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Quintiles tells investors contract backlog bigger

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DURHAM, N.C. -

Clinical testing company Quintiles Transnational is telling investors ahead of a proposed public stock offering up to $600 million that it started the year with a contract backlog of $8.7 billion.
    
The world's largest outsourcer of drug testing said this week in a Securities and Exchange Commission filing ahead of selling shares that the backlog is nearly 9 percent higher than last year, but included more projects in the planning and start up stages that could take longer to generate revenue.
    
The Durham-based company said its profits last year were $177 million, down from $240 million in 2011.
    
The company founded in 1982 by biostatistics professor Dennis Gillings is owned primarily by Gillings; hedge funds Bain Capital Partners and TPG Global; and Singapore state investment company Temasek Holdings.

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