02.07.08
PPD, Inc. has signed an agreement to acquire InnoPharm Ltd., an independent CRO based in Smolensk, Russia. The acquisition will expand PPD's global reach with offices in both Russia and Ukraine.
InnoPharm offers Phase II-IV clinical trials support, data management and biostatistics services to pharma and biopharma companies. InnoPharm has offices in Moscow and St. Petersburg, Russia, and Kiev, Ukraine, and employs more than 300 people.
"With more than 143 million people in Russia alone, Eastern Europe is a high-growth market for clinical trials and a region PPD has targeted for expansion," said Fred Eshelman, chief executive officer of PPD. "We have subcontracted work to InnoPharm since 2004 and have great confidence in the team's clinical research capabilities and its commitment to quality. In addition to extending our geographic footprint and enhancing our ability to conduct global studies for our clients, we are gaining a high-caliber group of clinical research professionals."
Sergey Sudilovsky, M.D., Ph.D., currently director general of InnoPharm, will oversee operations in Russia and Ukraine for PPD. Dr. Sudilovsky has more than 15 years of experience with InnoPharm, and spent the past 10 years as director general.
The acquisition is expected to close in 2Q2008.
InnoPharm offers Phase II-IV clinical trials support, data management and biostatistics services to pharma and biopharma companies. InnoPharm has offices in Moscow and St. Petersburg, Russia, and Kiev, Ukraine, and employs more than 300 people.
"With more than 143 million people in Russia alone, Eastern Europe is a high-growth market for clinical trials and a region PPD has targeted for expansion," said Fred Eshelman, chief executive officer of PPD. "We have subcontracted work to InnoPharm since 2004 and have great confidence in the team's clinical research capabilities and its commitment to quality. In addition to extending our geographic footprint and enhancing our ability to conduct global studies for our clients, we are gaining a high-caliber group of clinical research professionals."
Sergey Sudilovsky, M.D., Ph.D., currently director general of InnoPharm, will oversee operations in Russia and Ukraine for PPD. Dr. Sudilovsky has more than 15 years of experience with InnoPharm, and spent the past 10 years as director general.
The acquisition is expected to close in 2Q2008.
