ICON plc’s $12 Billion Acquisition of PRA Health Sciences

Arthur Cox partnered with with Paul, Weiss, Rifkind, Wharton & Garrison LLP in advising PRA Health Sciences on its proposed acquisition by ICON plc in a cash and stock transaction valued at approximately $12 billion, creating a world leader in healthcare intelligence and clinical research. ICON has been represented by A&L Goodbody, alongside Cahill Gordon & Reindel.

Clinical-trial operator Icon PLC (NASDAQ:ICLR)announced the acquisition of rival PRA Health Sciences Inc. (NASDAQ:PRAH) for $12 billion, creating a powerhouse provider of services to pharmaceutical companies that are farming out more work to contractors. 

The deal is scheduled to happen in the third quarter of 2021. 

The tie-up would create one of the world’s largest contract-research organizations, known as CROs, which test experimental drugs in animals and help run studies of promising late-stage drugs in humans. 

The acquisition will also expand Icon’s presence in Asia, including China, a growing market for the pharmaceutical industry.

Dublin-based Icon helps pharmaceutical companies run studies testing experimental drugs and vaccines in people, including deploying nurses to people’s homes for patient recruitment and monitoring.

PRA Health Sciences is a contract research organization. 

The Arthur Cox team was led by Cian McCourt (Picture, Corporate and M&A) and included Aaron Vickery and Reem Ka’ati (Corporate and M&A), Fintan Clancy, Orlaith Kane and Nicola Cavey (Tax), Cian Beecher and Ailbhe Moloney (Employment), Colin Kavanagh and Bridget McGrath (Regulatory), Olivia Mullooly and Eoghan Clogher (Technology and Innovation), Patrick Horan and Simon Breen (Competition and Regulated Markets).

The ALG team includes Mark Ward (Head of M&A), Berni Hosty, Richard Marron, Keavy Ryan, Phil Fogarty and Barry O’Fiachain (Corporate and M&A); Seamus O ‘Croinin and Lisa Tait (Finance); Alan McCarthy and Anna Marie Curran (Antitrust) and Paul Fahy and Stephen Egan (Tax).

The Cahill team included Kimberly Petillo-Décossard, Ross Sturman, and Adam Dworkin, corporate associates Joe Rosati, Joe Cho, Taylor Jansen, Jonathan Stempel, Catherine Schaefer, Beth Yahl, Loren Goodman, and Sam Esclavon, tax partner Craig Horowitz, tax associate Sam Kurani, executive compensation partner Glenn Waldrip, executive compensation counsel Mark Gelman, antitrust partner Elai Katz, and antitrust counsel Lauren Rackow.

Involved fees earner: Anna-Marie Curran – A&L Goodbody; Stephen Egan – A&L Goodbody; Paul Fahy – A&L Goodbody; Phil Fogarty – A&L Goodbody; Berni Hosty – A&L Goodbody; Richard Marron – A&L Goodbody; Alan McCarthy – A&L Goodbody; Séamus Ó Cróinín – A&L Goodbody; Barry O’Fiachain – A&L Goodbody; Keavy Ryan – A&L Goodbody; Lisa Tait – A&L Goodbody; Mark Ward – A&L Goodbody; Cian Beecher – Arthur Cox; Simon Breen – Arthur Cox; Nicola Cavey – Arthur Cox; Fintan Clancy – Arthur Cox; Eoghan Clogher – Arthur Cox; Patrick Horan – Arthur Cox; Orlaith Kane – Arthur Cox; Colin Kavanagh – Arthur Cox; Reem Ka’ati – Arthur Cox; Cian McCourt – Arthur Cox; Bridget McGrath – Arthur Cox; Ailbhe Moloney – Arthur Cox; Olivia Mullooly – Arthur Cox; Aaron Vickery – Arthur Cox; Joseph Cho – Cahill Gordon & Reindel; Adam Dworkin – Cahill Gordon & Reindel; Samuel Esclavon – Cahill Gordon & Reindel; Mark Gelman – Cahill Gordon & Reindel; Loren Goodman – Cahill Gordon & Reindel; Craig Horowitz – Cahill Gordon & Reindel; Taylor Jansen – Cahill Gordon & Reindel; Elai Katz – Cahill Gordon & Reindel; Samir Kurani – Cahill Gordon & Reindel; Kimberly Petillo-Décossard – Cahill Gordon & Reindel; Lauren Rackow – Cahill Gordon & Reindel; Joseph Rosati – Cahill Gordon & Reindel; Jonathan Stempel – Cahill Gordon & Reindel; Ross Sturman – Cahill Gordon & Reindel; Glenn Waldrip Jr. – Cahill Gordon & Reindel; Elizabeth Yahl – Cahill Gordon & Reindel;

Law Firms: A&L Goodbody; Arthur Cox; Cahill Gordon & Reindel;

Clients: ICON Plc; PRA Health Sciences, Inc.;

Sonia Carcano

Author: Sonia Carcano