PPD Declares Fourth Quarter Dividend
November 02 2011 - 8:25AM
Business Wire
Pharmaceutical Product Development, Inc. (Nasdaq: PPDI) today
announced that its board of directors declared a cash dividend for
the fourth quarter of 2011 under its annual cash dividend policy.
The quarterly cash dividend will equal $0.15 per share. The record
date for the fourth quarter dividend is 5:00 p.m. Eastern Time on
December 14, 2011, and the payment date is December 28, 2011.
The payment of the fourth quarter cash dividend is conditioned
upon the closing of the merger pursuant to the previously announced
definitive merger agreement dated October 2, 2011, between the
company and affiliates of The Carlyle Group and affiliates of
Hellman & Friedman LLC occurring after the record date of
December 14, 2011.
The annual cash dividend policy and the payment of future
quarterly cash dividends under that policy are subject to the
continuing determination by the board of directors that the policy
remains in the best interests of the company's shareholders and in
compliance with applicable laws and agreements.
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 payment of future cash dividends under
the annual dividend policy, 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: risks that the merger might not close; risks
that PPD might lose customers and/or employees as a result of
announcement of the merger; risks that we may increase, reduce or
discontinue our annual dividend policy; 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 our new CEO; risks
associated with and dependence on strategic relationships; risks
associated with acquisitions and investments, such as impairments
and integration; 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. These and other PPD risk
factors are set forth in more detail from time to time in our SEC
filings, copies of which are available free of charge upon request
from PPD’s investor relations department. 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.
Pharmaceutical Product Developme (NASDAQ:PPDI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pharmaceutical Product Developme (NASDAQ:PPDI)
Historical Stock Chart
From Apr 2023 to Apr 2024