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PPD Inc. has announced two deals in as many days.
The Wilmington-based contract research organization said Wednesday that it has agreed to acquire BioDuro LLC in a move that will expand its drug capabilities in China.
BioDuro, described as a drug discovery outsourcing company,[link widoczny dla zalogowanych], operates a laboratory in Beijing. Most of its 660 employees are based in China,[link widoczny dla zalogowanych], PPD said.
When the deal closes, expected in the fourth quarter, PPD will employ nearly 1,000 in China, making it the largest CRO to offer clinical development and discovery services in that country, the company said.
PPD and BioDuro will perform research and development services for large pharmaceutical clients from early stage through Phase IV development.
PPD cited Barclays Capital as saying biopharmaceutical companies spend $20.2 billion on drug discovery research annually. Of that, $1.6 billion is outsourced now, but that is expected to grow to $5 billion to $10 billion in the next three to five years.
The BioDuro deal will position PPD "to be the full-service CRO of choice in China," CEO David Grange said in a statement.
Additionally, PPD recently acquired Excel PharmaStudies, the market leader and one of the largest CROs in China.
On Tuesday, PPD said it will collaborate with Janssen Pharmaceutia N.V. to develop and commercialize two compounds, one to treat diarrhea-predominant irritable bowel syndrome and the other to treat complicated skin and skin structure and respiratory infections.
Under the agreement,[link widoczny dla zalogowanych], PPD could receive millions of dollars in milestone payments and royalties.
PPD said it will advance the compounds through Phase II development. When Phase II is completed,[link widoczny dla zalogowanych], Janssen will have the option to develop and commercialize the compounds.
In exchange,[link widoczny dla zalogowanych], PPD would receive up to $330 million in clinical and sales milestones and royalties on sales of the compounds if they are approved for marketing.