PPD, Inc. today announced the launch of its initial public offering of 60 million shares of its common stock pursuant to a registration statement filed with the Securities and Exchange Commission (SEC). The initial public offering price is expected to be between $24.00 and $27.00 per share. PPD has applied to have its common stock approved for listing on The Nasdaq Global Select Market under the symbol “PPD.”
PPD intends to use the net proceeds from the offering, together with cash on hand, to redeem in full its 7.625%/8.375% Senior PIK Toggle Notes due 2022 and 7.75%/8.50% Senior PIK Toggle Notes due 2022, in each case, plus redemption premium and accrued and unpaid interest thereon, and any remainder for general corporate purposes.
The offering is being made through an underwriting group led by Barclays, J.P. Morgan, Morgan Stanley and Goldman Sachs & Co. LLC, who are acting as lead bookrunning managers, BofA Securities, Credit Suisse, Jefferies, UBS Investment Bank, Citigroup, Deutsche Bank Securities, Evercore ISI, HSBC and Mizuho Securities, who are acting as joint bookrunning managers, and Baird, William Blair and Drexel Hamilton, who are acting as co-managers. PPD expects to grant the underwriters a 30-day option to purchase up to an additional 9 million shares of its common stock at the initial public offering price less the underwriting discounts and commissions.
A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of these securities may be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by contacting: Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: +1 888 603 5847, or email: Barclaysprospectus@broadridge.com; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: +1 866 803 9204, or email: email@example.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: firstname.lastname@example.org.
PPD is a leading global contract research organization providing comprehensive, integrated drug development, laboratory and lifecycle management services. Our customers include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 46 countries and approximately 23,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a firm commitment to quality to help customers bend the cost and time curve of drug development and optimize value in delivering life-changing therapies to improve health.