inVentiv Group Holdings, one of the largest global contract research organizations, withdrew its plans for an initial public offering on Wednesday. It originally filed in April 2016 with an estimated deal size of $500 million.
inVentiv withdrew after Advent International, a global private equity firm, took a significant stake in the company.
Competing CRO Medpace (MEDP), is currently on the calendar and hopes to raise $151 million.
The Burlington, MA-based company was founded in 1999 and booked $2.1 billion in sales for the 12 months ended March 31, 2016. It had planned to list on the NYSE under the symbol INV. Credit Suisse, Morgan Stanley, Goldman Sachs, Jefferies, Citi, BofA Merrill Lynch, Barclays and Wells Fargo Securities were set to be the joint bookrunners on the deal.
