INDIANAPOLIS and WILMINGTON, N.C. - February 07, 2012
Dow AgroSciences LLC, a wholly owned subsidiary of The Dow Chemical Company (NYSE: DOW), and BioDuro, a PPD® Company, announced today a three-year, multi-program discovery research agreement to generate novel molecules for synthesizing and testing fungicides, insecticides, and herbicides across a variety of crops.
The two companies will leverage BioDuro's deep expertise in medicinal chemistry and biochemistry and Dow AgroSciences' agrochemical capabilities in this new agrochemical discovery collaboration.
"We are very pleased to announce this novel collaboration between Dow AgroSciences and BioDuro, a respected leader in discovery services," said Daniel R. Kittle, Ph.D., Global Leader, Research & Development, Dow AgroSciences. "This agreement is another example of our commitment to further enhance Dow AgroSciences' world-class discovery research capabilities by working with the best research teams around the globe to develop new solutions for our customers around the world."
Lee Babiss, Ph.D., Executive Vice President of global laboratory services for PPD, said, "This collaboration demonstrates BioDuro's commitment and flexibility in delivering discovery research services beyond the pharmaceutical industry. Combining our strong discovery expertise and first-class technologies with the premier scientists at Dow AgroSciences will accelerate discovery and development of novel molecules and advance research for the agrochemical industry."
Financial terms of the agreement were not disclosed.
About Dow AgroSciences
Dow AgroSciences, based in Indianapolis, Indiana, USA, develops leading-edge crop protection and plant biotechnology solutions to meet the challenges of the growing world. Dow AgroSciences is a wholly owned subsidiary of The Dow Chemical Company and had annual global sales of $5.7 billion. Learn more at www.dowagro.com. Follow Dow AgroSciences on Facebook and YouTube or subscribe to our News Release RSS Feed.
BioDuro, acquired by PPD in 2009, is a leading drug discovery services company. It provides high-quality, integrated preclinical research and development services to biopharmaceutical clients, ranging from medicinal chemistry, discovery biology, pharmacology, DMPK and biologics. For more information, visit www.bioduro.com.
PPD is a leading global contract research organization providing drug discovery, development and lifecycle management services. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 44 countries and more than 11,000 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help clients and partners accelerate the delivery of safe and effective therapeutics and maximize the returns on their R&D investments. For more information, visit www.ppdi.com.
Except for historical information, all of the statements, expectations and assumptions, including statements, expectations and assumptions about the discovery research collaboration between BioDuro and Dow AgroSciences, 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 and could cause actual results to differ materially from the forward-looking statements. Other important factors which could cause future results to differ materially include the following: overall global economic conditions; economic conditions in the pharmaceutical, biotechnology and government-sponsored research sectors; research and development spending in the pharmaceutical, biotechnology and government-sponsored research sectors; outsourcing trends in the pharmaceutical, biotechnology and government-sponsored research sectors; consolidation in pharmaceutical and biotechnology industries; competition in the outsourcing industry; PPD's ability to win new business; loss, delay or modification of large contracts; higher-than-expected cancellation rates; the rate of conversion of backlog into revenue; actual operating performance; fluctuations in currency exchange rates; the ability to attract, integrate and retain key personnel, including a new CEO; risks associated with and dependence on strategic relationships; risks associated with acquisitions and investments; rapid technological advances that make our services less competitive; risks associated with fixed price contracts and cost overruns; compliance with drug development regulations; changes in the regulation of the drug development process; international economic and political risks; and the ability to control SG&A spending. PPD assumes no obligation and expressly disclaims any duty to update these forward-looking statements in the future, except as required by applicable law. These forward-looking statements should not be relied upon as representing PPD's estimates or views as of any date subsequent to the date hereof.
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