Yesterday, Quintiles IMS Holdings, Inc. announced that its subsidiary, Quintiles IMS Incorporated plans to raise €850m ($900.41m) in gross proceeds through a senior note offering due 2025.
The company is also planning to refinance its loans.
David H Windley, Healthcare Equity Research at Jefferies LLC told us “The new leadership team is propping up EPS growth with cost cuts and share buybacks to offset slowing revenue growth.”
According to the press release, “The net proceeds from the notes offering and the refinancing will be used to refinance certain indebtedness of the Issuer, to pay fees and expenses related to the notes offering and the refinancing and for other general corporate purposes, which may include share repurchases, including the repurchase of shares from affiliates and significant shareholders, and future acquisitions.”
In November of last year, the contract research organization (CRO) announced its acquisition of TKL Research’s Clinical Trials Division. The acquisition followed its merger with IMS Health, which was completed in October 2016.
QuintilesIMS did not respond to a request for comment.