Quintiles Transnational Corp., a contract research organization,completed its initial public offering (IPO), selling 2 million shares ofcommon stock at $19.50 per share.After last week's completion, the Research Triangle Park, N.C.-basedcompany had about 9.2 million shares outstanding. Quintiles(NASDAQ: QTRN) expected net proceeds from the offering of about$35.5 million. It had $9.2 million in cash and equivalents as of Dec. 31,1993.Underwriters for the offering were Morgan Stanley & Co. andHambrecht & Quist Inc. Morgan Stanley has an option to purchase300,000 shares to cover overallotments."We were very pleased to be able to go public in a difficult market andhave a very good reception," Sara Creagh, Quintiles' executive vicepresident, told BioWorld. "We're going to use proceeds for capitalexpenditures, including further information technology development,and general expansion of the business."Quintiles, founded in 1982, has 14 offices in eight countries. Itprovides a broad range of integrated product development services topharmaceutical and biotechnology companies. Services include clinicaltrials management, data management, biostatistical analysis, preclinicaltesting, study design, and various consulting services.The company's client base has grown from 44 in 1990 to more than280 in 1993, according to the company prospectus. _ Jim Shrine
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