WCG Clinical Services looking to raise $100 million in IPO

Following a series of acquisitions, CenterWatch's owner looking to raise funds for further growth.

WCG Clinical Services, backed by Singapore’s sovereign wealth fund GIC, Leonard Green & Partners and Arsenal Capital Partners, is the latest contract research organization to join in on the flurry of deal activity that has been sweeping across the industry since the year started. The nine-year old New Jersey-based contract research organization is looking to raise at least $100 million in an initial public offering as it looks to fuel growth beyond the pandemic. It was valued at $3.1 billion back in 2019 and made around $500 million last year. According to its regulatory filings, its revenue jumped by a third to $137.6 million in the three months ended March 31. Its net loss narrowed to $20.6 million from $30.1 million the year before. It currently employs approximately 2,000 across the world.

The CRO plans to list on the Nasdaq under the ticker "WCGC." Over the past few years, WCG has grown remarkably through a series of carefully chosen acquisitions. These included the buyout of CenterWatch, a provider of clinical trial industry news and information; Waife & Associates, a trial consultancy firm to help boost its clinical management services as well as that of PharmaSeek, which specializes in consulting, patient recruitment and training for clinical research sites. Its other acquisitions also included Analgesic Solutions and First Clinical Research. Two months ago, WCG also announced it would be acquiring The Avoca Group to help strengthen its position as an industry leader for accelerating clinical trial quality management and compliance transformation.