After the merger of the two CROs (contract research organizations), PRA CEO Colin Shannon is expected to lead the combined company, though RPS will operate as a division of PRA under the leadership of RPS President Harris Koffer and EVP Samir Shah.
"This transaction represents the next step in the evolution of RPS and its Embedded service model,” Koffer said.
KKR purchased PRA late last month for about $1.3B after the CRO announced plans to go public.
Shannon added in a statement, "By bringing together PRA and RPS, we will be able to offer a more comprehensive range of services across all segments of the biopharmaceutical industry through our expanded capabilities, therapeutic expertise, and greater geographic presence."
He also told us last month that KKR will not interfere in the company’s operations.
The transaction is expected to close in Q3 of 2013 and is subject to regulatory approvals and other closing conditions.
Citigroup acted as exclusive financial advisor and Kirkland & Ellis LLP acted as legal advisor to RPS. Credit Suisse, Jefferies LLC, and UBS Investment Bankserved as financial advisors to KKR.