45 Mln Shares
Read management/analysts’ comments on quarterly results
After securing the SEC’s approval, the stock will start trading on the Nasdaq Global Select Market under the ticker symbol WCGC, tentatively in the first week of August 2021. It will be managed by a group of book-runners led by Goldman Sachs and Morgan Stanley.
WCG was founded in 2012 and is supported by Singapore-based sovereign wealth fund GIC Private Limited. Since then, it has grown into a leading provider of advanced solutions for increasing the efficiency of clinical trials, by working closely with sponsors and contract research organizations.
R&D Made Easy
The disruption and delays caused by the COVID outbreak have prompted drug developers to employ technological solutions to support their clinical trial programs, thereby overcoming impediments and streamlining the drug rollout process. WCG’s solutions are designed to help drug makers bring out new medicines in a time-bound and cost-effective manner. It is estimated that global biopharmaceutical research & development expenditures would reach $195 billion this year, while the return on investment is seen declining.
The company’s specialized and integrated suite of technology applications and diversified client base, combined with its impressive track record, give it an edge over competitors. It has around 2,000 employees deployed across the world and more than 3,300 institutional and academic medical center practitioners. It is estimated that around 2.5 million patients have been enrolled in WCG-supported studies so far.
Mixed 2020
In the fiscal year 2020, WCG generated revenues of $463.4 million, which is up 12% from the previous year. However, the bottom line was negatively impacted by a sharp increase in operating costs and the company slipped to a loss of $95.3 million from a profit of $18.2 million in fiscal 2019.
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Despite being IPO-bound, WCG recently acquired VeraSci that offers eClinical software to support clinical trials for central nervous system disorders, as part of its efforts to boost scientific and patient engagement capabilities. The buyout is the latest in a series of deals, including the purchase of trial site communication solutions provider Trifecta, consultancy firm Waife & Associates, and patient recruitment specialist PharmaSeek.