WILMINGTON, N.C. (November 2, 2011) - Pharmaceutical Product Development, Inc. (Nasdaq: PPDI) today announced that its board of directors declared a cash dividend for the fourth quarter of 2011 under its annual cash dividend policy. The quarterly cash dividend will equal $0.15 per share. The record date for the fourth quarter dividend is 5:00 p.m. Eastern Time on December 14, 2011, and the payment date is December 28, 2011.
The payment of the fourth quarter cash dividend is conditioned upon the closing of the merger pursuant to the previously announced definitive merger agreement dated October 2, 2011, between the company and affiliates of The Carlyle Group and affiliates of Hellman & Friedman LLC occurring after the record date of December 14, 2011.
The annual cash dividend policy and the payment of future quarterly cash dividends under that policy are subject to the continuing determination by the board of directors that the policy remains in the best interests of the company's shareholders and in compliance with applicable laws and agreements.
PPD is a leading global contract research organization providing drug discovery, development and lifecycle management services. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 44 countries and more than 11,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help clients and partners accelerate the delivery of safe and effective therapeutics and maximize the returns on their R&D investments. For more information, visit www.ppdi.com.
Except for historical information, all of the statements, expectations and assumptions, including statements, expectations and assumptions about the payment of future cash dividends under the annual dividend policy, contained in this news release 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 and could cause actual results to differ materially from the forward-looking statements. Other important factors which could cause future results to differ materially include the following: risks that the merger might not close; risks that PPD might lose customers and/or employees as a result of announcement of the merger; risks that we may increase, reduce or discontinue our annual dividend policy; overall global economic conditions; economic conditions in the pharmaceutical, biotechnology and government-sponsored research sectors; research and development spending in the pharmaceutical, biotechnology and government-sponsored research sectors; outsourcing trends in the pharmaceutical, biotechnology and government-sponsored research sectors; consolidation in pharmaceutical and biotechnology industries; competition in the outsourcing industry; PPD's ability to win new business; loss, delay or modification of large contracts; higher-than-expected cancellation rates; the rate of conversion of backlog into revenue; actual operating performance; fluctuations in currency exchange rates; the ability to attract, integrate and retain key personnel, including our new CEO; risks associated with and dependence on strategic relationships; risks associated with acquisitions and investments, such as impairments and integration; rapid technological advances that make our services less competitive; risks associated with fixed price contracts and cost overruns; compliance with drug development regulations; changes in the regulation of the drug development process; international economic and political risks; and the ability to control SG&A spending. These and other PPD risk factors are set forth in more detail from time to time in our SEC filings, copies of which are available free of charge upon request from PPD's investor relations department. PPD assumes no obligation and expressly disclaims any duty to update these forward-looking statements in the future, except as required by applicable law. These forward-looking statements should not be relied upon as representing PPD's estimates or views as of any date subsequent to the date hereof.
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