Simpson Thacher Advises on Pharmaceutical Product Development’s Announced Recapitalization With Existing Owners and New Investors
05.03.17
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The Firm is representing Hellman & Friedman in connection with its entering into definitive agreements to recapitalize Pharmaceutical Product Development, LLC (“PPD”). Under the agreements, Hellman & Friedman will assume majority ownership and The Carlyle Group (“Carlyle”) will retain a substantial minority interest with both investing substantial equity from new funds. PPD’s ownership will also expand to include two new investors, a subsidiary of the Abu Dhabi Investment Authority and an affiliate of GIC, Singapore’s sovereign wealth fund. In connection with the proposed recapitalization, PPD expects to raise approximately $550 million through the issuance of new senior unsecured holdco notes. The proposed recapitalization values PPD at more than $9 billion.
PPD is a leading global contract research organization providing clinical development and laboratory services to companies in the biopharmaceutical industries, in addition to academic, non-profit and government organizations.
The Simpson Thacher team includes Rich Capelouto, Naveed Anwar, Simon Chiu, Mark Schultz, Clint Eastman and Will Haynes (M&A); Brian Steinhardt (Credit); Bill Brentani (Capital Markets); David Rubinsky, Jeannine McSweeney and Michael Cook (Executive Compensation and Employee Benefits); and Tanvi Mirani (Tax).