PRA Health Sciences to Be Acquired by ICON in $12 Billion Deal

Paul, Weiss is advising PRA Health Sciences, Inc., a leading global contract research organization, in its approximately $12 billion cash-and-stock sale to ICON plc, a global provider of outsourced drug and medical device development and commercialization services. Under the terms of the transaction, PRA shareholders will receive $80 in cash and 0.4125 shares of ICON stock per share—an approximately 30% premium to PRA’s closing price as of February 23. The deal is expected to close during the third quarter of 2021, subject to regulatory and shareholder approvals and customary closing conditions.

The Paul, Weiss team includes, among others, corporate partners Krishna Veeraraghavan and Laura Turano, and counsel Suhan Shim and Mikhel Schecter; litigation counsel Steven Herzog, Peter Jaffe and Rachel Fiorill; intellectual property partner Jonathan Ashtor; tax partner Robert Holo; antitrust counsel Marta Kelly; international trade counsel Richard Elliott; and environmental counsel William O’Brien.