PPD Names David Simmons Chairman and CEO
Accomplished Executive to Lead PPD's Continued Growth
WILMINGTON, N.C., May 23, 2012 (BUSINESS WIRE) -- Pharmaceutical Product Development, LLC (PPD) today announced that its board of directors has named David Simmons chairman and CEO. Mr. Simmons, an experienced pharmaceutical industry executive, joins PPD from Pfizer Inc., where he served as president and general manager of the emerging markets and established products business units. Mr. Simmons begins his new role June 4 and will be based in PPD's headquarters in Wilmington, N.C.
"We are pleased to welcome David to PPD," said Stephen H. Wise, managing director of The Carlyle Group and PPD board member. "David is a proven leader whose deep industry knowledge and vision will enable PPD to further its partnerships with pharmaceutical and biotech companies around the globe."
Mr. Simmons said, "This is a remarkable opportunity to join and lead a world-class pharmaceutical services organization through its next phase of prosperity and expansion. As we work to extend PPD's industry leadership position, we will maintain and strengthen PPD's reputation for quality, innovation and integrity. I look forward to working with PPD's seasoned leadership team and exceptional employees worldwide. Together, we will continue to grow the company and deliver quality results for clients and stakeholders."
Allen R. Thorpe, managing director of Hellman & Friedman LLC and PPD board member, said, "David's wealth of pharmaceutical industry and international experience, combined with his well-honed leadership skills, will power PPD to meet the evolving needs of its clients. David is a client-focused leader with a keen understanding of the challenges and opportunities facing the biopharmaceutical industry. Working with PPD's strong leadership team and talented employees, David will enhance PPD's impressive credentials as an industry leader."
Mr. Simmons joins PPD following 15 years with Pfizer in several senior roles. In his most recent position, Mr. Simmons was the president and general manager of the emerging markets and established products business units. These business units represent approximately $18.5 billion of Pfizer's annual revenue. In addition to these business units, his duties also included responsibility for the biosimilar development program. Prior to this role, Mr. Simmons held various positions of increasing responsibility in information technology and pharmaceutical operations, including roles in several countries around the world.
Mr. Simmons earned his degree in applied mathematics and industrial management from Carnegie-Mellon University.
PPD is owned by global alternative asset manager The Carlyle Group and private equity firm Hellman & Friedman, which jointly purchased PPD in December 2011.
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 45 countries and more than 11,500 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 PPD's new chairman and CEO, 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: the ability to attract, integrate and retain key personnel, including our new chairman and CEO; competition in the outsourcing industry; overall global economic conditions; economic conditions, research and development spending, and outsourcing trends in the pharmaceutical, biotechnology and government-sponsored research sectors; consolidation in the pharmaceutical and biotechnology industries; 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; risks associated with and dependence on strategic relationships; actual operating performance; the ability to control SG&A spending; risks associated with acquisitions and investments; compliance with drug development regulations; rapid technological advances that make our services less competitive; and changes in the regulation of the drug development process. 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.
SOURCE: Pharmaceutical Product Development, LLC