(Nasdaq: PPDI) has closed on the acquisition of InnoPharm, a contract research organization in Russia.
The deal adds offices for PPD in Smolensk, Moscow and St. Petersburg in Russia and another in Kiev, Ukraine. InnoPharm has been a subcontractor for PPD since 2004.
PPD plans to expand its clinical trials support in Eastern Europe.
“The number of clinical trials approved in Russia has nearly doubled over the past six years as the country continues to emerge as a high-growth market for clinical research,” said Fred Eshelman, chief executive officer of PPD, in a statement. “Acquiring InnoPharm strengthens our presence in Russia and Ukraine and will serve as the foundation for continued growth in a region we have targeted for expansion.”