Quintiles Goes Public, Sets Share Price At $40
Trading on the New York Stock Exchange begins Thursday for North Carolina-based Quintiles.
The company announced late Wednesday that it is selling about 23.7 million shares of its common stock to the public at $40 a share. That would raise nearly $950 million in this initial public offering for the bio-pharmaceutical services company.
Quintiles says the company’s senior management team, including executive chairman and founder Dennis Gillings, is in New York and they’re expected to ring the opening bell at the New York Stock Exchange Friday.
“We would describe this as an iconic moment in Quintiles’ history," says company spokesman Phil Bridges.
"But really there should be no change in the day to day in how the company is run. It’s really more of a re-capitalization effort.”
Quintiles is a world leader in clinical testing with 27,000 employees, 2,000 being in the Triangle. The company will be known on the exchange by the single-letter symbol “Q.”