Pharma BD Deal Intelligence
ICON plc acquired PRA Health Sciences in a deal valued at approximately $12 billion, creating one of the world's largest contract research organizations. PRA shareholders received $80 in cash and 0.4125 ICON shares per PRA share. UPDATE (2026-06): The combined company scaled to the #2 global CRO (FY2025 revenue $8.25B), but in May 2026 ICON disclosed an Audit Committee investigation finding improper revenue recognition in 2023-2024, forcing a restatement of FY2023/FY2024 results and the identification of material weaknesses in internal controls — a governance development that qualifies the prior post-close performance narrative.