Medpace announces $60M stock repurchase agreement

August 17, 2017 By Chris Newmarker

Medpace 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.

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About The Author

Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at [email protected].