RALEIGH, N.C. (AP) -- Contract researcher PRA International said Monday that it has agreed to sell itself to funds managed by investment firm Kohlberg Kravis Roberts & Co. for an undisclosed sum.
PRA is currently owned by San Francisco-based private equity firm Genstar Capital LLC.
PRA provides outsourced clinical development services to the biotechnology and pharmaceutical industries. It has more than 5,300 employees at over 50 offices around the world.
Since 2000, PRA has performed about 2,000 clinical trials in over 80 countries on behalf of over 300 clients, the company said.
The deal, which remains subject to regulatory approvals, is expected to close in the third quarter.
KKR shares fell 93 cents, or 5 percent, to $17.77 in morning trading Monday. Its shares have traded in a 52-week range of $12.08 to $21.60.