On Wednesday, drug and medical device maker ICON said it agreed to buy PRA Health Sciences in a deal valued at approximately $12 billion.
Under terms of the deal, ICON will pay PRA Health Sciences shareholders $80 in cash and 0.4125 a share of Icon stock—which represents around 30% premium to PRA’s closing price Tuesday.
After the acquisition happens, ICON shareholders will own 66% of the combined entity, while PRA shareholders will own about 34%.
The combined company will be headquartered in Dublin.