IMS Health is Looking for Suitors

IMS Health, on Tuesday, confirmed that its board of directors formed a committee to explore strategic alternatives, or as the Associated Press reported, “advanced discussions to sell the company.”

“There can be no assurance that the exploration of strategic alternatives will result in a transaction,” IMS stated in a release. “[IMS Health] stated that it does not expect to make further public comment regarding these matters while its exploration process continues.”

The Wall Street Journal broke the news on Monday citing unnamed sources. According to the article, the company is worth approximately $1.3 billion with bids coming from private-equity funds TPG, and Silver Lake and BC Partners.

IMS Health is a a data aggregating firm that provides the pharma and healthcare industry with information and tracking on everything from sales forecasts to prescription sales.

Shares for the company spiked after the announcement, according to Bloomberg.

IMS increased $3.17, or 22 percent, to $17.84 at the close of New York Stock Exchange composite trading. It was the biggest increase since the company began trading on the New York Stock Exchange in June 1998. IMS has lost 40 percent in the 24 months before today.

IMS Health did not return emails for further comment.