In reporting that it has closed its acquisition of BioDuro, PPD, Inc. (NSDQ: PPDI) announced the acquisition cost - $77 million. The price was not previously released, nor has PPD disclosed the annual revenues of privately held BioDuro.
PPD did say that, post-acquisition, it has nearly 1,000 employees in China. Of these, almost 660 came from BioDuro. The company now claims to be the largest CRO in China that offers both clinical development and discovery services.
In a statement, David Grange, CEO of PPD, said the acquisition makes PPD the “CRO of choice in China.”
Founded in 2005, BioDuro operates a first-class 110,000-square-foot laboratory in Beijing. The BioDuro acquisition adds drug development capability to PPD’s emphasis on clinical stage CRO services. BioDuro offers its clients integrated services that synthesize and optimize novel compounds.
The BioDuro transaction followed close on the heels of PPD’s acquisition of Excel PharmaStudies. That addition to PDD expanded the company’s ability to offer in China Phase II-IV clinical, data management, biostatistics, regulatory and quality assurance services.