Medpace Holdings, Inc., a Cincinnati, Ohio-based clinical contract research organization (CRO), announced the pricing of its initial public offering of 7,000,000 shares of common stock at a public offering price of $23.00 per share.
In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions.
Medpace’s common stock is expected to begin trading on the NASDAQ Global Select Market on August 11, 2016 under the ticker symbol “MEDP”, and the offering is expected to close on August 16, 2016, subject to customary closing conditions.
Medpace intends to use the net proceeds to repay a portion of its outstanding borrowings under its senior secured term loan facility.
The company provides Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries to accelerate the global development of medical therapeutics across all major areas including oncology, cardiology, metabolic disease, endocrinology, central nervous system and anti-viral and anti-infective.
Medpace currentlu employs approximately 2,300 people across 35 countries.