Noerr advises ICON on 12 billion dollar takeover of PRA Health Sciences

29.04.2021

A Noerr team headed by Fabian Badtke and Jens Peter Schmidt has advised the Irish clinical research organisation ICON PLC on its acquisition of the US company PRA Health Sciences, Inc. on the EU merger control and foreign investment control issues. The purchase price is approximately $12 billion. For the acquisition, ICON has offered PRA shareholders $80 per share and 0.4125 Icon shares.

The advice included both obtaining and coordinating the required merger control approvals and the necessary assessment and handling of foreign direct investment (FDI) notifications in Europe including Russia.

The takeover makes ICON one of the world’s leading provider among clinical research organisations (CRO). CROs are service provider that support pharmaceutical companies and medical device manufacturers with the research and development of pharmaceuticals or medical devices.

The merger brings together two high-value, innovative and growing organisations that have similar cultures and a common focus on carrying out high-quality and efficient clinical studies from phase 1 to the post-approval study. Global total market volume for CRO services is estimated at around €55 billion.

Closing of the takeover is expected by the third quarter of 2021.

Advisors to ICON: Noerr Partnerschaftsgesellschaft mbB

Team lead: Fabian Badtke (Frankfurt), Jens Peter Schmidt (Brussels, Antitrust)

Stefan Weber (Moscow), Philipp Studt (Brussels), Artem Kara (Moscow), Sascha Giller (Frankfurt, Antitrust), Edina Schweizer, Jörg Menzer (Banking&Finance, Corporate, Budapest)

Other advisors to ICON
A&L Goodbody (Irland): Mark Ward (Head of M&A), Berni Hosty, Richard Marron, Keavy Ryan, Phil Fogarty, Barry O'Fiachain (Corporate and M&A), Seamus O 'Croinin, Lisa Tait (Finance), Alan McCarthy, Anna Marie Curran (Antitrust), Paul Fahy and Stephen Egan (Tax)
Cahill Gordon & Reindel (USA): Kimberly Petillo-Décossard, Ross Sturman, and Adam Dworkin; corporate associates Joe Rosati, Joe Cho, Taylor Jansen, Jonathan Stempel, Catherine Schaefer, Beth Yahl, Loren Goodman, Sam Esclavon, tax partner Craig Horowitz, tax associate Samir Kurani, executive compensation partner Glenn Waldrip, executive compensation counsel Mark Gelman, antitrust partner Elai Katz, antitrust counsel Lauren Rackow, corporate governance partner Brock Bosson.

Macfarlanes (UK): Tom Usher, Sophie Chesterton

Darrois Villey Maillot Brochier (Frankreich): Forrest Alogna, Maxime Wach

Gianni Origoni (Italien): Francesco Salerno, Federico Macchi

Schima Mayer Starlinger (Österreich): Christian Mayer, Moritz am Ende, Elisabeth Wielinger