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news.New York-based private equity investment firm JLL Partners has signed a definitive agreement with inVentiv Health to sell PharmaNet Development Group.
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PharmaNet is a provider of clinical development services to pharmaceutical, biotechnology, generic drug and medical device industries and provides capabilities in Phase I-IV clinical development, bioanalytical and bioequivalence services, regulatory, staffing, and therapeutic solutions.
inVentiv Health is a provider of results-driven clinical, consulting and commercial services to the pharmaceutical and healthcare industries.
Jefferies & Co and UBS Securities acted as financial advisors to PharmaNet in connection with the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as PharmaNet’s legal counsel.
JLL Partners MD Ramsey Frank said they have worked in close partnership with the PharmaNet’s management team to drive operational efficiencies, new business momentum and the EBITDA levels of the company.