WILMINGTON, N.C., September 6, 2016 — Pharmaceutical Product Development, LLC (PPD), a leading global contract research organization (CRO), today announced the completion of its acquisition of Evidera, a leading provider of evidence-based solutions to demonstrate the real-world effectiveness and value of biopharmaceutical products.
The acquisition unites two best-in-class research companies, creating transformative opportunities for clients of PPD and Evidera to generate evidence of product value that helps optimize market access for new health technologies. The companies will create a set of seamless services across the drug development continuum that will enhance biopharmaceutical companies’ ability to deliver life-changing therapies to patients.
Operating as a wholly owned subsidiary of PPD, Evidera will continue to be led by its current management team and a seasoned staff of highly credentialed scientific and consulting professionals. Evalytica also will continue to operate as a wholly owned subsidiary of Evidera, providing both Evidera and PPD clients with an innovative, technology-enabled analytic platform for rapid and transparent analysis of diverse data sources.
“By leveraging Evidera’s scientific research and consulting capabilities and PPD’s operational excellence in global clinical research, our clients can greatly enhance their ability to navigate today’s complex and fast-evolving R&D and reimbursement landscape,” said David Simmons, chairman and CEO of PPD. “For biopharma companies, our considerable joint expertise will benefit clients in executing comprehensive development strategies for regulatory success, while in parallel collecting the necessary evidence to support discussions with payers and health authorities on pricing and reimbursement. These combined strengths will further support clients in bringing innovative therapies to patients in need.”
Jon Williams, president of Evidera, said: “Demonstrating product value and effectiveness in real-world settings is increasingly critical for the biopharma industry to justify access and reimbursement. Evidence-based value demonstration must be well integrated with, and begin early in, the clinical development process, as payers, health authorities and providers increasingly have set this as a condition for market access. Until today, biopharma companies had limited options for partners with the required expertise. But by marrying a best-in-class CRO with a best-in-class real-world research and market access company, we are providing transformative opportunities for our clients to demonstrate the value of their products.”
Evidera was created as a market-leading independent company under the ownership of Symphony Technology Group (STG) following the acquisition of long-standing health economics, outcomes research, market access, epidemiology and data analytics practices.
Since it was formed in 2013, Evidera has worked with all of the top biopharma companies, and is a preferred provider for most of the top 50. Evidera scientists and consultants have published more than 2,200 peer-reviewed articles and have more than 1,100 studies in progress across all major therapeutic areas. Evidera will continue to operate its office locations in North America and Europe and grow its network of experts in major markets around the world.
PPD’s acquisition of Evidera closed Sept. 1.
PPD is a leading global contract research organization providing comprehensive, integrated drug development, laboratory and lifecycle management services. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 46 countries and more than 17,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a firm commitment to quality to help clients and partners bend the cost and time curve of drug development to deliver life-changing therapies that improve health. For more information, visit www.ppdi.com.
Evidera is a leader in generating and communicating evidence of product value to inform health care system decisions. For over 30 years, the experts at Evidera have provided health economic, outcomes research, market access, data analytic and epidemiology services and products to life sciences organizations. For more information, visit www.evidera.com.
About the Symphony Technology Group
Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and building great technology and services companies. In addition to capital, STG provides transformation expertise to enable its companies to deliver maximum value to their clients, to drive growth through innovation, to retain and attract the best talent and to achieve best in class business performance. STG’s current portfolio consists of 19 global companies. For more information, please visit www.symphonytg.com.
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PPD Forward-looking Statement
Except for historical information, all of the statements, expectations and assumptions, including statements, expectations and assumptions about the completion of the acquisition of Evidera 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 these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based and could cause actual results to differ materially from the forward-looking statements. Other important factors that could cause future results to differ materially include the following: risks associated with acquisitions and investments; risks associated with and dependence on strategic relationships; the ability to attract, integrate, retain and train key personnel; competition in the outsourcing industry; rapid technological advances that make our services or capabilities less competitive; PPD’s ability to win new business; overall global economic conditions; economic conditions, research and development spending, and outsourcing trends in the pharmaceutical, biotechnology and government-sponsored research sectors; changes in the regulation of the drug development process; consolidation in the pharmaceutical and biotechnology industries; loss, delay or modification of large contracts; higher-than-expected cancellation rates; the rate of conversion of backlog into revenue; actual operating performance; compliance with drug development regulations; and the ability to control SG&A spending. PPD assumes no obligation and expressly disclaims any duty to update these forward-looking statements in the future, except as required by applicable law. These forward-looking statements should not be relied upon as representing PPD’s estimates or views as of any date subsequent to the date hereof.