WILMINGTON, NC – PPD Inc. (Nasdaq: PPDI)has acquired Magen BioSciences, Inc., a biotechnology company focused on dermatologic therapies based in Waltham, Mass for $14.5 million in cash.

The acquisition expands PPD’s compound partnering program into dermatology, initially in the indications of psoriasis, atopic dermatitis and acne.

With the acquisition, PPD gains a pipeline of compounds through Magen’s exclusive license to develop and commercialize preclinical compounds discovered by Eli Lilly & Co. for dermatologic therapeutics.

The acquisition also provides PPD state-of-the-art research and development capability to screen dermatologic compounds to determine efficacy and safety.

“By combining Magen’s unique dermal biology expertise and innovative pipeline of compounds with our extensive development experience, we hope to develop compounds that address unmet needs for major dermatological disorders,” said Fred Eshelman, chief executive officer of PPD.

Online: www.ppdi.com

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