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Quintiles to go public

Predicts pharma's outsourced research spend will continue to grow

US contract research organisation (CRO) Quintiles has announced plans to go public, in a move that is expected to generate $600m.

The multinational pharma services company filed an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) last week, ending months of speculation over the future ownership of the company.

The document filed to the SEC presented a promising impression of the CRO industry, with Quintiles forecasting sector growth from $135bn in 2012 to approximately $139bn by 2015, "with development accounting for approximately 68 per cent of total expenditure".

It's in a position as the "market leader in the United States, Japan and Europe, the three largest biopharmaceutical markets in the world", along with having a "significant presence in fast growing emerging markets, such as Brazil, Russia, India and China".

The decision marks the second occasion that the company has gone public. It filed its first IPO in 1994, only to go private again in 2003 through a buyout led by chairman and former CEO Dennis Gillings, along with private equity investors.

Gillings stepped down as CEO in April 2012 and was replaced by Tom Pike, who had previously led management consultancy Accenture.

The number and price of the shares is yet to be announced, but the company has said that it plans to use the net proceeds to repay a portion of its existing long-term debt.

19th February 2013

From: Research

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