Pharmaceutical Product Development’s $550 Million Recapitalization With Existing Owners and New Investors


Simpson Thacher is representing Hellman & Friedman in connection with its entering into definitive agreements to recapitalize Pharmaceutical Product Development, LLC

Under the agreements, Hellman & Friedman will assume majority ownership and The Carlyle Group (“Carlyle”) will retain a substantial minority interest with both investing substantial equity from new funds. PPD’s ownership will also expand to include two new investors, a subsidiary of the Abu Dhabi Investment Authority and an affiliate of GIC, Singapore’s sovereign wealth fund. In connection with the proposed recapitalization, PPD expects to raise approximately $550 million through the issuance of new senior unsecured holdco notes. The proposed recapitalization values PPD at more than $9 billion.

PPD is a leading global contract research organization providing clinical development and laboratory services to companies in the biopharmaceutical industries, in addition to academic, non-profit and government organizations.

The Simpson Thacher team includes Rich Capelouto (Picture), Naveed Anwar, Simon Chiu, Mark Schultz, Clint Eastman and Will Haynes (M&A); Brian Steinhardt (Credit); Bill Brentani (Capital Markets); David Rubinsky, Jeannine McSweeney and Michael Cook (Executive Compensation and Employee Benefits); and Katharine Moir and Tanvi Mirani (Tax).

Involved fees earner: Rich Capelouto – Simpson Thacher & Bartlett; Naveed Anwar – Simpson Thacher & Bartlett; Simon Chiu – Simpson Thacher & Bartlett; Mark Schultz – Simpson Thacher & Bartlett; Clint Eastman – Simpson Thacher & Bartlett; William Haynes – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; William Brentani – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Jeannine McSweeney – Simpson Thacher & Bartlett; Michael Cook – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Tanvi Mirani – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Hellman & Friedman;

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Author: Ambrogio Visconti