KKR to acquire PRA International as part of its growth strategy
The acquisition is set to be completed in the third quarter.
KKR is set to acquire PRA International, a world-leading contract research organisation (CRO), from Genstar Capital LLC when customary closing conditions are met in the third quarter.
CROs enable numerous firms to expedite the process which takes their product from conception to market by providing evidence of efficacy and safety in experimentation.
Research from the Tufts Center for the Study of Drug Development evidences significant market growth, with these firms now employing more clinical research staff than the pharmaceutical industry.
Both companies have the common goals to improve outsourced clinical development services to companies in biotechnology and pharmaceutical industries and to improve career opportunities.
PRA has already conducted an estimated 2000 clinical trials on behalf of over 300 clients, but the company is hoping to expand its operations further under the partnership.
Colin Shannon, president and chief executive of PRA, said: "We look forward to working with them to accelerate our innovation and growth while continuing to make a difference."
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