PPD acquires Magen Biosciences for $14.5M
USA-based PPD has acquired dermatology-focused company Magen Biosciences for $14.5 million in cash. PPD notes that this grants it access to a pipeline of compounds through Magen's strategic alliance with Eli Lilly, as well as state-of-the-art screening facilities. However, the acquiring firm has warned shareholders that the deal will not be accretive to results until next year. In other news, PPD has sold its Piedmont Research Center business, subject to closing conditions.
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