Strengthening PPD's presence in Eastern Europe
WILMINGTON, N.C., Feb. 6 /PRNewswire-FirstCall/ -- PPD, Inc. (Nasdaq: PPDI) today announced it has signed an agreement to purchase InnoPharm Ltd., an independent contract research organization, or CRO, based in Smolensk, Russia. The acquisition will expand PPD's global reach with established offices in both Russia and Ukraine.
One of the first CROs in Russia, InnoPharm was a pioneer in the implementation of good clinical practice (GCP) in the former Soviet Union and offers Phase II-IV clinical trials support, data management and biostatistics services to pharmaceutical and biotechnology companies. In addition to its headquarters in Smolensk, InnoPharm has offices in Moscow and St. Petersburg, Russia, and Kiev, Ukraine, and employs more than 300 people.
"With more than 143 million people in Russia alone, Eastern Europe is a high-growth market for clinical trials and a region PPD has targeted for expansion," said Fred Eshelman, chief executive officer of PPD. "We have subcontracted work to InnoPharm since 2004 and have great confidence in the team's clinical research capabilities and its commitment to quality. In addition to extending our geographic footprint and enhancing our ability to conduct global studies for our clients, we are gaining a high-caliber group of clinical research professionals."
The acquisition is expected to close in the second quarter of 2008, subject to customary closing conditions and obtaining regulatory approvals.
After the acquisition closes, Sergey Sudilovsky, M.D., Ph.D., currently director general of InnoPharm, will oversee operations in Russia and Ukraine for PPD. Dr. Sudilovsky has more than 15 years of experience with InnoPharm, having spent the past 10 years as director general.
PPD is a leading global contract research organization providing
discovery, development and post-approval services as well as compound
|SOURCE PPD, Inc.|
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