Contract research organization (CRO) PharmaNet is officially a private company after private equity firm JLL Partners completed its acquisition of the CRO yesterday.

The merger followed the successful completion of JLL’s tender offer to purchase all outstanding PharmaNet shares at a price of $5 per share in cash. The transaction valued the company’s stock at approximately $100 million.

JLL financed the deal with a $250-million equity commitment, including funds to retire the $144 million principal amount of PharmaNet’s outstanding convertible notes. The common stock of PharmaNet ceased trading on the NASDAQ Global Select Market prior to the opening of the market today.