Progress on integrating ICON and PRA
- There is a clear intent that the integration of ICON and PRA will be managed carefully, and over time. Both organisations have a long history of M&A activity and are applying this experience and knowledge to ensure a smooth integration of the new organisation:
- An integration governance framework has been formed to guide the two companies during this time of transition. This comprises a global steering committee, including representatives of both companies and a dedicated integration planning team and integration management office. We have also engaged a team from PwC, who have deep M&A integration and CRO/pharma sector experience, to assist with methodology and facilitation.
- Senior members from ICON and PRA are represented in every workstream on the integration planning team, allowing for collaboration and for both cultures to be considered. To focus our planning efforts, we have five cross-functional platform teams and several function-driven workstreams, all of which report to the Integration Management Office.
- Recognising the importance of employee engagement and retention, a workstream on culture, communications and change management has been formed to ensure that employees receive appropriate information as it becomes available, that both cultures are considered, and that decision-making is communicated in a transparent manner. Employees are already receiving regular video and email integration updates, which feature the CEOs and Integration Leads from both companies.
- Steve Cutler named his new executive leadership team on 11 May 2021, which took effect upon closing of the transaction on July 1.
- While we are early in the integration planning stages, we can confirm that with acquisition completion, there are no changes to:
- Operational teams delivering current studies
- IT Systems that enable sponsor study delivery
- SOPs
- Employment terms and conditions and employee benefits in the aggregate