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Investing.com — PPD (NASDAQ:PPD) Inc. jumped 7% to an all-time high after signing a deal with pharmaceutical giant Pfizer (NYSE:PFE).
The drug developer said it inked a three-year agreement with Pfizer to provide development services to advance Pfizer’s portfolio. Pfizer has the right to extend the term for additional two-year periods. Financial details of the agreement were not disclosed.
The agreement builds on the companies’ existing relationship.
PPD, which went public in February, is a global contract research organization providing drug development, laboratory and lifecycle management services. The company reports quarterly earnings on Tuesday..
PPD has been owned by private equity firms Carlyle Group (NASDAQ:CG) and Hellman & Friedman since 2011 after the pair took the company private in a $3.9 billion leveraged buyout, according to Reuters.
