Local Tech Wire

MORRISVILLE, N.C. – (Nasdaq: PPDI) completed the spinoff of its drug development group Tuesday with (Nasdaq: FURX) making its formal debut on the Nasdaq exchange as a free-standing venture.

Furiex shares closed the day at $9.30.

PPD, which is based in Wilmington, spun off Morrisville-based Furiex in a stock deal in which PPD shareholders receive 1 share of Furiex for each 12 PPD shares held.

PPD also provided Furiex with $100 million in capital.

Last week, Furiex also received a $7.5 million milestone payment from a Japanese firm under drug rights transferred to Furiex from PPD.

PPD has no ownership stake in Furiex and will focus on its role as a global contract research organization, providing a variety of life science services.

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