Scottsdale, Arizona 2/5/2009 3:14:14 AM
News / Finance

PharmaNet Development Group, Inc. (PDGI) Stock Explodes after Company Agrees to be Acquired by JLL Partners

QualityStocks would like to highlight PharmaNet Development Group, Inc. (NASDAQ: PDGI). The company provides a comprehensive range of services to the pharmaceutical, biotechnology, generic drug and medical device industries. The Company offers early and late stage consulting, Phase I clinical studies and bioanalytical analyses, and Phase II, III and IV clinical development programs. With approximately 2,500 employees and 41 facilities throughout the world, PharmaNet is a recognized leader in outsourced clinical development.

 

In the company’s news yesterday,

 

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 Monday'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.”

 

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.