PRA Health Sciences Inc. agreed to acquire Symphony Health Solutions Corp. for an up-front cash payment of $530 million.
Symphony Health Solutions is a privately held provider of data, analytics and consulting solutions to the life sciences market. It is owned by technology investment firm Symphony Technology Group.
The payment is subject to customary purchase price adjustments and potential contingent payments that are based on Symphony Health exceeding financial targets for the 12-month periods ending December 2017 and December 2018.
PRA Health said the transaction is expected to be immediately accretive to its adjusted net income per share. The company has also entered into debt financing commitments with PNC Bank for amounts that are enough to provide funds necessary to complete the transaction.
Neal Bibeau will continue to serve as CEO of Symphony Health.
The deal is expected to close in the third quarter, subject to regulatory clearances in the U.S. and other customary closing conditions.
Jefferies LLC is acting as exclusive financial adviser to PRA Health, and Simpson Thacher & Bartlett LLP is serving as its legal counsel. Blank Rome LLP is Symphony Health's legal counsel.