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.