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Pharma Tech Outlook | Tuesday, November 09, 2021
Two major contract research organisations will merge as Ireland’s Icon acquires US company PRA Health for $12bn
FREMONT,CA:Icon, based in Dublin, plans to acquire PRA Health Sciences for $12 billion, forming one of the world's largest contract research organisations, or CROs.Icon is a prominent CRO player in its own right, having been founded in Dublin in 1990. The company offers outsourced drug and device development and commercialization services to pharma, biotech, and medical device companies around the world. Icon conducted clinical studies for the Pfizer-BioNTech coronavirus vaccine last year, this work drew larger attention. Icon's trial, which included 44,000 people over the course of four months in 2020, was one of the largest and most rapid Covid-19 vaccination trials ever.
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PRA, a prominent CRO in the US, provides outsourced clinical development and data solution services to the biotech and pharmaceutical sectors. It is another big global CRO which sets itself apart using mobile and digital tools that make it possible to run trials successfully from afar. Trial participants can communicate information utilising mobile devices such as cellphones thanks to PRA's technology. The company facilitates data collection and virtual monitoring of people outside of a clinical setting and in the real world through applications and wearable sensors.PRA's mobile and linked health platforms, as well as its real-world data and information solutions, will be integrated into Icon's acquisition. As a result, hybrid trial solutions will be more adaptable and better able to satisfy the needs of clients. The merged firm will be headquartered in Leopardstown, Dublin, where Icon already has a stronghold.
Thousands of employees around the world will be affected by the merger of Icon and PRA. Icon employs over 16,000 individuals across 93 sites, whereas PRA employs approximately 19,000 workers across 75 offices. Following the transaction, Icon hopes to have formal strategic partnerships with the majority of the world's top 20 biopharma businesses.Icon is determined to help all clients to minimise their development time and costs by combining broader and deeper operational scale with innovative technology and real-world data solutions.Subject to regulatory approval, the acquisition is expected to close in the third quarter of 2021.
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