Skip To The Main Content

News & Events

Matter Highlights Go Back

PRA Health Sciences and Selling Stockholder Complete Secondary Offering and Concurrent Share Repurchase

09.09.19

The Firm recently represented PRA Health Sciences, Inc. (“PRA”) and the selling stockholder, a fund affiliated with Kohlberg Kravis Roberts & Co. L.P., in connection with an underwritten secondary offering of 6,666,684 shares of common stock of PRA by the selling stockholder for aggregate gross proceeds of approximately $650 million and a concurrent repurchase by PRA of 3,079,765 of those shares from the underwriter in the offering.

In November 2014, Simpson Thacher represented PRA in connection with its $351 million initial public offering. Since the IPO, Simpson Thacher represented PRA in secondary offerings by certain selling stockholders with proceeds aggregating approximately $2.9 billion.

PRA Health Sciences, Inc. is one of the world’s leading global contract research organizations, or CROs, by revenue, providing outsourced clinical development and data solution services to the biotechnology and pharmaceutical industries. PRA’s global clinical development platform includes approximately 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East and over 16,400 employees worldwide. Since 2000, PRA has participated in more than 3,800 clinical trials worldwide, worked on marketed drugs across several therapeutic areas and conducted the pivotal or supportive trials that led to U.S. Food and Drug Administration or international regulatory approval of more than 85 drugs.

The Simpson Thacher team included Richard Fenyes, Sung Bum Cho, Eva Kang and Pinto Adhola (Capital Markets); Jonathan Lindabury, Jennifer Levitt, Mimi Cheng and Alexandra Joseph (Banking and Credit); David Rubinsky and Pasco Struhs (Executive Compensation and Employee Benefits); James Rapp and Amanda Weiss (Public Company Advisory Practice); and Jonathan Cantor and Caroline Phillips (Tax).