical trials and provide other services for drugmakers.
On top of paying $47.50 a share in cash, Thermo Fisher said it will also assume about $3.5 billion in net debt, the companies said Thursday.
The deal value reflects a premium of about 24% of PPD's closing price on Tuesday, before The Wall Street Journal on Wednesday reported that the two companies were nearing a deal.
PPD has more than 26,000 employees in nearly 50 countries. It generated revenue of $4.7 billion in 2020, up 16% from the prior year.
PPD, based in Wilmington, N.C., is a so-called contract-research organization, a type of company that runs the studies testing experimental drugs developed by pharmaceutical companies. PPD also provides laboratory services.
Thermo Fisher, of Waltham, Mass., sells lab equipment, chemicals and tests, among other life-sciences services and products. It had $32 billion in sales last year, a 26% increase.
The deal could add $1.40 a share to Thermo Fisher's adjusted earnings in the first 12 months after closing, which is expected by the end of the year, the companies said. Thermo Fisher said it expects about $75 million in cost savings and roughly $50 million in adjusted operating income benefit by the third year after close.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 15, 2021 07:36 ET (11:36 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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