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WILMINGTON, N.C. (April 21, 2009) - PPD, Inc. (Nasdaq: PPDI) today announced it has completed the acquisition of AbC.R.O., Inc. (AbCRO), a contract research organization, thereby expanding its operations in Central and Eastern Europe.
The acquisition strengthens PPD's ability to provide a broad range of clinical trial management and monitoring, patient recruitment, site identification and regulatory affairs services to its growing client base in the Balkans and surrounding countries. PPD is one of the largest CROs operating in this high-growth region that offers efficient access to patients, a well-developed, centralized healthcare system and low density of clinical trials.
"Eastern Europe is a strong, emerging area for clinical research," said Fred Eshelman, chief executive officer of PPD. "AbCRO's reputation as a premier CRO in this region builds upon our ability to conduct global trials in an area we continue to target for expansion."
More than 230 employees have joined PPD with the acquisition, including Dana Leff, chief executive officer and co-founder of AbCRO, and Christa Pleasants, chairman and co-founder of AbCRO.
AbCRO marks PPD's second acquisition in Central and Eastern Europe. PPD acquired InnoPharm, Ltd., an independent contract research organization based in Smolensk, Russia, last year.
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 38 countries and approximately 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 AbCRO 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 and investments, such as impairments and integration risks; the ability to attract and retain key personnel; continued 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.
Contacts
Media:
Sue Ann Pentecost
+1 919 456 5890
sueann.pentecost@rtp.ppdi.com
Analysts/Investors:
Luke Heagle
+1 910 558 7585
luke.heagle@wilm.ppdi.com
