BayPine Said to Reach Deal to Buy Clinical Trials Firm CenExel

The investment firm BayPine has agreed to acquire CenExel Clinical Research for about $1.5 billion, according to people familiar with the matter, in a sign companies are still striking deals even as uncertainty roils financial markets.

The deal values CenExel, which is backed by Webster Equity Partners, at a multiple in the mid-to-high teens of its earnings before interest, taxes, depreciation and amortization, said the people, who asked not to be identified because the information was private.

The deal, which has been agreed to by the parties, could be announced as soon as next week, the people said.

BayPine ...