PPD, Inc. announced that it has completed the acquisition of InnoPharm, an independent contract research organization based in Smolensk, Russia.
PPD Completes Acquisition of InnoPharm
WILMINGTON, N.C. (October 1, 2008) - PPD, Inc. (Nasdaq: PPDI) today announced it has completed the acquisition of InnoPharm, an independent contract research organization based in Smolensk, Russia, strengthening its ability to offer Phase II-IV clinical trials support, data management and biostatistics services in Eastern Europe.
In addition to Smolensk, PPD has added offices in Moscow and St. Petersburg, Russia, and Kiev, Ukraine, with this acquisition. As one of the first CROs in Russia, InnoPharm was a pioneer in the implementation of good clinical practice (GCP) in Russia and Ukraine and delivers a broad range of clinical and data management services to pharmaceutical and biotechnology companies.
"The number of clinical trials approved in Russia has nearly doubled over the past six years as the country continues to emerge as a high-growth market for clinical research," said Fred Eshelman, chief executive officer of PPD. "Acquiring InnoPharm strengthens our presence in Russia and Ukraine and will serve as the foundation for continued growth in a region we have targeted for expansion."
InnoPharm has worked as a subcontractor for PPD since 2004. 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 partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 33 countries and more than 10,500 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help its clients and partners maximize returns on their R&D investments and accelerate the delivery of safe and effective therapeutics to patients. For more information, visit our Web site at http://www.ppdi.com.
Except for historical information, all of the statements, expectations and assumptions contained in this news release, including expectations and assumptions about the acquisition of InnoPharm and its contribution to PPD, are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: risks associated with acquisitions, such as integration risks; risks associated with operations in new countries; the ability to attract and retain key personnel; success in sales growth; loss of large contracts; increased cancellation rates; economic conditions and outsourcing trends in the pharmaceutical, biotechnology, medical device, academic and government industry segments; competition within the outsourcing industry; risks associated with and dependence on collaborative relationships; risks associated with the development and commercialization of drugs, including earnings dilution and obtaining regulatory approval; rapid technological advances that make our products and services less competitive; risks that we may not continue our dividend policy; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available free of charge upon request from the PPD investor relations department.