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PPD, Inc.

PPD, Inc., originally known as Pharmaceutical Product Development, is a global (CRO) that provides integrated , laboratory, and lifecycle management services to pharmaceutical, , , academic, and government organizations worldwide. Founded in 1985 by Fred Eshelman as a one-person consulting firm in , the company has expanded into a leading provider of solutions, emphasizing therapeutic expertise, , and innovative technologies to accelerate the delivery of life-changing therapies to market. Over its history, PPD achieved significant milestones, including its in 1996, surpassing $1 billion in by 2005, and a second in 2020 before its acquisition by in 2021 for approximately $17.4 billion, after which it operates as the PPD business within the larger corporation. The company has grown through strategic expansions and acquisitions, such as entering the European, Middle Eastern, and African markets in 1995 via the Gabbay Group, acquiring Applied BioScience International in 1996 to bolster laboratory capabilities, and more recent purchases like Evidera and Synexus in 2016 for and patient recruitment services, as well as CorEvitas in 2023 to enhance outcomes-based research. By 2023, PPD employed over 40,000 people globally, with operations spanning , , , , and other regions, supported by advanced facilities including laboratories in the United States, , and . PPD's core services encompass the full spectrum of , from early-phase discovery and preclinical testing through all phases of clinical trials (I-IV), post-approval lifecycle management, and specialized laboratory analytics such as bioanalytical, , and genomic testing. The organization focuses on therapeutic areas including , rare diseases, disorders, and infectious diseases, leveraging data-driven approaches and regulatory expertise to help clients navigate complex global regulations. As part of , PPD benefits from synergies with broader scientific tools and resources, contributing to the parent company's annual revenue of $42.9 billion as of 2024 while prioritizing employee well-being, diversity, and ethical practices in .

History

Founding and Early Development

PPD, Inc. was founded in July 1985 by Fred Eshelman, Pharm.D., as a one-person specializing in pharmaceutical product development. Eshelman, a with prior experience as Senior of Development at Glaxo Inc., established the company initially from his home in before relocating operations to , in 1986. His vision centered on accelerating by providing specialized consulting to streamline processes for emerging pharmaceutical companies, addressing gaps in regulatory and clinical expertise during a period of growing industry complexity. In its early years, PPD focused on regulatory consulting and support for , targeting small pharmaceutical and firms that lacked internal resources for navigating the drug approval process. The company offered services in management, including patient recruitment, site coordination, and data handling, primarily for I through IV studies, helping clients advance compounds from preclinical stages toward market approval. This niche emphasis allowed PPD to build credibility by assisting with compliance to U.S. requirements and other regulatory bodies. Key initial milestones included expanding beyond pure consulting to full development services in , which broadened PPD's scope to encompass integrated support. By 1989, the company was formally incorporated in , solidifying its base in Wilmington and enabling further operational scaling. During the late , PPD secured its first major contracts for execution, leading to staff growth from Eshelman's solo operation to a small team capable of handling multi-phase trials for multiple clients. This period laid the groundwork for PPD's emergence as a dedicated in the pharmaceutical sector.

Expansion and Public Listing

In the early 1990s, PPD experienced rapid expansion to meet rising demand for contract research services in the , including the opening of additional offices across the to enhance operational capacity and proximity to clients. Building on its foundational consulting , the company began venturing internationally in 1995 by acquiring the Gabbay Group, a United Kingdom-based , which facilitated entry into , the , and . This move marked PPD's first significant global footprint beyond , enabling it to support multinational clinical trials and regulatory submissions. In January 1996, PPD completed its on the , trading under the PPDI, which provided essential capital for further strategic investments in acquisitions, technology infrastructure, and workforce expansion. The IPO positioned PPD as a publicly traded entity capable of scaling operations amid the burgeoning trend in , allowing it to fund initiatives that strengthened its competitive edge in . By mid-1996, the company had also acquired Applied BioScience International, incorporating Pharmaco—a key provider of analytical and bioanalytical services—and several regional operations, thereby bolstering its capabilities in I-IV trials and testing. These developments were complemented by further international growth, including the acquisition of a Brazil-based for Latin American presence and the opening of an office in in 1997 to tap into the market. PPD's expansion during this period drove substantial revenue growth, fueled by increasing pharmaceutical industry reliance on outsourced services for faster and cost-effective . From approximately $10 million in 1993, revenues surpassed $100 million by 2000, reflecting the company's successful integration of acquisitions and geographic diversification. This financial trajectory underscored PPD's emergence as a leading , with investments from the IPO enabling enhanced technological tools for and trial efficiency.

Privatization and Major Acquisitions

In December 2011, affiliates of and completed the acquisition of PPD for $3.9 billion, delisting the company from public trading after approximately 15 years as a Nasdaq-listed entity since its 1996 . The transaction, valued at $33.25 per share, marked a significant shift to ownership, enabling greater strategic flexibility amid evolving demands in the () sector. Following the acquisition, leadership underwent notable changes to align with the new ownership structure. Raymond H. Hill, who had assumed the role of CEO in September 2011, resigned effective December 12, 2011, less than three months into his tenure. PPD founder Fred Eshelman, who had led the company for over 25 years, transitioned from executive chairman to a senior advisory position to support ongoing operations. Under private equity backing, PPD accelerated its growth through targeted acquisitions to broaden its service portfolio, particularly in patient recruitment, clinical site networks, and generation. In 2013, the company acquired Acurian, a provider of patient enrollment and retention solutions, enhancing its execution capabilities. Key expansions in included the purchase of Evidera, a Bethesda-based firm specializing in evidence-based solutions for demonstrating real-world effectiveness and value in peri- and post-approval studies, and Synexus, a of dedicated sites, for approximately $274 million, which bolstered PPD's international site infrastructure. These moves diversified PPD's offerings beyond traditional into post-approval services and support, positioning it as a more comprehensive lifecycle partner for pharmaceutical and biotech clients. By 2019, these strategic initiatives contributed to robust financial growth, with PPD's annual revenue reaching $4.03 billion, more than doubling from earlier private-era figures and surpassing $2 billion for the first time. The emphasis on post-approval evidence generation through Evidera and expanded laboratory services underscored PPD's adaptation to industry trends favoring integrated, data-driven solutions across the continuum.

Integration into Thermo Fisher Scientific

In April 2021, announced its agreement to acquire PPD, Inc. in an all-cash transaction valued at $17.4 billion, with an additional $3.5 billion in assumed net debt, at a price of $47.50 per share. The acquisition, which followed PPD's by and in 2011, aimed to bolster 's position in services. The deal was completed on December 8, 2021, integrating PPD as a key component of Thermo Fisher's newly formed Group. Post-acquisition, PPD has operated as the PPD business within this group, leveraging Thermo Fisher's extensive laboratory and analytical capabilities to enhance end-to-end processes. This structure has enabled seamless collaboration across the drug lifecycle, from early-stage discovery to late-phase trials, by combining PPD's clinical expertise with Thermo Fisher's global infrastructure and technology platforms. Strategically, the integration has expanded PPD's access to Thermo Fisher's vast resources, including advanced analytics and networks, accelerating innovation in design and execution. In 2023, Thermo Fisher acquired CorEvitas, a leading provider of solutions, for approximately $912.5 million, further enhancing PPD's outcomes-based research capabilities. By 2025, the PPD business continues to contribute significantly to major worldwide, with notable advancements such as the launch of the Clinical Trial Carbon Calculator in October 2025 to support sustainable research practices and a partnership with announced that same month to apply in clinical . No major divestitures of PPD assets have occurred, allowing sustained growth within Thermo Fisher's portfolio.

Operations

Core Services

PPD, Inc., as a leading (CRO), provides full-spectrum services spanning Phases I through IV of for pharmaceuticals, biologics, and medical devices. These services encompass trial design, which incorporates input and data-driven protocols to optimize feasibility; recruitment strategies that emphasize and through support and flexible scheduling; site management via a global network of over 17,000 sites in more than 100 countries; and utilizing and secure electronic systems to ensure accuracy and compliance. The organization offers comprehensive regulatory consulting and submission support, drawing on expertise from senior pharmaceutical regulators to navigate requirements from the U.S. Food and Drug Administration (FDA) and international agencies such as the (EMA). This includes strategic intelligence for product lifecycle planning, risk management programs like Risk Evaluation and Mitigation Strategies (REMS), and submission publishing for clinical documents, enabling clients to achieve regulatory approval efficiently across small molecules, biologics, and biosimilars. PPD specializes in complex therapeutic areas, including and s, where it has supported more than 700 global and trials overall and over 600 studies in the past five years, contributing to accelerated development of targeted therapies. Historically, the company has conducted more than 2,800 clinical trials overall in the last five years, demonstrating its scale in advancing innovative treatments. To enhance efficiency, PPD has integrated advanced technologies since the 2000s, including (EDC) systems like Oracle Remote Data Capture implemented in 2008, alongside modern AI-powered tools for and decentralized trial elements such as eConsent and remote monitoring. These innovations support seamless data flow and patient-centric approaches without overlapping into laboratory testing domains.

Laboratory and Lifecycle Management

PPD's laboratory services encompass bioanalytical testing and absorption, distribution, metabolism, and (ADME) studies, which are essential for evaluating and safety profiles during development. The bioanalytical laboratories provide comprehensive assays for small molecules, biologics, , and biomarkers, utilizing techniques such as /mass spectrometry, immunochemistry, , and molecular to support pharmacokinetic (PK) and anti-drug antibody (ADA) analyses. These facilities maintain (GLP) and Good Clinical Laboratory Practice (GCLP) compliance, with a proven record of over 80 successful regulatory inspections over 30 years, ensuring for regulatory submissions. ADME studies, conducted at specialized early-phase units like the Austin Clinic, assess processing in the to inform safety and dosing strategies, often integrating radiolabeled tracers for precise tracking. The global laboratory network spans bioanalytical, central, and specialized labs across the , , and , including facilities in ; ; and , , totaling over 430,000 square feet of space equipped with state-of-the-art . This supports integrated workflows, from sample collection and to real-time analysis via platforms like Preclarus™, facilitating seamless coordination across clinical trials. As of recent operations, the bioanalytical labs alone process over 90,000 samples monthly—equating to more than 1 million annually—across over 250 protocols, demonstrating substantial capacity for high-volume testing while maintaining 97% user satisfaction in according to a 2019 industry survey. Central labs complement this by standardizing methodologies and handling esoteric tests, contributing to nearly 70% of () data submissions. In post-marketing surveillance, PPD delivers services that monitor drug safety beyond approval, processing over 400,000 initial and follow-up individual case safety reports (ICSRs) annually with greater than 99.9% on-time completion and compliance. These efforts include end-to-end literature surveillance, signal management under Good Pharmacovigilance Practice (GVP) standards, and aggregate reporting for documents like Development Safety Update Reports (DSURs) and Periodic Benefit-Risk Evaluation Reports (PBRERs), supported by a multinational team of over 40 physicians. (RWE) generation enhances this by leveraging observational studies and proprietary registries, such as PPD™ CorEvitas™, to evaluate long-term safety outcomes, risk-benefit profiles, and subpopulations like pregnant or lactating individuals, informing regulatory commitments and label expansions. Lifecycle management services focus on optimizing product value post-approval through and outcomes research (HEOR), bolstered by PPD's acquisition of Evidera, which integrated expertise in , market access consulting, and data analytics. Evidera, now a wholly owned , supports peri- and post-approval evidence strategies, including health technology assessments (HTAs), analyses, and patient uptake barrier identification, drawing on over 30 years of experience to generate insights for reimbursement and . This acquisition established PPD as a leader in real-world research, enabling comprehensive lifecycle planning from early discovery to market optimization.

Research Innovations

PPD has integrated (AI) and (ML) into its processes to improve forecasting and , enabling more efficient study design and risk mitigation. Since the late , these technologies have been applied to analyze real-world data and electronic health records, optimizing selection by identifying eligible participants and predicting trends to reduce delays. For instance, PPD's Clinical Trial Forecasting Suite, launched in 2024, utilizes deep ML models on proprietary datasets to forecast and site performance, achieving an average reduction of 12 weeks in trial timelines across over 400 studies. In October 2025, announced its acquisition of Clario Holdings, Inc., for approximately $1.25 billion, which will integrate Clario's eClinical outcome assessments, , and cardiopulmonary testing capabilities into PPD's operations to enhance clinical and accelerate in clinical trials. During the , PPD accelerated the development of decentralized clinical trials (DCTs), incorporating site models to maintain research continuity while minimizing patient burden and enhancing diversity. These models leverage remote monitoring, , and mobile applications for , allowing trials to shift from traditional sites to or fully formats, which improved retention and safety reporting. PPD's DCT initiatives, informed by industry surveys, emphasize patient-centric designs that integrate wearables and eConsent tools, resulting in broader geographic reach and faster recruitment in areas like . PPD has collaborated with technology firms to advance digital therapeutics integration in trials, focusing on seamless incorporation of software-based interventions for patient monitoring and outcome tracking. Key partnerships include expansions with Science 37 for decentralized platforms that support tools and Medable for siteless trial infrastructure, enabling the embedding of therapeutics like apps for symptom management within study protocols. These efforts enhance data flow and compliance, allowing to complement traditional endpoints in areas such as chronic disease management. A notable innovation is the 2023 Pulse Report, which surveyed 150 leaders from biotech and pharmaceutical organizations worldwide to identify key trends in , including rising AI adoption and trial complexity. The report highlights opportunities for efficiency gains through technology, with 72% of respondents noting accelerated timelines via predictive tools, providing actionable insights for industry stakeholders.

Corporate Structure

Leadership and Governance

PPD, Inc. was founded in 1985 by Fred Eshelman, Pharm.D., who served as its until May 2002, when he transitioned to the role of executive chairman to focus on strategic oversight amid the company's growth and public listing challenges. Following Eshelman's departure from the CEO position, David Grange assumed leadership as , guiding the company through expansion until his retirement in May 2011. The year 2011 marked significant turbulence in PPD's leadership amid its privatization. As the company prepared for acquisition by firms and , Grange retired effective May 18, 2011. In September 2011, Raymond Hill was appointed as the new CEO and board member, but he resigned effective December 12, 2011, just weeks after the $3.9 billion privatization deal closed, citing the need for a fresh start under the new ownership structure. To ensure continuity, founder Eshelman served as a senior advisor to the board through 2012. Post-privatization, David Simmons was appointed chairman and CEO in May 2012, bringing experience from senior roles at to lead PPD's operations under ownership. Simmons continued in this role through the company's 2020 and until its acquisition by in December 2021. Following the 2021 acquisition, PPD was fully integrated into as its business, with oversight from Thermo Fisher's executive leadership, including and CEO Marc N. Casper, who has held the position since October 2009 and also serves as chairman of the board. PPD's operations are now led by Sebastian Pacios, who became Senior Vice President and of in October 2023, succeeding in the role after previously serving as of Clinical Development Services within PPD. In terms of governance, PPD's board from 2011 to 2021 was shaped by its owners, and , which influenced strategic decisions during the privatization period until the Thermo Fisher acquisition. Post-2021, PPD's governance falls under Thermo Fisher Scientific's , which as of 2025 comprises 12 members led by Chairman Marc N. Casper and Lead Director Scott M. Sperling, with recent additions including , former CEO of , elected in February 2025 to bring expertise in healthcare strategy. This structure emphasizes integration into Thermo Fisher's broader framework, focusing on scientific and global operations.

Financial Overview

Pharmaceutical Product Development, Inc. (PPD) achieved significant financial milestones through its public listing, privatization, and eventual acquisition. The company went public in 1996 via an on the under the ticker PPDI. In 2011, PPD was taken private by affiliates of and in an all-cash transaction valued at $3.9 billion, representing a 29.6% premium over its closing share price prior to the announcement. This deal marked a , with the transaction completing in December 2011 at approximately $3.6 billion enterprise value. PPD's revenue demonstrated robust growth during its ownership period. In 2010, the company reported revenue of $1.47 billion. By 2020, revenue had expanded to $4.68 billion, reflecting a driven by expanded service offerings in clinical development and laboratory services. Adjusted EBITDA also strengthened markedly, rising from $294 million in 2011 to $875.7 million in 2020, underscoring improved operational efficiency and scale under private ownership. In April 2021, announced its acquisition of PPD for $17.4 billion in cash, plus the assumption of approximately $3.5 billion in net debt, in a deal that closed in December 2021. retired the assumed debt shortly thereafter. Post-acquisition, PPD's operations were integrated into 's Clinical Research Group, contributing meaningfully to the parent's financial performance. As of 2024, the PPD division generated approximately $6 billion in annual revenue, accounting for a significant share—estimated at 10-15%—of 's clinical services segment within its broader Laboratory Products and Biopharma Services reporting unit, which supported overall company revenue of $42.88 billion. In Q3 2025, reported quarterly revenue of $11.12 billion, with full-year 2025 guidance raised to $44.1 billion to $44.5 billion, reflecting continued strength in the clinical research segment.

Global Presence

Headquarters and U.S. Operations

PPD, Inc. was founded in 1985 in , where its headquarters have remained since incorporation in 1989. The Wilmington facility, located at 929 North Front Street, serves as the central hub for corporate functions, including executive leadership, finance, and , while also operating as a major center supporting activities. This location has been pivotal in PPD's growth, hosting key operations that integrate management and laboratory services for North American clients. Key U.S. operations are anchored by specialized facilities across the country. Bioanalytical laboratories in Richmond, Virginia (2244 Dabney Road), focus on assay development and sample analysis for clinical trials, supporting pharmacokinetic and pharmacodynamic studies. In 2022, PPD expanded in the Richmond area with a new 71,000-square-foot bioanalytical laboratory at 2250 Dabney Road in Henrico County, adding capacity and creating 500 new jobs. Similarly, the Middleton, Wisconsin sites (including 3230 Deming Way for bioanalytical and 8551 Research Way for GMP testing) provide advanced capabilities in small molecule and biologics analysis, enabling high-quality data for regulatory submissions. In 2018, PPD expanded its GMP laboratory in Middleton by adding dedicated space for biologics testing, which supported faster turnaround times for complex assays in clinical development. In 2024, the company further expanded the Middleton campus with a new state-of-the-art laboratory, enhancing services in emerging therapeutic areas and adding up to 350 jobs, bringing the total workforce in the region to nearly 2,300. Clinical research units, such as the one in Austin, Texas (7551 Metro Center Drive), have over 30 years of experience in Phase I trials, including ADME studies under radioactive research licenses, facilitating early-stage drug safety and efficacy evaluations. Prior to its 2021 acquisition by , PPD maintained a robust U.S. workforce, with more than 26,000 employees globally and significant concentrations at domestic sites, including around 1,700 in Wilmington alone. As of 2023, PPD employs over 40,000 people globally. These operations emphasized North American clinical trials, leveraging the U.S. infrastructure for a substantial portion of the company's portfolio in therapeutic areas like and . During the 2010s, PPD invested heavily in U.S. facility expansions to enhance capacity for high-throughput testing. In 2010, the company committed $28 million to upgrade its laboratory services division in (near ), adding space for advanced bioanalytical workflows and increasing staffing to meet rising demand for efficient sample processing. These enhancements solidified PPD's role as a leader in domestic contract research, prioritizing scalable, technology-driven solutions for pharmaceutical partners.

International Network

PPD's international network encompasses a vast array of offices, clinics, and laboratories spanning approximately 50 countries, with 165 facilities supporting clinical trials conducted in over 100 countries worldwide. This global infrastructure enables the company to manage complex, multi-regional studies, leveraging local expertise to navigate diverse regulatory landscapes and cultural contexts. As part of since its 2021 acquisition, PPD's network integrates seamlessly with the parent company's broader resources, enhancing capabilities in areas such as bioanalytical testing and central laboratory services across continents. Key hubs anchor this presence in strategic locations, including and in the for European operations, Ede in the for centralized coordination, and multiple sites in and —such as , , and —for activities. In Europe, PPD emphasizes regulatory expertise, particularly for (EMA) submissions, with dedicated teams providing in-depth local knowledge and submission support across numerous countries. This regional focus facilitates efficient compliance and accelerates approval processes for biopharmaceutical clients targeting the European market. The region, with operations in 14 countries, plays a pivotal role in patient recruitment, drawing on diverse populations to enhance trial inclusivity and representativeness. PPD's approach here incorporates culturally adapted strategies to overcome enrollment barriers, supporting studies that reflect real-world demographics and improve generalizability of results. Similarly, in and , select sites like those in , , and , , contribute to global trials by providing access to underrepresented patient groups. Expansion efforts, such as the 2016 acquisition of Synexus, significantly bolstered PPD's footprint by adding a network of approximately 28 dedicated research sites and 68 affiliate sites across 11 countries, primarily in and . This move enhanced site management capabilities and accelerated patient enrollment in international protocols. Today, the network supports a substantial portion of PPD's trials with multinational elements, underscoring its role in fostering collaborative, border-spanning research.

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