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Company News Release
PPD, Inc. and IDA Ireland (Investment and Development Agency) today announced that PPD plans to expand its contract research operations into Athlone, Ireland, by initially establishing a cGMP analytical testing laboratory to meet growing client demand in Europe, Middle East and Africa (EMEA) for these services.
Creating up to 250 positions over the next five years
WILMINGTON, N.C (December 18, 2008)-PPD, Inc. (Nasdaq: PPDI) and IDA Ireland (Investment and Development Agency) today announced that PPD plans to expand its contract research operations into Athlone, Ireland, by initially establishing a cGMP analytical testing laboratory to meet growing client demand in Europe, Middle East and Africa (EMEA) for these services.
PPD expects to create approximately 250 jobs at the facility, including Ph.D.-level scientists, analytical laboratory staff and other clinical development professionals. It plans to invest up to $18 million (€14 million) to develop the facility, which is expected to begin operations by the second half of 2009.
The cGMP lab will conduct testing for clinical programs spanning all phases of drug development.
"Ireland offers a business-friendly climate and highly skilled work force, and we believe it is the right location to expand our lab operations," said Fred Eshelman, chief executive officer of PPD. "The proximity to the Athlone Institute of Technology and the support of the Irish Government, in particular, IDA Ireland, were key factors in our decision as we plan our future growth for this strategic part of our business."
Ireland's Prime Minister [Taoiseach] Brian Cowen TD welcomed the announcement at a news conference in Athlone this morning where he said, "PPD is a world leader in contract research, and its decision to choose Ireland for this strategically important and knowledge-driven activity is very significant for the Midlands Region and the country.
"Today's investment will lead to the creation of up to 250 high value-added jobs and is a substantial contribution to the regional economy and a tremendous addition to our scientific and life sciences industry base."
The cGMP lab will be licensed by the Irish Medicines Board. It will offer clients analytical testing services in method development and validation, stability and quality control testing for all phases of drug development, with particular emphasis on inhalation and biopharmaceutical products.
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 PPD's expansion of its contract research operations into Ireland, 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 economic conditions and outsourcing trends in the pharmaceutical, biotechnology, medical device, academic and government industry segments; competition within the outsourcing industry; the ability to attract and retain key personnel; success in sales growth; loss of large contracts; increased cancellation rates; rapid technological advances that make our products and services less competitive; risks associated with and dependence on collaborative relationships; risks associated with the development and commercialization of drugs, including earnings dilution and obtaining regulatory approval; risks associated with acquisitions and investments, such as impairments; 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.