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Local Tech Wire

WILMINGTON, N.C. – (Nasdaq: PPDI) has formally filed paperwork to spin off its pharmaceutical group as a separate company.

To be titled Furiex Pharmaceuticals, the new venture would be owned entirely by PPD stockholders and would be traded publicly.

PPD said it hopes to complete the spinoff by mid year.

The company said it is structuring the move so it would be tax free for stockholders.