Medpace announces $60M stock repurchase agreement

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MedpaceMedpace Holdings (Nasdaq: MEDP) is spending about $60.5 million to repurchase stock.

The stock repurchase agreement with Cinven Capital Management (V) General Partner Limited, announced yesterday, involves Medpace repurchasing 2 million shares of stock at a price of $30.27 per share.

The transaction is expected to close tomorrow, subject to customary closing conditions. The company’s stock is up more than 2% in value, to nearly $32 per share, as of midday.

Medpace plans to fund the repurchase with cash on hand and borrowings under its senior secured revolving credit facility.

Medpace (Cincinnati) is a clinical contract research organization providing Phase I–IV clinical development services to the biotechnology, pharmaceutical and medical device industries.

(See the best minds in medtech live at DeviceTalks Boston on Oct. 2.)

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