Simpson Thacher advised PPD, Inc. (Nasdaq: PPD) in its recent $1.863 billion initial public offering of 69,000,000 shares of its common stock, including the exercise in full of the underwriters’ overallotment option, at a public offering price of $27 per share. PPD intends to use the net proceeds from the offering to redeem its 7.625%/8.375% Senior PIK Toggle Notes due 2022 and 7.75%/8.5% Senior PIK Toggle Notes due 2022 and for other general corporate purposes.
PPD is a leading global contract research organization and has been in the drug development business for more than 30 years. PPD provides comprehensive, integrated clinical development and laboratory services to companies and other participants in the biopharmaceutical industry.
The Simpson Thacher team included Bill Brentani, Luis Pellerano, Anna LeGrett, Jesse Feng and Brian Pettis (Capital Markets); Naveed Anwar and Sherry Shen (M&A); Jonathan Cantor and Abigail Hopper (Tax); David Rubinsky, Jeannine McSweeney, Jason Fixelle and Alan Fenyes (Executive Compensation and Employee Benefits); Jennifer Nadborny, Joia Lee and Charles Mathes (Public Company Advisory Practice); and Vanessa Burrows (Healthcare).