WCG Clinical, which provides ethical review services and other clinical trial solutions to biopharmas and CROs, announced terms for its IPO on Tuesday.
The Princeton, NJ-based company plans to raise $720 million by offering 45 million shares at a price range of $15 to $17. At the midpoint of the proposed range, WCG Clinical would command a fully diluted market value of $6.1 billion.
WCG believes that it is a leading provider of clinical trial solutions, which enable biopharmaceutical companies, contract research organizations (CROs), and institutions to accelerate the delivery of new treatments and therapies to patients. The company's proprietary suite of technology-enabled solutions provides ethical review services as well as broader clinical trial solutions including study planning and optimization, patient engagement, and scientific and regulatory review services. Since its founding, its end-to-end solutions have benefitted over 5,000 biopharmaceutical companies and CROs, and 10,000 research sites.
WCG Clinical was founded in 1968 and booked $498 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol WCGC. Goldman Sachs, Morgan Stanley, BofA Securities, Barclays, Jefferies, William Blair, and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of August 2, 2021.
