JLL Partners wraps tender offer for PharmaNet; merger set for completion

By Angela McDaniels

Tacoma, Wash., March 30 - JLL Partners, Inc. has received tenders for 18,774,076 shares, or 94.8%, of PharmaNet Development Group, Inc.'s common stock and expected to complete its acquisition of PharmaNet Monday, according to a JLL Partners news release.

The acquisition is being completed through a short-form merger in which each of the remaining PharmaNet shares will be converted into the right to receive the same $5 per share paid in the tender offer.

Once the merger is complete, PharmaNet will operate as a wholly owned subsidiary of JLL PharmaNet Holdings, LLC and its common stock will cease trading on the Nasdaq Global Select Market.

PharmaNet announced in December that it was considering strategic alternatives, including a possible sale of the company. It then agreed in February to be acquired by JLL Partners in a deal that values PharmaNet's stock at about $100 million.

JLL Partners' tender offer for PharmaNet ran from Feb. 12 to March 19, and a subsequent offering period expired at 5 p.m. ET on March 27.

The tender offer was conducted through JLL PharmaNet Holdings, LLC and PDGI Acquisition Corp.

PharmaNet is a Princeton, N.J., drug development services company, and JLL Partners is a New York private equity firm,

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