PPD released a prepared statement this afternoon that management is reviewing its strategic plan and capital structure "with a focus on unlocking value for shareholders," following a published report that the company is considering a sale.
Here is PPD's statement:
Following recent stock market developments, PPD, Inc. (Nasdaq:PPDI - News) today announced that its board of directors has asked management to review PPD’s strategic plan and capital structure with a focus on unlocking value for shareholders.
“While the company generally has a policy of not commenting on speculation,” said Fred Eshelman, executive chairman of PPD, “we want to assure our customers and employees that the company remains focused on executing its long-term business strategy.” Eshelman added, “We are absolutely dedicated to performing for our customers and committed to executing the important research programs that they have entrusted to us.”
Eshelman continued, “We are looking at our long-term plan and our capital structure to see if there are any actions, which might create value at this time. We are not engaged in any discussions around a combination with other clinical research providers. We remain laser-focused on executing our business and serving our customers with the quality and service they expect and deserve.”