 (Wilmington, NC) has agreed to  invest $100 million in Celtic Therapeutics Holdings,  an investment partnership that identifies, acquires, and invests in midstage therapeutic candidates. The investment, according to a press release, sets the stage for a strategic alliance between Celtic Therapeutics and PPD, which will also perform clinical development services.

"Built upon the leadership and track records of Stephen Evans-Freke and Peter B. Corr, Celtic Therapeutics has a team of seasoned drug development professionals we believe is capable of building one of the most highly valued late-stage portfolios in the global biomedical industry," said Fred Eshelman, Executive Chairman of PPD.