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 downgraded to Neutral from Buy at ISI Group As previously reported, ISI Group downgraded ICON plc to Neutral from Buy. The firm downgraded shares based on valuation and lack of near-term catalysts. Price target is $62.