The acquisition gains PPD immediate entry into Romania, Bulgaria, Serbia and Croatia with established infrastructure and expertise, and also bolsters PPD’s existing staff and operations in Poland, Russia and Ukraine.
Dana Leff, CEO and co-founder of AbCRO, will oversee PPD’s Central and Eastern European operations. Christa Pleasants, chairman and co-founder of AbCRO, will join PPD’s clinical operations in the UK as a senior director.
The acquisition is subject to customary closing conditions and obtaining regulatory approvals, and is expected to close on or about the end of the first quarter of 2009.
Fred Eshelman, CEO of PPD, said: “This acquisition will strengthen our foothold in Central and Eastern Europe and enhance our ability to conduct global trials for our clients. We see many synergies with AbCRO and anticipate a relatively seamless integration, with many of the AbCRO employees already well-versed on basic PPD procedures and systems.”