WCG Clinical, which performs ethical reviews and other clinical trial services to biopharmas and CROs, postponed its IPO on Thursday. It had filed to raise $720 million by offering 45 million shares at a price range of $15 to $17.
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's management estimates that in the two years ended December 31, 2020, the company supported approximately 90% of all global clinical trials and its solutions have been leveraged by 87% of all new drugs and therapeutic biologics approved by the FDA.
The Princeton, NJ-based company was founded in 1968 and booked $498 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol WCGC. Goldman Sachs, Morgan Stanley, BofA Securities, Barclays, Jefferies, William Blair, and BMO Capital Markets were set to be the joint bookrunners on the deal.
