JLL Partners Announces Completion of Acquisition of PharmaNet
New York, N.Y. — JLL Partners, a leading private equity investment fund (“JLL”), today announced the completion of its acquisition of PharmaNet Development Group, Inc. (Nasdaq: PDGI), a leading provider of clinical development services (“PharmaNet”). The acquisition was completed on March 30, 2009 through the merger of JLL’s acquisition subsidiary, PDGI Acquisition Corp. (“Purchaser”), with and into PharmaNet. As a result of the merger, the outstanding shares of PharmaNet common stock not held by JLL or its affiliates were converted into the right to receive the $5.00 per share cash merger consideration. The merger followed the successful completion of the previously announced tender offer by Purchaser and JLL PharmaNet Holdings, LLC (“Parent”) for all of the outstanding shares of PharmaNet common stock at a price of $5.00 per share net to the seller in cash, pursuant to which Parent and Purchaser acquired approximately 94.8% of the outstanding PharmaNet shares. Parent and Purchaser are affiliates of JLL Partners Fund VI, L.P., an investment fund managed by JLL. The common stock of PharmaNet ceased trading on the NASDAQ Global Select Market prior to the opening of the market on March 31, 2009. As a result of the merger and the tender offer, PharmaNet is now wholly owned by JLL through Parent.
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