RALEIGH, N.C., Nov. 10, 2016 (GLOBE NEWSWIRE) -- PRA Health Sciences, Inc. (the “Company”) (NASDAQ:PRAH) today announced that one of its stockholders, consisting of an affiliate of, or a fund sponsored by, Kohlberg Kravis Roberts & Co. (the “Selling Stockholder”), intends to offer for sale in an underwritten secondary offering 7,500,000 shares of common stock of the Company pursuant to the Company’s shelf registration statement filed with the Securities and Exchange Commission. The Selling Stockholder will receive all of the proceeds from this offering. No shares are being sold by the Company. The last reported sale price of the Company’s common stock on November 10, 2016 was $58.38 per share. The offering is expected to close on November 16, 2016, subject to customary closing conditions.
Morgan Stanley will act as the underwriter for the offering.
The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, as well as the prospectus supplement related to this offering and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at: www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus relating to the offering, when available, may be obtained from:
Morgan Stanley & Co. LLC
Attention: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements that reflect, among other things, the Company’s current expectations and anticipated results of operations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, market trends or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “should,” “targets,” “will” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Actual results may differ materially from the Company’s expectations due to a number of factors, including without limitation, that most of the Company’s contracts may be terminated on short notice, and the Company may be unable to maintain large customer contracts or to enter into new contracts; the Company’s financial results may be adversely affected if the Company underprices its contracts, overruns its cost estimates or fails to receive approval for or experiences delays in documenting change orders; the historical indications of the relationship of the Company’s backlog to revenues may not be indicative of their future relationship; the Company may be unable to maintain its information systems or effectively update them; customer or therapeutic concentration could harm the Company’s business; the Company’s business is subject to risks associated with international operations, including economic, political and other risks, such as compliance with a myriad of laws and regulations, complications from conducting clinical trials in multiple countries simultaneously and changes in exchange rates; the market for the Company’s services may not grow as it expects; government regulators or the Company’s customers may limit the scope of prescription or withdraw products from the market, and government regulators may impose new regulatory requirements or may adopt new regulations affecting the biopharmaceutical industry; the Company may be unable to successfully develop and market new services or enter new markets; the Company’s failure to perform services in accordance with contractual requirements, regulatory standards and ethical considerations may subject it to significant costs or liability, which could also damage its reputation and cause it to lose existing business or not receive new business; the Company’s services are related to treatment of human patients, and it could face liability if a patient is harmed; the Company may be unable to successfully identify, acquire and integrate businesses, services and technologies; the Company has substantial indebtedness and may incur additional indebtedness in the future, which could adversely affect the Company’s financial condition; and other risk factors that are set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The Company undertakes no obligation to update any forward-looking statement after the date of this release, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
PRA Health Sciences, Inc.
Chief Financial Officer
Senior Vice President, Accounting and Corporate Controller