Not everyone who worked for Quintiles as it geared up for the biggest IPO in Triangle history was around to celebrate the bell ringing on the New York Stock Exchange last week.

In a regulatory filing on Tuesday, Quintiles (NYSE: Q) disclosed that the board set aside $15 million in February to cover a restructuring that would affect 400 jobs. The company employs more than 27,000 people worldwide and is the world’s largest provider of life science research and related services. (The IPO ended up generating more than $1 billion. See WRALTechWire’s report.)

Quintiles told WRALTechWire it would not disclose how many job cuts are being made or have already occurred at its headquarters in Durham and in the state. However, a company spokesman also pointed out the company has more than 900 open jobs. 

By March 31, $2 million of that money had been spent – virtually all of it for severance costs spread across two business groups: Product Development and Integrated Healthcare Services.

“In February 2013, the Company’s Board of Directors approved a restructuring plan of up to $15.0 million to migrate the delivery of services, primarily in the Product Development segment, and to reduce anticipated overcapacity in selected areas, primarily in the Integrated Healthcare Services segment,” the filing reads.

“These actions are expected to occur throughout 2013 and are expected to result in severance for approximately 400 positions. The Company recognized approximately $2.0 million of total restructuring costs related to this plan during the three months ended March 31, 2013.

“All of the restructuring costs are related to severance costs, with approximately $788,000 and $1.1 million related to activities in the Product Development segment and the Integrated Healthcare Services segment, respectively. The remaining charge of approximately $97,000 is related to corporate activities. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management.”

Phil Bridges, director of corporate communications for Quintiles, said the restructuring reflected business demand.

“Quintiles operates as a service business. As such, the size and composition of our workforce routinely fluctuates based on project and business needs,” he said.

“Also, it is equally important to note that Quintiles’ workforce has grown over the last five years, and that we currently have more than 900 open positions for which we are recruiting.”

In regards to local impact, Bridges noted: “[W]e do not disclose our local or regional growth plans.”

Quintiles went public last Thursday, raising more than $950 million.

Co-founder and Chairman Dennis Gillings rang the NYSE opening bell Thursday with ahost of Quintiles executives gathered around him.

Shares reached a new high of $44.95 on Tuesday. The previous high had been $44.33 on opening day. Quintiles priced its shares at $40.

Last June, Quintiles acknowledged laying off some 40 workers in the Triangle.

Quintiles employs more than 2,000 people across North Carolina. 

[QUINTILES ARCHIVE: Check out more than a decade of Quintiles stories as reported in WRAL Tech Wire.]