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Quintiles stock surges on 1st day of trading

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DURHAM, N.C. -

Shares of Quintiles Transnational surged on the New York Stock Exchange Thursday, closing at $42.11 on the first day of trading.

The Durham-based drug-testing firm began trading under the symbol Q and went public at $40.

Quintiles is the world's largest provider of biopharmaceutical development services and is one of the Triangle's largest employers, with 27,000 employees in about 100 countries.

Quintiles now has a market capitalization of $5.46 billion. Bank of America, based in Charlotte, is the largest company in the state, with a market capitalization of $139.8 billion.

Red Hat, with a market capitalization of $9.66 billion, is the largest public company in the Triangle.

Quintiles Executive Chairman Dennis Gillings was a biostatistics professor at the University of North Carolina at Chapel Hill and founded Quintiles in  1982.

Quintiles went public on the NASDAQ stock exchange in 1993 and then went private again in 2003.

Gillings and other Quintiles leaders will ring the bell at the New York Stock Exchange on Friday morning at 9:30 a.m.

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