Private equity firm Carlyle Group CYL.UL is in talks to purchase drug research services provider Pharmaceutical Product Development Inc (PPDI.O), a source familiar with the matter said on Monday. Bloomberg earlier reported the news. The company said in July its board had asked management to review its strategic plan. PPD could fetch around $4 billion, or about $35-$37 a share, industry analysts said at the time. Carlyle and PPD were not immediately available for comment.
Pharmaceutical Product Development, Inc. (PPD) is a global contract research organization providing drug discovery, development and lifecycle management services. Shares of PPDI traded higher by 18.46% or $4.91/share to $31.51. In the past year, the shares have traded as low as $22.71 and as high as $32.91. On average, 984911 shares of PPDI exchange hands on a given day and today's volume is recorded at 4112595.
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