- The stock price of PPD Inc (NASDAQ: PPD) increased by 12.1%. This is why it happened.
The stock price of PPD Inc (NASDAQ: PPD) – a contract research organization that provides comprehensive, integrated drug development, laboratory and lifecycle management services – increased by 12.1% as it went from a previous close of $38.36 to $43. Investors are responding to a report by The Wall Street Journal that Thermo Fisher Scientific (NYSE: TMO) is reportedly locking in a deal to buy PPD for over $15 billion.
The deal could be announced as early as this week according to The Wall Street Journal’s sources.
PPD had reported $4.7 billion in revenue last year, up 16% year-over-year. And the company’s net income tripled to over $160 million.
Thermo also provides clinical-trial logistics services through its Patheon operations. And acquiring PPD will likely enhance those offerings.
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