Health and Healthcare
inVentiv Updates Underwriters and Finances in IPO Filing
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inVentiv Group Holdings registered an amended S-1 form 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 filing the offering was valued up to $100 million. The company has not yet decided on an exchange or symbol for its listing.
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 14,000 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. Clinical segment net revenues increased 8.9% to $947.9 million, and Commercial segment net revenues increased 12.3% to $1.06 billion. The company incurred losses from continuing operations of $18.7 million and $45.0 million for the three months ended March 31, 2016, and 2015, respectively, and $150.6 million and $180.6 million for the year ended December 31, 2015, and 2014.
inVentiv intends to use the net proceeds from this offering to repay certain outstanding indebtedness and for general corporate purposes.
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