PPD invests $25 million in JV with Taijitu for drug discovery of large molecules

Wilmington, USA-based contract research organization PPD Inc. (Nasdaq: PPDI) has established a joint venture with Taijitu Biologics (TBL) in the area of the discovery of novel Biotherapeutics, to help drugmakers develop the next generation of monoclonal antibody (MAb) drugs.

The joint venture, named BioDuro Biologics, expands PPD’s capability to deliver unique, highly differentiated drug discovery services for biopharmaceutical companies across the globe. PPD owns a majority stake in the joint venture and has committed to invest $25 million. The investment was closed in the fourth quarter of 2010 and did not have a material financial impact on 2010. PPD expects the joint venture will dilute 2011 earnings by approximately two cents per share.

PPD and TBL formed BioDuro Biologics to develop and commercialize an innovative technology platform for the discovery of first- and best-in-class monoclonal antibody therapies in collaboration with MAB Discovery GmbH, based in Munich, Germany. The joint venture will provide drug discovery services based on this technology platform to global biopharmaceutical companies, enabling them to discover best-in-class monoclonal antibodies against both novel and validated targets.