PPD has exercised its option to acquire the remaining minority ownership interest of X-Chem, Inc., which will continue to operate as a biotechnology company with its existing staff and management team led by chief executive officer and founder Richard W. Wagner, Ph.D.
 
PPD acquired a controlling interest in X-Chem in October 2010. Since then, X-Chem has established partnerships with Roche, AstraZeneca, Bayer, Pfizer, and two additional major pharma companies and several biotechnology companies for its proprietary small molecule discovery technology.
 
“Four years ago, PPD made a strategic decision to invest in X-Chem, based on their highly innovative drug discovery engine,” David Simmons, chairman and chief executive officer of PPD said. “X-Chem has demonstrated the value of its technology through establishment of an increasing number of relationships with major pharmaceutical and biotechnology companies, along with academic centers. We look forward to continuing to work with Dr. Wagner and the entire X-Chem team to advance the technology and drive value for our biopharmaceutical partners.”
 
“This event is a major milestone for our scientists, investors, and company” said Richard Wagner. “We have enjoyed a highly productive and collaborative relationship with PPD to date and share a belief in the potential of X-Chem to transform drug discovery through broad application of our technology to a wide spectrum of targets and therapeutic areas. We look forward to additional success for our two companies and the patient communities we ultimately aspire to help.”