PPD expands with New York group | News
WILMINGTON, NC (WECT) – Pharmaceutical Product Development, one of Wilmington's biggest employers, is expanding.
PPD announced it has expanded its one-year strategic alliance with VirtualScopics, a group based out of Rochester, New York.
PPD founder Fred Eshelman says the company has a great future ahead.
"This is going to be a net-net plus, because the only way a private equity can money on this transaction is to grow, and if they grow, there is more jobs, there are more buildings, more capital investment," he said. "So, I really think this is positive for Wilmington.
Eshelman says despite rumors, he does not foresee any layoffs for PPD employees.
At the end of November, PPD signed off on a merger that came with a price tag of nearly $4 billion.
In December, former PPD CEO Ray Hill resigned from the company.
Copyright 2012 WECT. All rights reserved.
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