INC Research Files for Secondary Offering
INC Research Holdings has filed with the Securities and Exchange Commission (SEC) for a secondary offering.
INC Research Holdings Inc. (NASDAQ: INCR) filed an S-1 form with the Securities and Exchange Commission (SEC) for a secondary offering. At the most recent closing price of $50.03, the total 8 million shares offered would be valued up to $400.24 million. However no formal price has been set.
It is worth noting that no underwriters were mentioned in the filing.
This is a global contract research organization (CRO), based on revenues, and is exclusively focused on Phase 1 to Phase 4 clinical development services for the biopharmaceutical and medical device industries.
The company provides its customers highly differentiated therapeutic alignment and expertise, with a particular strength in central nervous system (CNS), oncology and other complex diseases. INC delivers clinical development services in a complex environment and offers a proprietary, operational approach to clinical trials through its Trusted Process methodology.
Its service offerings focus on optimizing the development of, and therefore the commercial potential for, customers’ new biopharmaceutical compounds, enhancing returns on their research and development (R&D) investments and reducing their overhead by offering an attractive variable cost alternative to fixed-cost, in-house resources.
ALSO READ: 7 Analyst Stock Picks Under $10 With Huge Upside Calls
Over the past decade, INC has built its scale and capabilities to become a leading global provider of Phase 1 to Phase 4 clinical development services, with about 6,100 employees in over 50 countries as of June 30, 2015. The company’s broad global reach has enabled it to provide clinical development services in more than 100 countries.
In the filing the company detailed its finances as follows:
For the years ended December 31, 2013 and 2014, we had total net service revenue of $652.4 million and $809.7 million, respectively, net loss of $(41.5) million and $(23.5) million, respectively, Adjusted Net Income of $16.3 million and $44.6 million, respectively. … Net service revenue, Adjusted Net Income increased by 24.1%, 174.1%, respectively, and net loss decreased by 43.5% for the year ended December 31, 2014 from the year ended December 31, 2013. … Net service revenue, net income, Adjusted Net Income and Adjusted EBITDA increased by 13.0%, 253.2%, 216.9% and 53.4%, respectively, for the six months ended June 30, 2015 from the six months ended June 30, 2014.
INC will not receive any proceeds from this offering. Instead they will go to the selling shareholders.
Shares of INC closed Friday up 5.1% to $50.03, in a post-IPO trading range of $19.61 to $50.13. The stock has a consensus analyst price target of $52.60.
ALSO READ: 4 Top Jefferies US Growth Stocks to Buy Now
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
