Medical device company Thermo Fisher Scientific is nearing a deal to buy contract research firm PPD Inc for more than $15 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The companies could finalize a deal as soon as this week, the report said.
Shares of PPD closed 12% higher at $43, while Thermo Fisher fell 1.4% to $478.
PPD provides clinical development and laboratory services to pharmaceutical, biotechnology, medical device and government organizations. It has a market capitalization of $13.4 billion, according to Refinitiv data.
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