Applied Bioscience International Inc., PPD deal

The clinical research organizations will merge in a pooling of interests transaction. The combined enterprise will retain the Pharmaceutical Product Development name, with net revenue of over $200 million. PPDI CEO Fred Eshelman will serve as CEO of the new company, while John Bryer, CEO of APBI's Pharmaco International division, will head the combined CRO business.

APBI shareholders will receive $15 per share. PPDI will issue 0.3125 to 0.4054 of its shares for each APBI share, subject to adjustment. If PPDI's shares trade below $30, either party can terminate the agreement. ...