Quintiles could raise more than $907 million in IPO
Durham-based Quintiles, a company that manages clinical trials for drug development companies among other services, could raise as much as $907.8 million in its initial public offering.
The company said in a regulatory filing Friday that it anticipates that it will offer stock for between $36 and $40 a share. Quintiles Transnational plans to offer 13.8 million shares of common stock for sale, and the selling shareholders are planning to offer another 5.9 million shares.
Then the underwriters of the offering have an option to purchase up to an additional 2.9 million shares.
The company had first filed a registration statement for the proposed initial public offering with the U.S. Securities and Exchange Commission in February.
Quintiles, which has about 27,000 employees, does business in about 100 countries. Last year, the company saw service revenues of $3.7 billion, and reported that it had a net income attributable to shareholders of $177.5 million.
In the first quarter of this year, the company saw total service revenues of $927 million, up about 4 percent compared with the same period last year. Its income from operations, at $115 million, was up 25 percent.
The company was founded in 1982 by Dennis B. Gillings, who was a biostatistics professor at the University of North Carolina at Chapel Hill. The company went public in 1994 and was taken private again in 2003.
There was a major reorganization of the company’s shareholders in 2008. The largest shareholders are Gillings along with Bain Capital, TPG Funds, affiliates of 3i Corp., and Temasek Life Sciences Private Limited.