PPD, Inc. (PPD) Prices 38M Share Secondary Offering at $32.25M/Sh

PPD, Inc. (NASDAQ: PPD), 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.

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