PPD, Inc. (NASDAQ: PPDI) today announced it has completed its acquisition of BioDuro LLC, a drug discovery outsourcing company focused on integrated drug discovery programs and services.
With this acquisition, PPD now employs more than 1,400 in Asia Pacific and nearly 1,000 people in China, making it the largest contract research organization to offer clinical development and discovery services in the country.
"Our acquisition of BioDuro positions us to capitalize on the tremendous growth in Asia Pacific and to become the CRO of choice in China," said David Grange, CEO of PPD. "BioDuro has a premier reputation for delivering quality service and has built an exceptional team of researchers and scientists. We are very pleased to welcome BioDuro\'s 660 employees into PPD."
Founded in 2005, BioDuro operates a state-of-the-art, 110,000-square-foot laboratory in Beijing. With the vast majority of its employees based in China, the company focuses on providing fully integrated programs to synthesize and optimize novel compounds to generate drug development candidates.
PPD paid approximately $77 million in cash to acquire BioDuro.