inVentiv Group Holdings filed an amended Form S-1 with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were mentioned in this filing, but in the previous filings the offering was valued up to $100 million. The company intends to list on the New York Stock Exchange under the symbol IVH.
The underwriters for the offering are Credit Suisse, Morgan Stanley, Goldman Sachs, Jefferies, Citigroup, Merrill Lynch, Barclays, Wells Fargo, Baird, and William Blair.
This is a leading global provider of outsourced clinical development and commercialization services to biopharmaceutical companies. The company is the only provider delivering a full suite of services to enhance clients’ ability to successfully develop, launch and market their products. It offers services on both a standalone basis and as integrated solutions to support clinical development and commercialization.
These solutions are designed to drive greater efficiency and lower costs. inVentiv helped develop or commercialize over 80% of all new molecular entities approved by the U.S. Food and Drug Administration (FDA) and 70% of those approved by the European Medicines Agency (EMA) over the past five years through its innovative model.
In 2015, it served more than 550 client organizations, including all 20 of the largest global biopharmaceutical companies, and it has the ability to service clients in over 90 countries. The company has over 15,000 employees globally, including over 750 M.D.s and Ph.D.s.
In terms of finances, the company’s net revenues increased 10.4% on an as-reported basis (13.0% on a constant currency basis) to $1.994 billion in 2015. Clinical segment net revenues increased 8.9% to $947.9 million, and commercial segment net revenues increased 12.3% to $1.06 billion. Net loss decreased 20.2% from 2014 to $150.6 million in 2015, and decreased 58.5% from the first quarter of 2015 to $18.7 million in the first quarter of 2016.
inVentiv intends to use the net proceeds from this offering to repay certain outstanding indebtedness and for general corporate purposes.
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