PPD closes on $77M deal for Chinese drug discovery firm

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Local Tech Wire

WILMINGTON, N.C. – (Nasdaq: PPDI) has closed on the $77 million acquisition of BioDuro, a drug discovery and services firm in China.

The deal is part of PPD’s strategy to expand its presence in China and the Asia Pacific.

According to PPD, the addition of 660 BioDuro employees to its China work force boosts its total presence there to 1,000. PPD says it is “the largest contract research organization” for clinical development and discovery services in China.

“Our acquisition of BioDuro positions us to capitalize on the tremendous growth in Asia Pacific and to become the CRO of choice in China,” said David Grange, chief executive officer of PPD. “BioDuro has a premier reputation for delivering quality service and has built an exceptional team of researchers and scientists. We are very pleased to welcome BioDuro’s 660 employees into PPD.”

PPD also recently acquired Excel PharmaStudies, a CRO based in China.

The company now operates in 38 countries and has more than 10,500 employees.