GIC in talks over US clinical trials firm: Report

NEW YORK: Two buyout firms that own Pharmaceutical Product Development (PPD) are in advanced talks to sell minority stakes in the US clinical trials firm to investors that include Singapore's sovereign wealth fund GIC and Abu Dhabi Investment Authority.

The sale would be at a price that would value the entire company at more than US$9 billion (S$12.6 billion), including debt, said people familiar with the matter.

The deal would see PPD's owners, Carlyle Group and Hellman & Friedman, continue to control the company jointly, they said.

Carlyle owns 60 per cent of PPD and Hellman & Friedman owns 40 per cent. Both share governance rights.

They are in talks to sell minority stakes in PPD, but would continue to collectively own more than half the company. - REUTERS

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