PPD to Acquire Medical Research Laboratories International 

WILMINGTON, N.C., Jan. 30 /PRNewswire-FirstCall/ -- PPD, Inc. (Nasdaq: PPDI) today announced it has entered into agreements to acquire Medical Research Laboratories International, Inc., which operates a central laboratory in Highland Heights, Ky., near Cincinnati, Ohio, and Medical Research Laboratories International BVBA, a Belgian company that operates a central lab in Brussels.

The two Medical Research Laboratories International (MRLI) companies specialize in the provision of highly standardized efficacy and safety testing services for pharmaceutical companies engaged in clinical drug development. Founded in 1988, MRLI is one of the largest central laboratory providers for Phase I-IV global studies involving agents used in cholesterol, endocrine, metabolic and cardiovascular clinical research.

Evan Stein, M.D., Ph.D., founder of the MRLI companies and current president and chief executive officer of both, will continue to oversee the operations. The two MRLI locations have approximately 235 professionals and will operate in their current locations as a division of PPD.

"The acquisition of the MRLI operations further enhances the global services offered by PPD Development," said Fred Eshelman, chief executive officer of PPD. "In addition, Dr. Stein and his staff bring a wealth of internationally recognized expertise in lipid disorders as well as specialization in studies on drugs for the treatment of metabolic diseases."

Both laboratory operations maintain accreditation from the College of American Pathologists (CAP) and the Centers for Disease Control and Prevention (CDC) -- National Heart, Lung and Blood Institute (NHLBI) Part III Lipid Standardization program. In addition, the U.S. operation complies with the Clinical Laboratory Improvement Act (CLIA) Laboratory Certificate of Accreditation, and the Brussels lab is one of the few in Europe accredited by CAP and CDC-NHLBI.

Under the terms of the agreements, the payment for the acquisition of the two labs will be made with both cash and common stock. The acquisitions are expected to close by late February, subject to satisfying standard closing conditions and obtaining regulatory approvals.

As a leading global provider of discovery and development services and products for pharmaceutical and biotechnology companies, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help clients maximize the return on their R&D investments. With proven early discovery through post-market resources, the company also offers unique partnerships and alliances for virtual drug development. PPD has more than 4,500 professionals in 20 countries around the world. For more information on PPD, visit our Web site at http://www.ppdi.com.

Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions about the value of these acquisitions, contained in this news release are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making those forward-looking statements, it is possible that future circumstances may differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: economic conditions in the pharmaceutical and biotechnology industries; outsourcing trends in the pharmaceutical and biotechnology industries; dependence on collaborative relationships; rapid technological advances that make our products and services less competitive; risks associated with acquisitions (including the pending acquisition of MRLI) and investments; loss of large contracts; competition within the outsourcing industry; continued success in sales growth; the ability to attract and retain key personnel; and the risk factors set forth from time to time in the SEC filings for PPD, copies of which are available upon request from the PPD investor relations department.

CONTACT: media, Nancy Zeleniak, +1-919-462-4088, or nancy.zeleniak@rtp.ppdi.com, or analysts and investors, Jimmy Sloan, +1-910-772-7168, or jimmy.sloan@wilm.ppdi.com, both of PPD, Inc.

Principals of Fairmount Partners acted as advisors to Medical Research Laboratories in the transaction.

Contact:

Neal McCarthy, Roy Delizia and David Reed