Officials with Wilmington-headquartered PPD Inc. (Nasdaq: PPD), a global contract research organization, announced Monday that the company has signed a new three-year agreement with Pfizer Inc.

Under the agreement, PPD provide drug development services to advance Pfizer’s portfolio, and Pfizer has the right to extend the term for additional two-year periods, according to a news release.

Financial details of the agreement were not disclosed, the release stated.

The agreement builds on the companies’ existing relationship, in which PPD provides expertise in global clinical development and laboratory services to support Pfizer’s drug development initiatives across multiple therapeutic areas, according to the release.

“United in purpose, we are committed to building on our long-standing relationship with Pfizer with innovative solutions, quality execution and the dedication of our talented teams to help Pfizer deliver exciting new therapies,” said David Simmons, PPD’s chairman and CEO, in the release. “PPD is strategically positioned to continue supporting Pfizer in its pursuit of breakthroughs that change patients’ lives.”

PPD Inc. is also one of the companies involved in Moderna Inc.'s phase 3 study of its mRNA vaccine candidate against COVID-19.

The CRO began trading on the Nasdaq in February, and company officials are scheduled to discuss PPD's second-quarter results in a conference call this week.