INC Research Holdings Inc. (NASDAQ: INCR) filed an S-1 form with the Securities and Exchange Commission (SEC) for a secondary offering. At the most recent closing price of $50.03, the total 8 million shares offered would be valued up to $400.24 million. However no formal price has been set.

It is worth noting that no underwriters were mentioned in the filing.

This is a global contract research organization (CRO), based on revenues, and is exclusively focused on Phase 1 to Phase 4 clinical development services for the biopharmaceutical and medical device industries.

The company provides its customers highly differentiated therapeutic alignment and expertise, with a particular strength in central nervous system (CNS), oncology and other complex diseases. INC delivers clinical development services in a complex environment and offers a proprietary, operational approach to clinical trials through its Trusted Process methodology.

Its service offerings focus on optimizing the development of, and therefore the commercial potential for, customers’ new biopharmaceutical compounds, enhancing returns on their research and development (R&D) investments and reducing their overhead by offering an attractive variable cost alternative to fixed-cost, in-house resources.

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Over the past decade, INC has built its scale and capabilities to become a leading global provider of Phase 1 to Phase 4 clinical development services, with about 6,100 employees in over 50 countries as of June 30, 2015. The company’s broad global reach has enabled it to provide clinical development services in more than 100 countries.

In the filing the company detailed its finances as follows:

For the years ended December 31, 2013 and 2014, we had total net service revenue of $652.4 million and $809.7 million, respectively, net loss of $(41.5) million and $(23.5) million, respectively, Adjusted Net Income of $16.3 million and $44.6 million, respectively. … Net service revenue, Adjusted Net Income increased by 24.1%, 174.1%, respectively, and net loss decreased by 43.5% for the year ended December 31, 2014 from the year ended December 31, 2013. … Net service revenue, net income, Adjusted Net Income and Adjusted EBITDA increased by 13.0%, 253.2%, 216.9% and 53.4%, respectively, for the six months ended June 30, 2015 from the six months ended June 30, 2014.

INC will not receive any proceeds from this offering. Instead they will go to the selling shareholders.

Shares of INC closed Friday up 5.1% to $50.03, in a post-IPO trading range of $19.61 to $50.13. The stock has a consensus analyst price target of $52.60.

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