Quintiles, the world’s largest life science services company, is seeking more than $900 million through a stock offering.

In an updated filing with the SEC on Friday, the Durham-based firm set a price of $40 per share. It cited a range of between $36 and $40 in the filing.

Originally, Quintiles had expected to seek $600 million when it first filed for the Initial Public Offering of shares in February.

The targeted share price was not disclosed until the latest filing early Friday,

Quintiles plans to offer 22.7 million shares with 2.96 million of those made available to the underwriters of the offering should they choose to participate in the offering. 

The company itself is offering 13.8 million shares. Investors are selling an additional 5.9 million shares, the updated filing says.

Dr. Dennis Gillings, the company’s co-founder and chairman, plans to sell 1.42 million shares, and “affiliates” of Dr. Gillinings look to sell 937,000 shares.

Gillings (23.5 percent) and investors own collectively the majority of the company.

Investors Bain Capital and TPG Funds (each own 20 percent of the company) also plan to sell 1.42 million shares.

Temasek Life Sciences (9.7 percent shareholder) hopes to sell 604,000 shares.

After the IPO, Dr. Gillings would still own 22.9 million shares or 19.3 percent of the company as would TPG and Bain, Affiliates of Dr. Gillings would retain 12.8 percent and Temasek 7 percent.

“We anticipate that the initial public offering price will be between $36.00 and $40.00 per share,” Quintiles said. “We will not receive any proceeds from ales by the selling shareholders.”

If the IPO proceeds, Quintiles shares will be listed on the New York Stock Exchange under the symbol “Q.”

Growing Revenues

The move toward a larger IPO could have been given a boost by Quintiles’ first-quarter financials as recorded in the filing. Some of the company’s first quarter 2013 numbers look pretty strong, as WRALTechWire reported on April 19.

Total service revenue was $927 million in the first quarter; the company also reported total net new business of $1.2 billion. Those figures came from an updated filing that the Durham pharmaceutical services firm filed with the Securities and Exchange Commission today. This filing, an update to the registration statement filed in February for an initial public stock offering, offered no pricing information for Quintiles stock. But the company did disclose partial, preliminary and unaudited first quarter financials.

The $927 million in service revenue for the first quarter was up up 4.3 percent compared to the $888 million the company recorded for the first quarter of 2012. For the full-year 2012, Quintiles had reported $3.7 billion in service revenue making it the largest of these contract research organizations, or CROs, running clinical trials and providing other services to pharmas.

The latest Quintiles filing does not include net income for the first quarter. In the filing, Quintiles said that net income is “necessary for readers to gain a more complete understanding of our financial position and results of operations for the three months ended March 31, 2013. As a result, readers should not place undue weight on the preliminary financial results presented above.”

But Quintiles did report income from operations, which rose to $115 million in the quarter compared to $92 million in the year ago period. Total net new business in the first quarter of $1.2 billion, up from $1.0 billion in the first quarter of 2012.

Backlog, the measure of work that has been pledged to the company but has yet to commence, stood at $9.0 billion. Quintiles finished 2012 with an $8.7 billion backlog.

(WRALTechWire’s Frank Vinluan contributed to this report.)

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