We are convinced that Ireland is the right location for our future growth. As we seek to expand our lab operations, the Athlone Institute of Technology offers us highly qualified Ph.D.-level scientists and laboratory professionals, and we are delighted to expand into this country.
Daniel Darazsdi, chief financial officer of PPD
Leading Contract Research Organisation to create up to 250 high value-added positions
Thursday, 18th December 2008 - Taoiseach Brian Cowen TD today announced that PPD, Inc. (Nasdaq: PPDI) headquartered in Wilmington, North Carolina, is to establish a contract research facility in Athlone, Co. Westmeath, which will initially include a cGMP analytical testing laboratory. With the support of the Irish Government through IDA Ireland, the company expects to invest up to €14 million ($18 million USD) in the facility and create approximately 250 high value-added positions over five years for Ph.D.-level scientists, analytical laboratory staff and other clinical development professionals.
The cGMP analytical facility will conduct testing for clinical and commercial programs spanning all phases of drug development. The lab will allow the company to continue to serve its growing client base in Europe, Middle East and Africa (EMEA) and to win new business in this region.
PPD is a leading global contract research organisation (CRO) providing discovery, development and post-approval services to pharmaceutical, biotechnology, medical device companies and academic and government agencies. Clients include almost all of the world’s top 50 pharmaceutical companies and more than 250 biotechnology/small pharmaceutical and medical device companies.
Speaking at today’s announcement, Taoiseach Brian Cowen TD said, “PPD is a world leader in contract research, and its decision to choose Ireland for this strategically important and knowledge-driven activity is very significant for the Midlands Region and for the country as a whole. Today’s investment is a substantial contribution to the regional economy and a tremendous addition to our scientific and life sciences industry base.”
"Winning this strategic project for Ireland is in line with IDA Ireland’s and government’s policy of attracting the highest quality investment from the pharmaceutical and biotech sectors to Ireland. The addition of PPD to Ireland complements other laboratory service providers and adds significantly to the life science research and development cluster. We are delighted to welcome the company to Athlone and look forward to a long and fruitful relationship with PPD,” concluded the Taoiseach.
The cGMP lab will be licenced by the Irish Medicines Board (IMB) and will perform analytical testing services in method development and validation and stability and quality control testing for all phases of the drug development, with particular emphasis on inhalation and biopharmaceutical products.
“Ireland offers a business-friendly environment and highly skilled work force,” said Fred Eshelman, chief executive officer of PPD. “The support from the Irish Government, in particular IDA Ireland, was a key factor in our decision to establish this strategic part of our business in Athlone.”
Daniel Darazsdi, chief financial officer of PPD, speaking at today’s announcement said, “We are convinced that Ireland is the right location for our future growth. As we seek to expand our lab operations, the Athlone Institute of Technology offers us highly qualified Ph.D.-level scientists and laboratory professionals, and we are delighted to expand into this country.”
PPD has offices in 33 countries and employs more than 10,500 worldwide, including nearly 3,000 in Europe. A public company [Nasdaq:PPDI] based in Wilmington, N.C., PPD recorded net revenue of $1.4 billion in 2007 and net income of $163 million. PPD has two main business areas—Development Services, which involves contract research and drug development primarily in Phase II-IV clinical trials, and Discovery Sciences involving drug discovery and compound partnering. For more information about PPD, visit www.ppdi.com.
PPD, Inc. (Nasdaq: PPDI) effective from December 22, 2008 will be added to the NASDAQ-100 Index(R). PPD's common shares will also be included in the PowerShares QQQTM (Nasdaq: QQQQ). The NASDAQ-100 Index, launched in 1985, represents the largest, non-financial companies listed on The NASDAQ Stock Market based on market capitalization. Index securities are ranked by market value and evaluated annually to determine which securities will be included. The PowerShares QQQ represents ownership in the NASDAQ-100 Trust and is designed to provide investment results that generally correspond to the price and yield of the NASDAQ-100 Index.
Contract Research Organisation (CRO) CROs provide product development services to the pharmaceutical, biotechnology and medical device industries. Development services include drug testing, data analysis, reporting and consulting services to move a drug under development through the necessary regulatory requirements that must be met to seek approval for marketing a drug to the public.
Good Manufacturing Practice or GMP (also referred to as “cGMP” or “current Good Manufacturing Practice”) is a term that is recognized worldwide for the control and management of manufacturing and quality control testing of foods, pharmaceutical products, and medical devices.
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