PPD has signed an agreement to acquire BioDuro, a drug discovery outsourcing company that provides a broad range of integrated services to biopharmaceutical companies. The acquisition will expand PPD’s drug development capabilities in China.
Founded in 2005, reportedly, BioDuro operates a 110,000 square-foot laboratory in Beijing. Most of its approximately 660 employees are based in China, where it provides deep scientific expertise in medicinal chemistry, biology, pharmacology, drug metabolism, pharmacokinetic and safety services.
The company offers scientific resources and services to synthesize new compounds and optimise those compounds to generate drug development candidates.
The company said that after the acquisition of BioDuro is completed, PPD will employ nearly 1,000 people in China. The acquisition is subject to various closing conditions and is expected to close in the fourth quarter of 2009.
David Grange, chief executive officer of PPD, said: “This acquisition will strengthen PPD’s presence in China and our ability to provide clients an extensive range of services in this country. It will also position us well to provide services for the growing global discovery outsourcing industry and to be the full-service CRO of choice in China.”
Masood Tayebi, founder and chairman of BioDuro, said: “PPD shares our commitment for delivering world-class, quality services to clients. Combining our drug discovery expertise with PPD’s global drug development resources will allow us to move our clients’ programs from drug discovery into late-stage drug development and build upon our strong growth in China.”