OR WAIT null SECS
Wilmington, NC-October 27, 2009
PPD, Inc. has entered into an agreement to acquire Excel PharmaStudies, Inc., a large scale contract research organization in China. This purchase will provide PPD with additional capacity and expertise in this rapidly growing market. It also significantly increases its employee and client base in Asia Pacific.
With the acquisition, which will combine its drug development expertise with its global central laboratory operations in Beijing and Singapore, PPD will be better positioned to deliver a broad set of services to biopharmaceutical companies in China, Japan and throughout the region. Excel will operate as a wholly-owned subsidiary of PPD.
"Biopharmaceutical companies are increasingly including China and Japan in their drug development programs because of the rapid growth of these markets," said David Grange, chief executive officer, PPD. "Excel brings a solid reputation, broad client base and regulatory expertise and is an important part of our continued expansion in this fast-growing region."
Founded in 2000, Excel provides a comprehensive range of Phase II-IV clinical services, including regulatory affairs, patient recruitment, protocol design, feasibility studies, good clinical practice training and program management. Excel has worked with biopharmaceutical companies from more than 15 cities throughout China and operates a vaccine research center and biometrics center, both of which are located in Taizhou.
After the acquisition closes, Excel's more than 300 employees will join PPD, and Mark Engel, co-founder, will work exclusively with PPD as a strategic consultant. Mr. Engel said, "We look forward to combining Excel's...operational expertise and relationships in China with PPD's global discovery, development and laboratory capabilities."
PPD opened its Beijing office in 2003, where it provides a broad range of clinical development services. In 2008, it expanded its global central lab services into China through an exclusive agreement with Peking Union Lawke Biomedical Development Limited (PUL). In addition to Beijing and Hong Kong, PPD has offices in India, Singapore, Taiwan, Thailand, Korea and Japan and currently employs more than 400 people in Asia Pacific.
The acquisition is subject to various closing conditions and is expected to close in the fourth quarter of 2009.