Pharmaceutical Product Development Inc (PPDI.O), which does development and research work for drug companies, is exploring a sale, the Wall Street Journal reported on Sunday, citing people familiar with the matter. The company, which has a roughly $3.15 billion market capitalization, could attract interest from private equity as well as other clinical research firms, the Journal said. According to the report, PRA, a smaller clinical research firm owned by private equity firm Genstar Capital, is also on the block. Genstar hopes to bring in more than $1 billion from a sale, the Journal said. PPD and Genstar were not immediately available for comment.
Pharmaceutical Product Development, Inc. is a global contract research organization providing drug discovery and development services. Shares of PPDI traded higher by 0.54% or $0.15/share to $27.86. In the past year, the shares have traded as low as $22.71 and as high as $32.26. On average, 799631 shares of PPDI exchange hands on a given day and today's volume is recorded at 992028.
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