PRA and RPS Merger Completed
PRA and RPS Merger Completed
Combined Organization Strengthens Capabilities and Geographical Presence
RALEIGH, N.C.--(BUSINESS WIRE)-- PRA International ("PRA"), a leading clinical research organization, today announced the completion of its merger with ReSearch Pharmaceutical Services ("RPS") and the closing of the acquisition by Kohlberg Kravis Roberts & Co L.P. (together with its affiliates, "KKR"). The combination of PRA and RPS creates the fourth largest contract research organization ("CRO"), offering an enhanced array of services and capabilities to support its clients.
Going forward, RPS will operate as PRA's Strategic Solutions Division and the combined enterprise will be led by PRA's CEO Colin Shannon. Former RPS CEO Harris Koffer and President Samir Shah have been named President and COO of the Strategic Solutions Division, respectively.
Colin Shannon, President and CEO of PRA said, "As we join forces with the team at RPS, this begins a new chapter for both organizations. We have a supportive long-term partner in KKR and the combination with RPS makes PRA a stronger organization, offering our customers a more comprehensive range of services through our expanded capabilities and therapeutic expertise. As a division of PRA, the RPS Strategic Solutions Division will continue to operate as RPS has previously, which should enable a seamless integration with absolutely no disruption for our clients."
Harris Koffer added: "We are excited about joining the PRA family and leveraging the enhanced capabilities of the combined company to deliver greater value and innovation for our clients and employees."
Since 2000, PRA has performed approximately 2,000 clinical trials in over 80 countries on behalf of over 300 clients. RPS is known throughout the industry as the pioneer of the Embedded clinical development model, with an established presence in North America and EMEA and specialized capabilities in Latin America and Asia. RPS has more than 4,000 employees located in over 64 countries. As a result of the merger, PRA will have nearly 10,000 employees with operations and resources in 80 countries across North and South America, Europe, Africa, and Asia Pacific, offering a full suite of services - both Embedded and programmatic - for its clients.
PRA is transforming clinical trials through our people, innovation and transparency. PRA provides personalized service customized to the unique requirements of each study. We support our global reach and innovative approach through flexible and reliable service, delivered by skilled employees dedicated to ensuring that sponsors achieve their long-term goals.
We serve our clients across all phases of biopharmaceutical drug development by combining therapeutic and operational expertise with local knowledge. Offering services in 80+ countries and serving sponsors for 35+ years, we have amassed a level of expertise that enables us to work on a variety of compounds, ranging from niche treatments and therapies to blockbuster drugs. But at PRA, we are looking to the future, not the past. Our increasingly forward-thinking approach to transforming the clinical trial landscape continues to make a difference to healthcare patients around the world.
To learn more about PRA, please visit praintl.com, email firstname.lastname@example.org or call our Global Headquarters.
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYS: KKR) , and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate. For additional information, please visit KKR's website at www.kkr.com.
Laura Lawton, +1 919-786-8368
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