Feb 15 Quintiles Transnational Holdings Inc, the
largest provider of testing services to drugmakers, filed with
U.S. regulators on Friday to raise up to $600 million in an
initial public offering of common stock.
The company, backed by private equity investors that include
Bain Capital LLC and TPG Capital LP, did not reveal how many
shares it planned to sell or their expected price.
Quintiles, which runs drug trials for pharmaceutical
companies, has an equity value of $2.77 billion as of March 2012
when Britain's 3i Group Plc valued its 4.9 percent stake
in the firm at 86 million pounds ($133.5 million).
3i and Singapore's Temasek Life Sciences Private Ltd are
minority shareholders in Quintiles.
Morgan Stanley, Barclays and J.P. Morgan Chase & Co would be
the lead underwriters for the IPO.
Net proceeds from the IPO will be used to repay term loan,
Quintiles said in the filing.
The Durham, North Carolina-based company did not reveal the
exchange in which it wishes to list or its symbol.
The offering comes five years after Bain and TPG became lead
investors in Quintiles in January 2008.
The company reported net income of $177.5 million on revenue
of $4.86 billion in 2012.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.