ICON plc & PRA Health Sciences to become #3 Largest CRO Behind LabCorp & IQVIA

ICON plc & PRA Health Sciences to become #3 Largest CRO Behind LabCorp & IQVIA

The contract research organization (CRO), critically important in the world of drug development and clinical trials, represents a near $64 billion industry within just a few years. Frost & Sullivan reports that a post-pandemic CRO space will further accelerate based on myriad market forces combined with need for hybrid clinical trials (combining virtual and traditional site models). As the clinical research support sector has consolidated, it just became all the more so as Ireland-based ICON plc (NASDAQ: ICLR) announced its intention to acquire PRA Health Sciences (NASDAQ: PRAH) in a cash and stock transaction valued at approximately $12 billion, with the per share merger consisting of $80 in cash and 0.4125 shares of ICON stock. With consideration representing nearly 30% premium to PRA’s closing stock price as of February 23, 2021. This deal brings together two of the most prominent CROs now on a mission to leverage scale, innovative process, domain expertise, and technology to expand its global footprint in a dynamic, unfolding and consolidating clinical trials research space. Once this deal is consummated, the new merged company becomes the third largest CRO in the world as...

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