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IQVIA in secondary offering
Posted on Wednesday, 16 May 2018 10:29
Shareholders of IQVIA are paring their stakes in the contract research giant by way of a second offering currently worth about USD 1.02 billion on the New York Stock Exchange. Currently the largest investor with 11.0 per cent, TPG Global is joined by Canada Pension Plan Investment Board (5.1 per cent), Bain Capital (2.6 per cent), Leonard Green & Partners (1.6 per cent) and Dennis Gillings CBE (4.7 per cent). In all, the investors held an aggregate 25.0 per cent of the outstanding stock, as of 11th May, and will end up with roughly 20.4 per cent following the offering and the repurchase. They are selling an aggregate 4.8 per cent stake, comprising 10.00 million stocks, to the public in a deal which involves buying back 2.50 million securities from the underwriter, Morgan Stanley. Formed through the 2016 megamerger of Durham-based Quintiles and Danbury-based IMS Health, IQVIA serves the combined industries of health information technologies and clinical research. The group has more than 530.00 million comprehensive, longitudinal, anonymous patient records spanning sales, prescription and promotional statistics, medical claims, electronic medical records and social media. IQVIA’s scaled and growing information set contains over 30.00 petabytes of proprietary data sourced from more than 120,000 facts and figures suppliers and covers over 900,000 data feeds globally. According to the website, the group’s insights help biotech, medical device, and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behaviours and scientific advances. It had cash and equivalents of USD 960.00 million and debt of USD 10.45 billion, as of 31st March 2018, resulting in net debt of USD 9.49 billion. At the end of the first quarter of 2018, IQVIA’s gross leverage ratio was 5.1 times, and net leverage ratio was 4.6 times, trailing twelve month adjusted earnings before interest, tax, depreciation and amortisation. Revenue totalled USD 2.56 billion in Q1 2018 (Q1 2017: USD 2.36 billion) and net profit attributable to the company amounted to USD 69.00 million (Q1 2017: USD 100.00 million). © Zephus Ltd