Icon and PRA announce CRO mega-deal

Dublin-based Icon, a contract research and drug development company, has announced that it is acquiring one of its competitors, PRA Health Services. The deal is valued at about $12 billion.

After suffering a 2020 revenue slump brought on by clinical trial disruptions related to the COVID-19 pandemic, Icon’s match-up with PRA will help create a mega-CRO with strategic partnerships already developed with dozens of major players in pharma. And once complete, Icon says the merger will give rise to a healthcare intelligence/CRO company that will hold a top spot in several key market segments.

Because PRA has invested in digital platforms — such as remote monitoring — Icon’s acquisition of the company will allow it to expand its tech know-how for clinical trials. The deal will also help Icon broaden its reach in Asian countries such as China.

Read the full Wall Street Journal report.