January 27, 2020 / 12:02 PM / 22 days ago

Drug research firm PPD seeks over $9 billion in IPO valuation

(Reuters) - Drug research firm PPD Inc said on Monday it planned to raise up to $1.62 billion in its initial public offering, targeting a valuation of about $9.16 billion.

The company, which provides drug research services to pharmaceutical and biotechnology companies, said it expects to sell 60 million shares at a price of between $24 and $27 per share, according to a filing bit.ly/2RSaz9j.

PPD posted a profit of $47.9 million in the nine months ended September 30 2019, compared to $59.7 million, a year earlier.

In 2011, Carlyle Group and Hellman & Friedman (H&F) took reut.rs/2U291wa the company private in a $3.9 billion cash deal.

Barclays, J.P. Morgan, Morgan Stanley, Goldman Sachs & Co and BofA Securities are among the lead underwriters for the IPO.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Saumyadeb Chakrabarty

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