Two of INC’s largest shareholders to dump majority of ownership

Two major owners of INC Research ($INCR) have announced that they are to sell off 4.5 million shares as they look to lower their financial interest in the CRO.

Avista Capital Partners and affiliates of Ontario Teachers’ Pension Plan (OTPP) are the two companies in question, with INC saying in a statement that it intends to buy around 1.5 million of these shares back in a stock repurchase program.

The sell-off will see Avista own just under 4% of the CRO, while OTPP will own exactly zero. The two just a year ago owned collectively around two-thirds of the company.


Like this story? Subscribe to FierceBiotech!

Biopharma is a fast-growing world where big ideas come along every day. Our subscribers rely on FierceBiotech as their must-read source for the latest news, analysis and data in the world of biotech and pharma R&D. Sign up today to get biotech news and updates delivered to your inbox and read on the go.

This comes as rumors persist that the highly acquisitive LabCorp ($LH) is seeking to buy INC, although no move has yet been made public.

INC saw its net service revenue for Q1 jump 17.7% to $249 million, when compared to last year, with this growth primarily driven by a particularly strong showing in the central nervous system, oncology and other complex therapeutic areas.

But alongside these figures the CRO also announced that it was to cull around 175 staffers, including 30 from its Raleigh HQ. In the second quarter, INC recorded $259 million of net service revenue, a 14 % rise.

The company saw its shares fall by 3% at the end of play yesterday on the news.

- check out the release

Related Articles:
LabCorp target INC Research posts strong Q1, 175 posts axed
INC Research joins clinical trial awareness push


Suggested Articles

Oncology is clearly a major medical and societal issue, but one that sees too much focus from biopharmas at the expense of other killers.

The Mayo Clinic tapped data analytics firm nference to build out an AI-powered engine to collate its years of clinical records and pathology work.

At the annual J.P. Morgan Healthcare Conference, major CRO Charles River Laboratories and Takeda announced a new preclinical tie-up.