Carlyle to buy pharmaceutical company for $3.9 billion

October 3, 2011

The Carlyle Group on Monday announced one of the biggest buyout deals of 2011, teaming with fellow private equity firm Hellman & Friedman to purchase shares of publicly held Pharmaceutical Product Development for $3.9 billion.

The all-cash transaction valued Wilmington, N.C.-based PPD, which provides research and laboratory services to pharmaceutical companies, at $33.25 per share.

PPD’s board of directors has unanimously approved the merger and recommended that PPD’s shareholders adopt the agreement, which will result in PPD becoming a private company.

PPD employs more than 11,000 in offices across 44 countries. Its shares closed at $32.28 on Monday, a 25.8 percent increase above its opening price.

Thomas Heath is a local business reporter and columnist, writing about entrepreneurs and various companies big and small in the Washington Metropolitan area. Previously, he wrote about the business of sports for The Post’s sports section for most of a decade.
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