PPD, one of the Triangle's largest drug-research companies, announced this morning that is being acquired by affiliates of two private equity firms, The Carlyle Group and Hellman & Friedman, for $3.9 billion.
PPD is based in Wilmington but has about 1,400 workers in the Triangle. Rumors have been swirling for months that PPD was on the market and that The Carlyle Group was among the frontrunners.
Under the terms of the deal, The Carlyle Group and Hellman & Friedman are acquiring the outstanding shares of PPD for $33.25 per share. That's a 30 percent premium on where the shares closed Friday.
PPD was founded 25 years ago by Fred Eshelman. Eshelman had been running the company since former CEO David Grange retired in May.