24 Feb. 2010
WILMINGTON, N.C. (February 24, 2010) - PPD, Inc. (Nasdaq: PPDI) today announced its wholly-owned subsidiary, Furiex Pharmaceuticals, Inc., filed a Form 10 registration statement with the Securities and Exchange Commission, or SEC, in connection with its previously announced spin-off. The filing is an important milestone toward completing the spin-off of its compound partnering business into Furiex Pharmaceuticals as an independent, publicly traded company.
PPD expects to accomplish the spin-off through a tax-free, pro rata dividend distribution of the common stock of Furiex Pharmaceuticals. Upon completion of the spin-off, PPD shareholders will receive 100 percent of the outstanding common stock of Furiex Pharmaceuticals. PPD has filed a request with the Internal Revenue Service for a private letter ruling that the spin-off be tax free to PPD and its shareholders.
The proposed spin-off is expected to be completed in mid-2010. Completion of the spin-off is subject to numerous conditions, including final approval of PPD's board of directors, the effectiveness of the Form 10 filed with the SEC, and the receipt of a private letter ruling and an independent opinion that the spin-off will be tax free. Approval by PPD's shareholders is not required for completion of the spin-off.
The Form 10 contains important information about the transaction and the anticipated business of Furiex Pharmaceuticals, including pro forma financial information. A copy of the Form 10 is available on the company's Web site.