PPD Exercises Option to Acquire Remaining Interest in X-Chem, Inc.

PPD and X-Chem announced that PPD has exercised its option to acquire the remaining minority ownership interest of X-Chem. X-Chem will continue to operate as a biotechnology company with its entire existing staff, including its management team. PPD acquired a controlling interest in X-Chem in October 2010, along with the right to purchase the remaining interest on or before October 31, 2014. PPD’s decision to acquire the remaining minority interest in X-Chem is based on, among other factors, the successful business model that X-Chem has built and the growing interest by pharmaceutical firms to gain access to X-Chem’s proprietary small molecule discovery technology.

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