PPD Will Recapitalize with Existing Owners, Investors
It appears that Wilmington’s PPD - Pharmaceutical Product Development – is no longer on the market. Rather than sell the company, as had been rumored for a couple of years, the owners have decided to recapitalize PPD and expand the company’s ownership to include two new investors.
According to a release from PPD the two new investors are a subsidiary of the Abu Dhabi Investment Authority and an affiliate of GIC, Singapore’s sovereign wealth fund.
Hellman & Friedman and The Carlyle Group will remain majority shareholders.
PPD officials say its board, after studying a variety of options, decided that a deal led by its existing owners was the best route for the company and its stakeholders.
PPD provides drug development and laboratory services for clients including pharmaceutical, biotechnology and medical device organizations and employs more than 19,000 worldwide. In North Carolina, PPD also has operations in Research Triangle Park. The company employs 1,500 employees at its headquarters in Wilmington.
The deal is expected to close in the second quarter of the year, and values PPD at more than $9 billion.