iNdiA cLiNical ReSeArcH PPD says it will launch its compound partnering business as Furiex Pharmaceuticals on the Nasdaq Stock Exchange next month

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FAISAL ZAIDI

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May 25, 2010, 7:53:54 AM5/25/10

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PPD sets June date for Furiex spin-off

25-May-2010

PPD says it will launch its compound partnering business as Furiex Pharmaceuticals on the Nasdaq Stock Exchange next month.

The new entity will focus on collaborative clinical programmes including PPD’s Alza Priligy collaboration, its Takeda alogliptin partnership and others the firm entered into when in acquired dermatology specialist Magen Biosciences last April .

The US contract research organisation (CRO) announced the move in October last year, explaining that the separation would allow each firm to compete more effectively in its respective market.

PPD has agreed to transfer $100m (€81.5m) in cash and cash equivalents to Furiex to “facilitate the advancement of development programs”.

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