Key Developments For Pharmaceutical Product Development
Pharmaceutical Product Development (PPDI.O) (Nasdaq)
PPD, Inc. To Acquire BioDuro LLC
PPD, Inc. announced that it has signed an agreement to acquire BioDuro LLC, a drug discovery outsourcing company that provides a broad range of integrated services to biopharmaceutical companies. The acquisition expected to close in the fourth quarter of 2009.
PPD, Inc. And Janssen Pharmaceutica N.V. Collaborate To Develop Compounds For Treatment of Irritable Bowel Syndrome And Bacterial Infections
PPD, Inc. announced that has entered an agreement with Janssen Pharmaceutica N.V. to develop and commercialize two Phase II-ready therapeutic compounds, one to treat diarrhea-predominant irritable bowel syndrome (IBS-d) and the other to treat complicated skin and skin structure and respiratory infections. Under two agreements, PPD in-licensed the two assets and will advance the compounds through Phase II development. At the completion of Phase II, Janssen will have the option to resume development and commercialization of each compound. In exchange, PPD will receive up to $330 million in clinical and sales milestones and royalties on sales of the compounds if approved for marketing. If Janssen does not buy back a program, PPD will have the option to continue developing and commercializing the compound for that program; and Janssen will receive up to $250 million in clinical and sales milestones and royalties on sales of the compounds if approved for marketing.
PPD, Inc. Declares Fourth Quarter Dividend
PPD, Inc. announced that its Board of Directors declared a cash dividend for the fourth quarter of 2009 under its annual cash dividend policy. The quarterly cash dividend will equal $0.15 per share. The record date for the fourth quarter dividend is December 15, 2009, and the payment date is December 29, 2009.
PPD, Inc. Completes Acquisition Of Excel PharmaStudies
PPD, Inc. announced that it has completed its acquisition of Excel PharmaStudies, Inc.
PPD, Inc. Updates 2009 Guidance; Revenue Guidance Below Analysts' Estimates
PPD, Inc. revised its fiscal 2009 revenue and earnings guidance to reflect the impact of lower-than-expected new business authorizations significant project cancellations, adjustments and delays, and expected changes within the Company's discovery sciences segment. For fiscal 2009, the Company expects net revenue to be $1.290 - $1.315 billion and earnings per share (EPS) of $1.38 - $1.40. According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $1.38 on revenue of $1.339 billion for fiscal 2009.
