12 November 2014, Raleigh, N.C. – PRA Health Sciences, Inc. (“PRA”), a leading global contract research organization, today announced the pricing of its initial public offering of 16,976,744 shares of its common stock at $18.00 per share. The shares are expected to begin trading on the Nasdaq Global Select Market on November 13, 2014 under the ticker symbol “PRAH,” and the offering is expected to close on November 18, 2014, subject to customary closing conditions. PRA has granted the underwriters a 30-day option to purchase up to an additional 2,546,511 shares at the initial public offering price.
PRA will receive net proceeds of approximately $286.5 million after deducting underwriting discounts and commissions and estimated offering expenses, and intends to use the proceeds to reduce debt and for general corporate purposes. Specifically, PRA plans to redeem $150.0 million in aggregate principal amount of the 9.5% Senior Notes due 2023 at a redemption price of 109.5% of their face value, repay $108.6 million of the senior secured term loan facility maturing in September 2020 of PRA Holdings, Inc., and use the remaining net proceeds for general corporate purposes. We expect to use net proceeds from any exercise of the underwriters option to repay additional senior secured term loans.
Jefferies LLC, Citigroup Global Markets Inc., KKR Capital Markets LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated and William Blair & Company, L.L.C. are acting as co-managers for the offering.
A registration statement relating to shares of the common stock of PRA has been declared effective by the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Jefferies LLC at Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022 or by telephone at 1-877-547-6340 or by email at email@example.com; Citigroup Global Markets Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 1-800-831-9146 or by email at firstname.lastname@example.org; UBS Securities LLC at Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171 or by telephone at 1-888-827-7275; Credit Suisse Securities (USA) LLC at Attention: Prospectus Department, One Madison Avenue, New York, New York 10010 or by telephone at 1-800-221-1037 or by email at email@example.com; and Wells Fargo Securities, LLC at Equity Syndicate Department, 375 Park Avenue, New York, New York 10152 or by telephone at 1-800-326-5897 or by email at firstname.lastname@example.org.
PRA Health Sciences, Inc. is one of the world’s leading global contract research organizations, or CROs, by revenue, providing outsourced clinical development services to the biotechnology and pharmaceutical industries. PRA’s global clinical development platform includes more than 75 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East and more than 10,000 employees worldwide. Since 2000, PRA has performed approximately 2,300 clinical trials worldwide and has worked on more than 100 marketed drugs across several therapeutic areas. In addition, PRA has participated in the pivotal or supportive trials that led to U.S. Food and Drug Administration, or international regulatory approval of more than 45 drugs.
PRA has therapeutic expertise in areas that are among the largest in pharmaceutical development, including oncology, central nervous system, inflammation and infectious diseases. PRA believes that it provides its clients with one of the most flexible clinical development service offerings, which includes both traditional, project-based Phase I through Phase IV services, as well as embedded and functional outsourcing services. The company has invested in medical informatics and clinical technologies designed to enhance efficiencies, improve study predictability, and provide better transparency to clients throughout their clinical development processes.
INQUIRES: Christine Rogers, Manager – Public Relations, Corporate Communications
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