Drug research firm PPD prices IPO at top end of target

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NEW YORK (Reuters) - Drug research firm PPD Inc (PPD.O) said on Wednesday it raised $1.62 billion in its initial public offering (IPO) after pricing shares at the top end of its targeted range. It is the biggest U.S. IPO of 2020 so far and the second $1 billion-plus deal of the year after Reynolds Consumer Products (REYN.O) went public last week. PPD priced its IPO at $27 per share, the company said in a statement, confirming an earlier Reuters report. PPD has been owned by private equity firms Carlyle Group (CG.O) and Hellman & Friedman since 2011 after the pair took the company private in a $3.9 billion leveraged buyout. PPD is due to begin trading on Nasdaq on Thursday under the symbol “PPD.” Barclays, J.P. Morgan, Morgan Stanley and Goldman Sachs & Co are the lead underwriters for the IPO.

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