W. Conshohocken, PA – April 20, 2009 – Today AbC.R.O., Inc. (AbCRO), a private Virginia corporation doing business as a contract research organization with operations in Central and Eastern Europe, announced its sale to PPD, Inc. (Nasdaq: PPDI). PPD is a leading global contract research organization providing pharmaceutical discovery, development and post-approval services as well as compound partnering programs, with offices in 38 countries and approximately 10,500 professionals worldwide.
The acquisition strengthens PPD’s ability to provide a broad range of clinical trial management and monitoring, patient recruitment, site identification and regulatory affairs services to its growing client base in the Balkans and surrounding countries. PPD is one of the largest CROs operating in this high-growth region that offers efficient access to patients, a well-developed, centralized healthcare system and low density of clinical trials.
“Eastern Europe is a strong, emerging area for clinical research,” said Fred Eshelman, chief executive officer of PPD. “AbCRO’s reputation as a premier CRO in this region builds upon our ability to conduct global trials in an area we continue to target for expansion.”
More than 230 employees have joined PPD with the acquisition, including Dana Leff, chief executive officer and co-founder of AbCRO, and Christa Pleasants, chairman and co-founder of AbCRO. AbCRO marks PPD’s second acquisition in Central and Eastern Europe. PPD acquired InnoPharm, Ltd., an independent contract research organization based in Smolensk, Russia, last year.
AbCRO was represented by Fairmount Partners, a leading investment bank serving life science. Fairmount assisted the company in arranging and closing the transaction. Neal McCarthy, Managing Director of Fairmount Partners commented, “It was a great pleasure working with Dana Leff and her team to find the ideal partner to leverage their expertise and relationships in clinical development research services for Phase I-IV studies throughout Central Eastern Europe. We also enjoyed working again with Fred Eshelman’s team; we are confident that the acquisition of AbCRO will be highly complementary to PPD.”
Principals of Fairmount Partners acted as advisors to AbC.R.O., Inc. and its shareholders.
Contact: Neal McCarthy, Managing Director