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Drug-Research Shake Up Continues as Pamplona Reaches Deal to Buy Parexel

Private-equity firm Pamplona Capital Management has reached a deal to buy Parexel International Corp. for $4.6 billion, the latest in a series of mergers among drug-research firms.

Pamplona is set to pay $88.10 a share in cash as part of the deal, the people said. Parexel shares closed at $83.92 Monday, giving the company a market value of more than $4.2 billion.

Parexel stock has risen sharply since The Wall Street Journal…

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