PPD Inc., a contract research organization (CRO), has filed SEC documents, (specifically a Form 10 Registration Statement), that moves it a step closer to the previously announced stock spin-off of its compound partnering subsidiary, Furiex.
Furiex is a wholly owned subsidiary of PPD and the plan is that it will be distributed to shareholders of PPDI as a stock dividend. When the spin-off is complete, Furiex will be a completely separate, publicly traded company.
Their present timeline calls for the stock spin-off to occur in mid-2010, though they note in their press release announcing the spin-off that a number of things have to happen in the mean time.
A Triangle Business Journal article notes that PPD Inc. employs about 2,000 people in the Raleigh-Durham area of North Carolina. Hopefully, given the amount of local interest that 2,000 jobs can stir up, we will be getting more information from this source in addition to what is filed with the SEC.