(By Balachander) Quintiles Transnational Holdings, which provides biopharmaceutical development services, has filed to raise up to $600 million in an initial public offering (IPO) of common stock.
The filing with the U.S. federal regulators did not disclose how many shares the company plans to offer or the pricing terms.
The Durham, North Carolina-based company expects to use the net proceeds from the offering to repay a portion of its existing long-term debt and for general corporate purposes.
Quintiles offesr its services through two reportable segments: Product Development and Integrated Healthcare Services. Product Development contributed roughly 74 percent and Integrated Healthcare Services contributed around 26 percent to the company's service revenue in 2012.
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For the year 2012, the company earned about $177 million on revenue of $4.87 billion and net new business of $4.5 billion. Quintiles ended the year with $8.7 billion in backlog.
Shareholders include Bain Capital (22.9 percent), TPG Capital (22.9 percent), 3i Group (15.1 percent) and Temasek Holdings (9.7 percent).
Morgan Stanley, Barclays and J.P. Morgan are serving as joint lead book-running managers for the offering.