Pamplona Capital to take Parexel private in $5B cash deal

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Just last week, contract development and management organization Albany Molecular Research (AMRI) agreed to be acquired by affiliates of The Carlyle Group and GTCR for about $922 million cash, while JSR Life Sciences announced it would acquire mammalian cell-line development specialist Selexis, and integrate it with KBI Biopharma.

Private equity firm Pamplona Capital Management LLP is nearing a deal to acquire US pharmaceutical research services provider Parexel International Corp for more than $4.5 billion, a person familiar with the matter said on Tuesday.

Up to Monday's close, shares of Parexel had risen almost 22 percent since reports in early May that the company was exploring a sale.

Shares of Parexel closed Monday at $83.92 apiece.

Occidental Petroleum Corporation (NYSE:OXY), Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA)
After $0.08 actual EPS reported by Bank Mutual Corporation for the previous quarter, Wall Street now forecasts 25.00% EPS growth. Cim Investment Mangement Inc. raised its stake in shares of Occidental Petroleum Corporation by 1.2% in the fourth quarter.

The transaction is expected to close early in the fourth quarter of 2017, subject to the approval of a majority of PAREXEL shareholders and the satisfaction of other customary closing conditions.

Parexel's board has unanimously approved the deal, but shareholders still have to vote on it. "We believe the more flexible corporate structure afforded by this transaction will better position us to advance Parexel's strategy in light of these realities and to shape the Company to best capitalize on our exciting market opportunities".

Parexel International Corp., based in Waltham, Massachusetts, provides clinical research, technology consulting and medical communications to the drug and medical device industries.

Read the full press release from Parexel.