Wilmington-based PPD has entered into a strategic collaboration with Moderna Therapeutics, based in Cambridge, Massachusetts, officials announced Friday.

The partnership will involve PPD Biotech, a "company within a company" that operates under its own business model within the larger PPD organization, according to PPD's website.

The collaboration is designed to “support Moderna’s evolution as a clinical-stage company,” according to a joint news release.

“We are pleased that Moderna has selected PPD to be its premier clinical development partner,” David Simmons, PPD’s chairman and CEO, said in the release.

Under the terms of the agreement, PPD will play a “significant role” in Moderna’s clinical development efforts, including support for investigational new drug strategic planning, as well as for clinical trial design and execution. The collaboration is built around a "unique risk-sharing model" that provides incentives for both organizations to achieve shared milestones, according to the release.

Simmons noted in his statement the “breakthrough nature” of Moderna’s platform and business model and added, “We look forward to applying our deep capabilities and expertise in the emerging biopharma space to help Moderna progress its pipeline through the clinic with the ultimate goal of delivering novel drugs to address unmet medical needs.”

The release stated that Moderna’s pipeline of products could be beneficial for patients all over the world.

“This collaboration demonstrates our continued focus and commitment to emerging biopharma companies and marks an important milestone for PPD Biotech, the company’s best-in-class, custom-built offering for emerging companies,” PPD spokesman Ned Glascock said in an email. “Through PPD Biotech, we offer our biotech clients high-quality delivery, broad global scale, and top-notch therapeutic and medical development expertise.”