Dennis Gillings, the founder of Quintiles, wants to take the company private — in his hands.

Quintiles (Nasdaq: OTRN) announced this morning that Gillings has formed a company which has offered to buy all Quintiles’ outstanding shares at a price of $11.25.

On the news, Quintiles stock soared 20 percent, or $1.65, to close at $9.96. It reached $10.39 by 10:30 AM. At 2 PM, the price had fallen back a bit to $9.99. Trading was heavy with more than 7.8 million shares being sold.

Quintiles stock closed at $8.31 on Friday. Its stock has fallen more than 14 percent over the past two weeks.

Gillings serves as chairman of Quintiles’ board. His new company is called Pharma Services.

According to Quintiles, Gillings has a “commitment for debt financing” to make the purchase and is “in advanced discussions to obtain equity financing.”

Quintiles is set to announce its latest quarterly earnings on Thursday.

Gillings, who was born in London, was a professor at the University of North Carolina at Chapel Hill when he signed his first consulting contract in 1974. He incorporated Quintiles in 1982. The company went public in 1994.

Quintiles says it has formed a committee of independent directors to review the buyout proposal.

The company has some 117 million outstanding shares and has a market cap of just under $1 billion.