Pharmaceutical product Development (Nasdaq: PPDI) is adding a new business while selling another one in the Triangle.

PPD, a global provider of services to the life science industry and drug development, said Friday it would agree Magen BioSciences in Waltham, Mass., for $14.5 million. Magen focuses on dermatologic therapies.

Meanwhile, PPD said it would sell Piedmont Research Center in Morrisville for $46 million to Charles River Laboratories. PPD had owned Piedmont Research since 2002.

The Magen deal provides PPD with licenses to develop and commercialize preclinical compounds that Magen had acquired from Eli Lilly. Magen also has a research and development facility.

The Piedmont center focused on preclinical research and evaluation of cancer related agents and treatments.

“Under Beth Hollister’s leadership, Piedmont Research Center has been a solid contributor to our discovery sciences segment since we acquired this business in 2002,” said Fred Eshelman, PPD’s chief executive officer, in a statement.

“Although this unit has grown nicely over the years, Piedmont Research Center is somewhat of a niche operation for PPD, and its in vivo and in vitro services should be a better long-term strategic fit for Charles River’s preclinical research business,” he added. Following the completion of this divestiture, we intend to continue to focus on our core service businesses and compound partnering programs to drive future revenue and earnings growth."

According to Eshelman, the Magen deal provides PPD an opportunity “to develop compounds that address unmet needs for major dermatological disorders.”

“The market is strong and growing for dermatologic products, which generally present fewer development hurdles than other therapeutics and have a more straightforward path to regulatory approval,” he added.

As part of the deal, Sandra Luikenhuis, a founder of Magen, will join PPD as executive director of dermatology.