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May 10, 2017, 7:28 a.m. EDT

INC Research to merge with private-equity owned InVentiv Health in all-stock deal

Deal values InVentiv at $4.6 billion, including debt, and will create a large biopharmaceutical outsourcing provider

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By Joshua Jamerson


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INC Research Holdings Inc. has reached an agreement to combine with private-equity owned inVentiv Health, creating a large biopharmaceutical outsourcing provider the companies hope will better capture growing demand for outsourced services.

The all-stock transaction, based on the closing price of INC Research common stock  Tuesday, values inVentiv at $4.6 billion including debt and gives the combined company a value of about $7.4 billion. INC Research shareholders will own 53% of the combined firm, and inVentiv shareholders are slated to hold 47%.

INC shares, inactive in premarket trading Wednesday, closed Tuesday at $43.65. INC Research had a market capitalization of roughly $2.4 billion.

Raleigh, NC-based INC Research is a contract research company that provides clinical development services for biopharmaceutical and medical-device industries.

Advent International and Thomas H. Lee Partners, two private-equity firms, are equal equity owners of inVentiv and will remain investors in the combined company after the transaction.

An expanded version of this report appears at WSJ.com.

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