PharmaNet acquired by equity firm

By Lisa Kerner

Charlotte, N.C., March 31 - JLL Partners, Inc. completed its acquisition of PharmaNet Development Group, Inc. on Monday.

PDGI Acquisition Corp., JLL's acquisition subsidiary, merged with and into PharmaNet, a JLL news release said.

The New York private equity firm acquired 94.8% of PharmaNet in a $5-per-share tender offer that ended Friday.

JLL said the outstanding shares of PharmaNet common stock it does not own were converted into the right to receive the $5-per-share cash merger consideration.

PharmaNet, a Princeton, N.J., drug-development services company, ceased trading on the Nasdaq Global Select Market.

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