- WCG Clinical Inc, a clinical trial solutions company backed by Singapore's sovereign wealth fund GIC, said on Tuesday it was aiming to raise up to $765 million in its U.S. initial public offering.
The IPO would value the company at $6.45 billion, at the top end of its targeted price range of between $15 and $17 per share, according to a regulatory filing. (https://bit.ly/3rJydX5)
WCG, which also counts buyout firm Leonard Green & Partners LP among its investors, plans to sell 45 million shares as part of its IPO.
Companies that assist in the clinical research process saw a spike in demand last year as pharmaceutical companies tried to prevent the coronavirus outbreak from derailing their drug rollouts.
WCG's revenue jumped by a third to $137.6 million in the three months ended March 31, the filing showed. However, it incurred a net loss of $20.6 million in the same period, compared with a loss of $30.1 million a year earlier.
The company plans to list its shares on the Nasdaq under the symbol "WCGC".
Goldman Sachs, Morgan Stanley and BofA Securities are among the underwriters for the offering.