Drug development contractor Pharmaceutical Product Development Inc. said Wednesday it will buy BioDuro LLC in a move to expand capabilities in China.
PPD did not disclose financial terms of the deal. BioDuro is also a drug development contractor, providing services to the biotechnology industry. It has a 110,000-square-foot laboratory in Beijing. Most of its approximately 660 employees are based in China.
After the buyout, PPD will employ nearly 1,000 people in China. The deal is expected to close in the fourth quarter.
Shares of PPD fell 6 cents to $20.98 in after-hours trading after falling 17 cents to close at $21.04 during the regular trading session.