PPD Announces Pricing of Secondary Offering of Shares of Common Stock
PPD, Inc. (Nasdaq:PPD) (the “Company”), a leading global contract research organization, today announced the pricing of an underwritten public offering by certain stockholders of the Company, including stockholders affiliated with Hellman & Friedman LLC and The Carlyle Group Inc., of 38,000,000 shares of the Company’s common stock at a price to the public of $32.25 per share. The offering is expected to close on September 21, 2020, subject to customary closing conditions. The selling stockholders granted the underwriters a 30-day option to purchase up to 5,700,000 additional shares of the Company’s common stock at the public offering price less the underwriting discount.
The Company is not selling any shares of common stock in the offering, will not receive any of the proceeds from the offering and will bear the costs associated with the sale of such shares by the selling stockholders, other than underwriting discounts and commissions.
The offering is being made through an underwriting group led by Morgan Stanley, Barclays, J.P. Morgan and Goldman Sachs & Co. LLC, who are acting as lead bookrunning managers, BofA Securities, Deutsche Bank Securities, Evercore ISI, HSBC and Mizuho Securities, who are acting as joint bookrunning managers, and Baird, William Blair and Drexel Hamilton, who are acting as co-managers. A registration statement on Form S-1, including a prospectus, relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of these securities may be made only by means of a prospectus. Copies of the prospectus may be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by email at firstname.lastname@example.org; Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: +1 888 603 5847, or email: Barclaysprospectus@broadridge.com; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: +1 866 803 9204, or email: email@example.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: firstname.lastname@example.org.