Business

InVentiv drops IPO, takes equity investment from Advent

Four months after it registered for an initial public offering, inVentiv Health Inc. said Monday that it has withdrawn its plan to go public and accepted an unspecified financial investment from private equity firm Advent International Corp.

Burlington-based inVentiv, which manages clinical trials for drug makers and helps them commercialize medicines, is now owned equally by Advent and Boston private equity firm Thomas H. Lee Partners, which paid more than $1 billion to buy the company in 2010, the company said.

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InVentiv said the investment from Advent will boost its value to $3.8 billion. The private company said it earned $343 million on sales of $2.2 billion last year and has helped develop or commercialize 80 percent of the drugs approved by the Food and Drug Administration and 70 percent approved by European regulators during the past five years.

In its IPO registration, inVentiv had said it would seek to raise up to $100 million. The company, which has acquired many smaller contract research organizations in recent years, said it has about 14,000 employees around the world.

Robert Weisman can be reached at robert.weisman@globe.com. Follow him on Twitter @GlobeRobW.

Correction: An earlier version of this story misstated Thomas H. Lee Partners’ investment history with the company.

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