CRO BioDuro merges with Formex after a private equity takeout

Formex CEO Cyrus Mirsaidi

BioDuro, once a division of PDD, has merged with contract manufacturer Formex, expanding its production capabilities in the U.S. while maintaining its research presence in China.

The company, acquired by Bridgewest Group in July, is building up its stateside base in San Diego with the merger, bringing in Formex's 44,000-square-foot manufacturing facility in the process. Formex, another Bridgewest company, specializes in formulation, development and production, complementing BioDuro's efforts in chemistry and biologics research spread across two facilities in Beijing and Shanghai, the company said.

BioDuro got off the ground in 2005 with labs in San Diego and Beijing, focusing largely on early-stage CRO service and gradually expanding its client roster to include Pfizer ($PFE), Dow Chemical ($DOW) and other multinational players. PPD bought the company in 2009 for $77 million and kept it intact as a subsidiary, investing in its growth as it expanded into Shanghai before selling the CRO to Bridgewest.

Formex came to be in 2013 thanks to Biotechnology Investment Group, a Bridgewest-backed financier that bought contract manufacturer PharmaForm from the struggling Akela Pharma and spun it into a new company.

After the merger, Formex CEO Cyrus Mirsaidi will lead the combined entity with BioDuro founder and Chairman Masood Tayebi retaining his role.

- read the statement

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