Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Pharmaceutical Product Development
So what: The all-cash deal values PPD at $33.25 per share, representing about a 30% premium to Friday's closing price. The acquisition comes just a few months after INC Research's $232 million purchase of rival Kendle International, suggesting that the big money sees plenty of opportunity within the health-care outsourcing space.
Now what: When you make 25% in one morning, taking at least some dough off the table seems like the prudent thing to do. While PPD may now solicit competing proposals for a 30-day "go-shop" period, holding out for a dramatically better offer seems a bit risky. After all, with quality names in the sector like PAREXEL
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