Drug development contractor Pharmaceutical Product
Development Inc. has started a joint venture focusing on biotherapy
products with Taijitu Biologics Limited.
The joint venture, named BioDuro Biologics, expands PPD’s
biopharmaceutical services, the company said. It will be based in Singapore.
PPD owns a majority of the joint venture and will invest $25
million.
BioDuro was formed to develop and sell technology focusing
on new therapies in collaboration with Germany-based MAB Discovery GmbH, PPD
said.
Shares of Pharmaceutical Product Development rose 13 cents
to close at $27.31 before the venture was announced. In after-hours trading,
the stock gained a penny.
