PPD pulls out of N.C. Research Campus, citing slow development of project
A major tenant playing a key role in the business strategy at the N.C. Research Campus has left.
Wilmington, N.C.-based Pharmaceutical Product Development Inc. (Nasdaq: PPDI) has terminated both its short-term lease for temporary office space in Cannon Village and a long-term lease for 40,000 square feet in a long-delayed medical building, a company spokeswoman said.
Wilmington-based PPD had planned to create up to 300 jobs at the Research Campus, which is being built by billionaire David Murdock, in the next three years.
"Progress in developing, constructing and recruiting tenants to the North Carolina Research Campus has been much slower than we expected," Sue Ann Pentecost, PPD corporate communications manager, said in an e-mail. "We understand this is the result of the economic conditions and the global financial crisis."
Despite the company's departure, a campus official remained positive about PPD's relationship with the $1.5 billion life sciences complex in downtown Kannapolis.
For details, see the Salisbury Post report.
Featured
Hot Off The Wire
- Red Hat's new Fedora lead; Cree LED breakthrough; Google, Cisco top 'green' list; Oracle rejects SAP settlement; Yahoo board shakeup
- Will Cisco report progress in its turnaround efforts?
- Cisco server fire threat; Lenovo Android upgrade; cloud startup vs. Cisco; Epic's Blesinski to host awards; Google 'Solve for X'
E-mail Preferences
