PRA on hold by Jefferies

Jefferies & Co., Inc. analyst David Windley maintained PRA International, Inc. at hold with a $25 price target on news the company has a definitive agreement to acquire Pharma Bio-Research. Expected to close in the third quarter, the deal will cost PRA $107 million, funded by cash, assumed debt and restricted stock. Shares of the Reston, Va.-based contract research organization were down 29 cents, or 1.347%, at $21.36 on volume of 77,191 shares versus the three-month running average of 269,619 shares. (Nasdaq: PRAI)

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