PPD Completes Acquisition of Excel PharmaStudies

WILMINGTON, N.C.--(BUSINESS WIRE)--PPD, Inc. (Nasdaq: PPDI) today announced it has completed its acquisition of Excel PharmaStudies, Inc., the market leader and one of the largest contract research organizations in China. The acquisition strengthens PPD’s full range of drug development services in the country and positions it to capitalize on the tremendous growth of the outsourcing market in Asia Pacific.

“Excel brings an expansive range of services, broad client base and deep regulatory experience, which provide PPD additional capacity and expertise in this growing region.”

The acquisition significantly increases PPD’s employee and client base in the region. Excel has more than 300 employees in China, and PPD now employs more than 750 professionals in Asia Pacific.

With this acquisition, PPD has expanded its capability to offer Phase II-IV clinical management, data management, biostatistics, regulatory and quality assurance services under a variety of operating models, ranging from functional to full service. This combination of Excel and PPD creates one of the largest CROs operating in China, a country that offers vast populations of potential patients, fast patient recruitment and large centralized hospitals. Excel will continue to operate under its brand with full access to PPD’s global resources, clients and expertise.

"China is a strong, emerging area for clinical research as evidenced by its 21 percent compounded annual growth rate over the past five years," said David Grange, chief executive officer of PPD. "Excel brings an expansive range of services, broad client base and deep regulatory experience, which provide PPD additional capacity and expertise in this growing region.” Grange added, “We look forward to sharing more about our expanded presence in Asia Pacific at the CHINATRIALS conference next week.”

PPD is the platinum sponsor at CHINATRIALS 2009, the largest clinical development event in China, being held November 8-10 in Beijing. Simon Britton, PPD’s vice president of clinical development for Asia Pacific, will present at the conference on creating the best clinical strategy for China and East Asia. His presentation is Tuesday, Nov. 10, at 11:10 a.m. UCT.

Founded in 2000, Excel provides a comprehensive range of Phase II-IV clinical services, including regulatory affairs, patient recruitment, protocol design, feasibility studies, good clinical practice training and program management. Excel has worked with many of the world’s leading biopharmaceutical companies from more than 15 cities throughout China and also operates a vaccine research center and biometrics center, which will bolster PPD’s global expertise in this growing therapeutic area. Earlier this year, PPD significantly expanded its biologics and vaccines testing capabilities when it acquired a vaccine testing lab in Wayne, Penn., from Merck & Co., Inc.

PPD opened its Beijing office in 2003, where it provides a broad range of clinical development services. In 2008, it expanded its global central lab services into China through an exclusive agreement with Peking Union Lawke Biomedical Development Limited (PUL). In addition to Beijing and Hong Kong, PPD has offices in India, Singapore, Taiwan, Thailand, Korea and Japan and expanded its global central laboratory operations into Singapore this year.

PPD is a leading global contract research organization providing discovery, development and post-approval services as well as compound partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 38 countries and more than 10,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help its clients and partners maximize returns on their R&D investments and accelerate the delivery of safe and effective therapeutics to patients. For more information, visit our Web site at http://www.ppdi.com.

Except for historical information, all of the statements, expectations and assumptions contained in this news release, including expectations and assumptions about the acquisition of Excel PharmaStudies and its contribution to PPD, are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: risks associated with acquisitions and investments, such as integration challenges and impairments; the ability to attract and retain key personnel; risks associated with and dependence on collaborative relationships; competition within the outsourcing industry; success in sales growth; loss of large contracts; increased cancellation rates; economic conditions and outsourcing trends in the pharmaceutical, biotechnology, medical device, academic and government industry segments; risks associated with the development and commercialization of drugs, including earnings dilution and obtaining regulatory approval; rapid technological advances that make our products and services less competitive; risks that we may not continue our dividend policy; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available free of charge upon request from the PPD investor relations department.