NEW YORK (AP) - Health care data company IMS Health and Quintiles, which helps drug companies with clinical trial research, said Tuesday they are merging in an all-stock deal worth nearly $9 billion.
The combined company will be called Quintiles IMS Holdings Inc. and will have a market value of nearly $18 billion, based on the companies’ stock prices Monday.
Shares of IMS Health Holdings Inc. fell $1.11, or 4.2 percent, to $25.76 in afternoon trading Tuesday. Shares of Quintiles Transnational Holdings Inc. fell $2.98, or 4.3 percent, to $66.12
The new company will keep two headquarters, one at Danbury, Connecticut, where IMS Health is based, and another in Durham, North Carolina, where Quintiles has its offices.
As part of the deal, IMS Health shareholders will receive 0.384 of Quintiles stock for each share of IMS Health they own. IMS Health shareholders will own about 51.4 percent of the combined company and Quintiles shareholders will own about 48.6 percent.
IMS Health Chairman and CEO Ari Bousbib will keep the same roles at the combined company. Quintiles CEO Tom Pike will become vice chairman of Quintiles IMS Holdings.
Pike said in a statement that the combined company would help pharmaceutical companies “transform the clinical development of innovative medicines, demonstrate the value of these medicines in the real world, and drive commercial success.”
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