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Transaction Announcement: Pharma Bio-Research Group B.V.

August 28, 2006 - William Blair International is pleased to announce the success of client Pharma Bio-Research Group B.V., in its sale to PRA International, Inc., for a total transaction consideration of €84,625,000 (approximately $107,100,000). William Blair International acted as exclusive financial advisor to Pharma Bio-Research Group for the transaction.

Pharma Bio-Research Group B.V. (PBR or the company), a portfolio company of the U.K.-based private equity firm HgCapital, is based in the Netherlands and is a leading European provider of Phase I/IIA clinical trials and support services, including bioanalytical laboratory and data processing services to the pharmaceutical and biotechnology industries. The company's clinical activities include designing and obtaining regulatory approval for studies to be conducted; recruiting and screening of study participants; conducting Phase I and IIA clinical trials in its 140-bed facilities; and collating, analyzing, and reporting the clinical data collected during the course of the clinical trials. The company's bioanalytical services support all phases of drug discovery and development from early toxicology studies to late-stage clinical trials.

Based in Virginia, PRA International is one of the world’s leading clinical development organizations, with more than 2,500 employees worldwide providing reliable service delivery, program-level therapeutic expertise, easy global access to knowledge, and involved senior management to its customers. PRA's existing Phase I operations in Lenexa, Kansas, will be combined with PBR's platform to provide comprehensive early-development-phase services in both the United States and Europe.

Having previously represented the shareholders of PBR during its sale to HgCapital in 2002, William Blair International maintained an active dialogue with both parties until the same transaction team was again engaged to explore certain strategic alternatives, including a sale of the company. William Blair International worked closely with the shareholders and management to orchestrate a confidential and highly targeted sale process that included contacting specific potential buyers, developing a management presentation and data room, coordinating the due diligence process, and negotiating the commercial terms of the share purchase agreement.

To date in 2006, William Blair International has announced 11 cross-border transactions, acting for clients based in 9 countries.

For more information about how the investment banking professionals at William Blair International can help your business or portfolio company, please contact us at corporate_finance@williamblair.com.


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Tony Zimmer, 312-364-8611

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