On 1/8/2020 PPD Inc filed the paper work for their $100 Million IPO. The Wilmington based company provides CRO services to the pharmaceutical industry. PPD intends to trade on NASDAQ under the symbol “PPD.”
PPD provides a broad array of services to the biopharmaceutical industry. According to its prospectus, the company served all of the top 50 biopharmaceutical companies in the world. Since 2014 they have worked with over 300 companies.
The company believes that its total addressable market is $51 billion. This market consists of of clinical development services, including peri- and post-approval services and site and patient enrollment services, and laboratory services. In addition to competing in the clinical development services (Phase I-III), or clinical research organization (“CRO”), market, they have made strategic investments to strengthen their position in the laboratory services market and expanded their addressable market to include the markets for investigator and patient recruitment and peri- and post-approval services. In January of 2020, PPD announced they were expanding their capabilities and leadership in China.
The company intends to use the proceeds and additional cash-on-hand to redeem $550 million in notes and unpaid interest on the notes.