PE-backed Quintiles hires investment banking trio as IPO bookrunners

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lab petri life science clinicBain Capital and TPG-backed drug testing service Quintiles Transnational has reportedly hired Barclays, JP Morgan Chase and Morgan Stanley as bookrunners for its planned IPO.

Reuters reported the development, citing people familiar with the matter.

Bain and TPG bought into the company in 2008 by taking a stake from One Equity Partners in a deal which valued the company at about $3.8bn.

They joined an investor group consisting of Singapore sovereign wealth fund Temasek and Quintiles founder and CEO Dennis Gillings.

The UK’s 3i Group is also a minority investor, holding a seven per cent stake.

Quintiles, which is the world’s largest provider of testing services to drugmakers, had revenues of about $3.5bn in the 12 months ending June 2012.

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