UPDATED: Global CRO Quintiles plans to raise up to $600M in IPO

Remember those rumors back in January about a big Quintiles IPO? Somebody had some good information. The global CRO filed its S-1 with the SEC this afternoon, outlining plans to go public and raise up to $600 million in one of the biggest new industry offerings in quite some time.

Quintiles has plenty to boast about. The service provider brought in $3.7 billion in service revenue last year, up from $3.3 billion in 2011. According to Reuters, Quintiles had an equity value of $2.77 billion in March 2012 based on 3i Group's valuation of a 4.9% stake in the firm. And the company has been bullish about its prospects as more and more pharma groups look to outsource work.

"Our global scale and capabilities enable us to work with the leading companies in the biopharmaceutical sector that perform trials and market their products all around the world," the company writes in its S-1. "During each of the last 10 years, we have worked with the 20 largest biopharmaceutical companies ranked by 2011 reported revenues. We have provided services in connection with the development or commercialization of the top 50 best-selling biopharmaceutical products and the top 20 best-selling biologic products, as measured by 2011 reported sales. Of the new molecular entities, or NMEs, and new biologic applications, or BLAs, approved from 2004 through 2011, we helped develop or commercialize 85% of the central nervous system drugs, 76% of the oncology drugs and 72% of the cardiovascular drugs."

Quintiles' current private equity owners bought it for $3.8 billion in 2008, but Quintiles has since expanded its global reach through acquisitions and partnerships, and the world's largest CRO pulled in $3.5 billion in the 12 months that ended in June, according to a recent report in FierceCRO.

All that growth, wrote Damian Garde, means Quintiles now employs 25,000 people across 60 countries, and, as the CRO continues to pad its revenue and snap up smaller companies, it's no surprise Bain and TPG figure that they can woo investors.

- see the S-1
- here's more from FierceCRO
- here's the report from Reuters

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