Leading interntional investment firm KKR announced earlier today that it signed an agreement to purchase ReSearch Pharmaceutical Services from Warburg Pincus for an undisclosed amount. Jeffries, UBS Investment Bank and Credit Suisse gave financial advisory to KKR on the deal while Citigroup was hired by RPS as exclusive financial advisor.

The transaction's finalization in the third quarter of 2013 is will prompt the merging of RPS and recently-acquired PRA International. Colin Shannon, PRA Chief Executive officer, will be appointed head of the new enterprise. RPS will be integrated as the Strategic Solutions Division of PRA.

"This transaction represents the next step in the evolution of RPS and its Embedded service model. I can think of no better partner for RPS than PRA and am excited about the opportunities going forward for the clients and employees of RPS," remarked RPS President Harris Koffer regarding the deal. 

RPS, which was founded in 1998, provides outsourced clinical development services to clients in more than 64 countries worldwide. The pharmaceuticals company is best known for developing the Embedded version of functional clinical development outsourcing.