WILMINGTON, N.C. & WALTHAM, Mass.--(BUSINESS WIRE)--Pharmaceutical Product Development, LLC (PPD) and X-Chem, Inc. announced today that PPD has exercised its option to acquire the remaining minority ownership interest of X-Chem, Inc. X-Chem will continue to operate as a biotechnology company with its entire existing staff, including its management team led by Chief Executive Officer and Founder Richard W. Wagner, Ph.D., along with executive management team members Diala Ezzeddine, Ph.D., Chief Business Officer, and Matthew Clark, Ph.D., Sr. Vice President of Research, and Lee Babiss as Chairman of the Board.
PPD acquired a controlling interest in X-Chem in October, 2010, along with the right to purchase the remaining interest on or before October 31, 2014. PPD’s decision to acquire the remaining minority interest in X-Chem is based on, among other factors, the successful business model that X-Chem has built and the growing interest by pharmaceutical firms to gain access to X-Chem’s proprietary small molecule discovery technology.
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