THE DEAL: Pharmaceutical Product Development Inc. agreed to be acquired by The Carlyle Group and Hellman & Friedman LP for $3.9 billion, or $33.25 per share in cash. The company expects the sale to close during the fourth quarter, pending approval by shareholders and regulators.
THE TARGET: PPD of Wilmington, N.C., provides contract drug development and discovery services for drug companies and other groups.
THE DEVELOPMENTS: PPD said in July that its board of directors has asked management to review its strategy and capital structure. In August it was reported to be in talks with Carlyle and other private equity firms.