PPD buys BioDuro for $77M in China expansion

AP News
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Posted: Nov 30, 2009 9:59 AM

Drug development contractor Pharmaceutical Product Development Inc. said Monday it completed a $77 million buyout of BioDuro LLC.

On Nov. 18, Pharmaceutical Product Development said it would buy BioDuro as part of a move to expand capabilities in China.

BioDuro is also a drug development contractor, providing services to the biotechnology industry. It has a 110,000-square-foot laboratory in Beijing, with 660 employees mainly in China.

Shares of PPD rose 11 cents to $21.52 in morning trading.