Cross Country Healthcare agrees to sell clinical trial services business Cross Country Healthcare (CCRN) announced it has entered into an agreement to sell its clinical trial services business to ICON plc (ICLR) for $52M, plus an earn-out of up to $3.75M related to certain performance-based milestones. Consummation of the transaction is subject to the completion of certain closing conditions. This transaction is expected to be completed within the next 30 days. Cross Country Healthcare intends to use a portion of the net proceeds from this transaction to retire all of its outstanding bank debt.
ICON plc announces expanded share repurchase program of up to $400M In addition to the $58M of shares repurchased year to date, the company’s board has approved a further expansion of the share repurchase programme of up to $400M which will be funded using committed financing and cash on hand.
ICON plc raises FY15 EPS to $3.90-$4.00 from $3.60-$3.70, consensus $3.67 Raises FY15 revenue to $1.6B-$1.65B from $1.57B-$1.6B, consensus $1.63B. Expects strong margin performance to continue and backlow conversion is lower than forecast.