Monday's announcement that private equity funds affiliated with The Carlyle Group and Hellman & Friedman are buying Pharmaceutical Product Development, Inc., of Wilmington, N.C. for $3.9 billion has a direct local connection.
PPD has operations in Philadelphia suburbs of Blue Bell and Devon, along with another facility in Hamilton, N.J., near Trenton.
PPD has 30 days to solicit or receive competing offers for the company. The current offer is all cash.
"The sale of PPD to The Carlyle Group and Hellman & Friedman provides an attractive return for our shareholders, while also ensuring a secure foundation and commitment to investment, innovation and excellence for PPD clients and employees as the company builds on its 25-year history of success," Fred Eshelman, founder and executive chairman of PPD said in a statement.