Irish company ICON has agreed to acquire contract research company PRA Health Sciences in a cash and stock deal valued at about $12bn.

The acquisition brings two organisations together with a shared focus on quality and efficient clinical trial execution from Phase I to post-approval studies.

ICON stated that all the biopharma and medical device customers will benefit from increased service offerings and geographic footprint, therapeutic expertise, expansive healthcare technology innovation, and functional talent and capabilities.

The combination of PRA’s mobile and connected health platforms and real-world data and information solutions together with ICON’s Accellacare site network, home health services and wearables expertise, will help meet the growing customer requirements for differentiated decentralised and hybrid trial solutions.

ICON CEO Dr Steve Cutler said: “Both ICON and PRA have track records of robust growth and performance and we are ready to build on this unrivalled position of strength, utilising the outstanding talent in both organisations.

“With broader and deeper operational scale combined with innovative technology and real world data solutions, we will enable all customers to reduce their development time and cost.

“We will be the leading provider of de-centralised and hybrid trial solutions through the integration of our data capabilities, health platforms and Accellacare site network.”

For the deal, ICON will pay $80 in cash and 0.4125 shares of its stock to PRA shareholders.

Subject to regulatory and shareholder approvals and customary closing conditions, the transaction is expected to be concluded during the third quarter of this year.

Upon completion of the deal, ICON shareholders will own about 66% of the combined company’s shares and the remaining 34% stake will be with PRA shareholders.