Drug research company PPD will create North Carolina's newest publicly traded company on June 14.
That's the date PPD has set to spin off the part of its business that's focused on developing new medicines with various partners. The new company will be called Furiex Pharmaceuticals and trade on the Nasdaq under the ticker symbol "FURX."
Wilimington-based PPD which employs about 1,400 in the Triangle and 10,000 worldwide, will keep its name and focus on the main business of providing contract research services for pharmaceutical companies. Most of the company's Triangle workers are involved in the contract research side.
Prior to the spinoff, PPD will provide Furiex $100 million in cash to fund its research and drug development. Furiex will help other pharmaceutical companies develop experimental treatments and invest in promising products.
"We believe separating these unique businesses will allow each company to better pursue its long-term strategic initiatives and compete more effectively in its respective market," said Fred Eshelman, founder and executive chairman of PPD, in a prepared statement. "We are confident this move is in the best interests of both companies and their respective stakeholders."