| Premier Research Worldwide, Ltd. | |||
| Ticker: | PRWW | 124 South 15th Street | |
| Exchange: | NASDAQ-National Market | Philadelphia, PA 19102 | |
| Industry: | Service (SIC Code 8734) | (215) 972-0420 | |
| Type of Shares: | Common Shares | Filing Date: | 11/27/96 | |
| U.S. Shares: | 2,750,000 | Offer Date: | 2/3/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $17.00 | |
| Secondary Shares: | 750,000 | Gross Spread: | $1.19 | |
| Offering Amount: | $41,250,000 | Selling: | $0.68 | |
| Expenses: | $600,000 | Reallowance: | $0.10 | |
| Shares Out After: | 6,732,150 |
| Manager | Tier | Phone |
| Montgomery Securities | Lead Manager | (415) 627-2100 |
| Furman Selz Incorporated | Co-manager | (212) 309-8285 |
| Genesis Merchant Group Securities | Co-manager | (800) 521-2424 |
| Issuer's Law Firm: | Archer & Greiner |
| Bank's Law Firm: | Ballard, Spahr,Andrews & Ingersoll |
Dollar amounts in U.S. millions except for per share data | |||||
| 9 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 9/30/96 | 9/30/95 | 9/30/96 | ||
| Revenue: | $12.22 | $11.75 | $9.03 | Assets: | $5.28 |
| Net Income: | $0.31 | $0.77 | $0.48 | Curr Assets: | |
| EPS: | $0.07 | $0.15 | Liabilities: | $2.35 | |
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | Equity: | $2.92 | |||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a clinical research organization providing a broad range of integrated product development services to its clients in the pharmaceutical, biotechnology and medical device industries. The company complements the research and development departments of its clients by offering high quality clinical research services on an as-needed basis, thereby providing a variable cost alternative to certain fixed costs typically associated with internal product development. Over the last three years, the company has built a base of over 100 clients, including 23 of the 25 largest pharmaceutical companies in the world. The company's services include centralized diagnostic testing, clinical trial management, clinical data management, bio statistical analysis, Phase I clinical research, health care economics and outcomes research and regulatory affairs services. |
| Competition |
| The decision of whether to outsource can place the company in competition with a client's in-house development group. However, once the decision is made to outsource, the company primarily competes against other full service CROs and, to a lesser extent, universities and teaching hospitals. Some of these competitors have substantially greater capital, technical and other resources than the company. Large CROs with which the company competes include ClinTrials Research, Inc., Convance, Inc., IBAH, Inc., Pharmaceutical Product Development, Inc., PARAEXEL International Corporation and Quintiles Transnational Corporation. |
| Business Plan |
| The company's objective is to accelerate its clients' product development timelines. While the company does not believe it practicable to quantify or otherwise attempt to assign relative weights to the specific strategies, the following strategies are listed in what the company believes to be their general order of importance. 1) Use innovative technology to accelerate and improve product development. 2) Provide comprehensive product development service. 3) Expand capacity for global product development services. 4) Develop its strategic relationship with PREMIER, Inc. 5) Pursue strategic acquisitions. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to fund capital expenditures, geographic expansion, possible future acquisitions, working capital and other general corporate purposes. |