Clarivate Analytics, a global leader in providing trusted insights and analytics to accelerate the pace of innovation, today announced it has completed its acquisition of Decision Resources Group ("DRG"). Previously, Clarivate announced on January 17, 2020 its intent to acquire DRG from Piramal Enterprises Limited ("PEL", NSE: PEL, BSE: 500302), part of global business conglomerate Piramal Group.
"We are excited to welcome DRG's colleagues to Clarivate and begin to roll out the many benefits of this acquisition to customers and colleagues alike," said Jerre Stead, Executive Chairman and CEO of Clarivate. "People are our only sustainable competitive advantage and both organizations are built on amazing people with deep industry, subject matter and technical expertise. We will move quickly and smoothly to integrate DRG with our Science Group. For customers, the combination of DRG's services and solutions with Clarivate's Life Sciences solutions, including Cortellis™, will help customers make smarter, faster evidence-based decisions to boost clinical and commercial success."
DRG is a premier provider of high-value data, analytics and insights products and services to the healthcare industry. DRG specializes in enabling the world's leading pharma, biotech and medical technology companies to achieve commercial success in complex health markets with the creation of effective patient-centric commercial strategies.
Financing Details
In connection with the closing of the $950 million acquisition of DRG, Clarivate paid $900 million in cash from a combination of equity proceeds and debt financing. The balance of approximately $50 million of deferred consideration in the form of Clarivate ordinary shares is expected to be issued one year after closing. In February 2020, Clarivate closed a primary offering of 27,600,000 ordinary shares resulting in net proceeds of approximately $540 million and closed a $360 million principal amount Incremental Senior Secured Term Loan B Facility.
Sourced from Cision PR Newswire