NEWTOWN, Pa. (AP) -- A private equity firm plans to buy BioClinica Inc., which provides clinical trial management services, in a deal valued at about $123 million.
BioClinica, based in Newtown, Pa., said Wednesday its board of directors has unanimously approved the deal, in JLL Partners Inc. will pay $7.25 for each BioClinica share.
That represents a 20 percent premium to the stock's Tuesday closing price of $6.04. The company said it also represents a premium of more than 23 percent to the stock's average closing price for the 90 days that ended Tuesday.
BioClinica shares jumped nearly 20 percent, or $1.18, to $7.22 in Wednesday morning trading after the companies announced the deal.
JLL Partners, which is based in New York, also plans to buy the privately held medical imaging and cardiac safety services provider CoreLab Partners Inc. and pair it with BioClinica.
