JLL Partners will purchase PharmaNet Development Group, a provider of clinical development services, for $250 million. PharmaNet has approximately $144 million in outstanding convertible notes, so the net value of the company is $100 million. JLL will make a tender offer of $5 per outstanding share in the company. PharmaNet’s board has approved the agreement and will recommend that  shareholders go along with the tender offer. The transaction is expected to close by the end of 1Q09. &#8...