PPD Announces $200 Million Accelerated Share Repurchase

08 Feb. 2011


WILMINGTON, N.C., (February 8, 2011) - PPD, Inc. (Nasdaq: PPDI) today announced it intends to enter into an accelerated share repurchase (ASR) agreement with Barclays Capital Inc. under which PPD will repurchase shares of its common stock. These repurchases will be made pursuant to PPD's previously announced $350 million stock repurchase program, of which approximately $260 million remains available.

"Our accelerated share repurchase program is part of a balanced and disciplined strategy to return capital to our shareholders," said Dan Darazsdi, chief financial officer of PPD. "This program demonstrates our financial strength and reflects our confidence in the future outlook of PPD."

PPD will pay an aggregate of approximately $200 million to Barclays from existing cash on hand to repurchase a number of shares that will be based generally on the volume-weighted average share price of PPD common stock over a valuation period, subject to a floor and cap provision that will establish a minimum and maximum number of repurchased shares. Under the ASR agreement, the majority of the shares to be repurchased are expected to be retired during the first quarter of 2011.

Except for historical information, all of the statements, expectations and assumptions 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. In addition, other important factors which could cause actual results to differ materially include the following: our ability to implement and risks associated with stock repurchases; economic conditions and outsourcing trends in the pharmaceutical, biotechnology and medical device industries and academic and government-sponsored research sectors; overall global economic conditions; success in sales growth; loss of or delay in large contracts; higher-than-expected cancellation rates; competition within the outsourcing industry; rapid technological advances that make our products and services less competitive; risks associated with acquisitions and investments, such as integration and impairments, including PPD's investment in Celtic Therapeutics; risks associated with and dependence on collaborative relationships; the ability to attract, integrate and retain key personnel; risks that we may increase, reduce or discontinue our annual dividend policy; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available free of charge upon request from the PPD investor relations department

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