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PPD Names Compound Partnering Spin-off Furiex Pharmaceuticals

By Staff Reports, posted May 25, 2010

PPD announced the share dividends for its new compound partnering business spinoff, Furiex Pharmaceuticals. PPD announced the formation of the company earlier this year.

“We believe separating these unique businesses will allow each company to better pursue its long-term strategic initiatives and compete more effectively in its respective market,” said Fred Eshelman, executive chairman of PPD in a press release. “We are confident this move is in the best interests of both companies and their respective stakeholders.”

Eshelman is also the founding chairman of Furiex and serves on its five-member board of directors.

Shareholders of PPD as of June 1 will receive on June 14 a pro-rata dividend of one share of Furiex Pharmaceuticals for every 12 shares of PPD stock that is owned, according to the release.

Furiex will be traded on NASDAQ under the symbol “FURX.”  PPD also will transfer $100 million in cash to Furiex Pharmaceuticals before the spin-off, according to the press release emailed yesterday.

Furiex is led by June Almenoff, president and chief medical officer. According to the Furiex website, Almenoff joined Furiex after 12 years at GlaxoSmithKline. Furiex is located in Morrisville.

“This is a very exciting time for Furiex Pharmaceuticals, and we welcome the opportunity to continue to build upon our strong collaborations and portfolio of products,” Almenoff said in a press release.

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