11.19.09
PPD, Inc. has signed an agreement to acquire BioDuro LLC, a drug discovery outsourcing company. The acquisition will expand PPD's drug development capabilities in China. PPD and BioDuro will perform a range of R&D services from early stage through Phase IV.
BioDuro operates a 110,000-sq.-ft. lab in Beijing. Most of its approximately 660 employees are based in China, where it provides medicinal chemistry, biology, pharmacology, drug metabolism, pharmacokinetic and safety services. The company offers resources and services to synthesize novel compounds and optimize compounds to generate drug candidates.
"Under the leadership of Masood Tayebi and the entire senior management group, BioDuro has built an exceptional team of researchers and scientists whose experience extends across a broad range of drug discovery," said David Grange, chief executive officer of PPD. "This acquisition will strengthen PPD's presence in China and position us to provide services for the growing global discovery outsourcing industry."
Masood Tayebi, founder and chairman of BioDuro said, "PPD shares our commitment for delivering world-class, quality services to clients. Combining our drug discovery expertise with PPD's global drug development resources will allow us to move our clients' programs from drug discovery into late-stage drug development and build upon our strong growth in China."
The acquisition, subject to various closing conditions, is expected to close in 4Q09.
BioDuro operates a 110,000-sq.-ft. lab in Beijing. Most of its approximately 660 employees are based in China, where it provides medicinal chemistry, biology, pharmacology, drug metabolism, pharmacokinetic and safety services. The company offers resources and services to synthesize novel compounds and optimize compounds to generate drug candidates.
"Under the leadership of Masood Tayebi and the entire senior management group, BioDuro has built an exceptional team of researchers and scientists whose experience extends across a broad range of drug discovery," said David Grange, chief executive officer of PPD. "This acquisition will strengthen PPD's presence in China and position us to provide services for the growing global discovery outsourcing industry."
Masood Tayebi, founder and chairman of BioDuro said, "PPD shares our commitment for delivering world-class, quality services to clients. Combining our drug discovery expertise with PPD's global drug development resources will allow us to move our clients' programs from drug discovery into late-stage drug development and build upon our strong growth in China."
The acquisition, subject to various closing conditions, is expected to close in 4Q09.