KKR to buy second clinical trials firm this year
(Reuters) - KKR & Co LP announced Wednesday that it is acquiring ReSearch Pharmaceutical Services Inc from Warburg Pincus.
The deal marks the New York-based investment firm's second investment in a global contract research organization in the past few months. Terms of the deal were not disclosed.
In June, KKR announced it was buying clinical research group PRA International from Genstar Capital LLC for an undisclosed amount, but a source familiar with the matter said the agreed price was around $1.3 billion.
Upon closing both deals, KKR plans to merge PRA and RPS, with PRA Chief Executive Officer Colin Shannon leading the combined company, according to a release issued by KKR. The deal is expected to close in the third quarter.
Citigroup and law firm Kirkland & Ellis LLP advised RPS. Credit Suisse, Jefferies LLC and UBS Investment Bank served as financial advisers to KKR. Simpson Thacher & Bartlett served as legal counsel for KKR.
(Reporting by Jessica Toonkel; Editing by Maureen Bavdek)
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