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Saama Technologies has appointed Scott Rogers as the new Chief Financial Officer, effective January 31, 2022. Rogers brings 17 years of industry experience, previously serving as Senior Vice President of Clinical Finance at PPD, where he oversaw clinical development finance. This appointment follows a significant $430 million growth investment by Carlyle and venture funds from leading biopharma firms. Saama aims to leverage Rogers’ expertise in finance and clinical development to strengthen its position in the AI-driven life sciences sector.
Thermo Fisher Scientific has finalized its acquisition of PPD, Inc. for $17.4 billion, enhancing its position in the biopharma and biotech sectors. The acquisition is expected to add $1.50 to Thermo Fisher's adjusted earnings per share in 2022 and generate approximately $125 million in total synergies within three years. With this integration, Thermo Fisher expands its service offerings across clinical development, covering scientific discovery to drug manufacturing. PPD's stock has ceased trading on Nasdaq as it becomes part of Thermo Fisher's Laboratory Products and Services Segment.
PPD was awarded the title of “Best Vaccine CRO of the Year” at the 2021 Asia-Pacific Vaccine Excellence Awards due to its significant contributions to vaccine development in the region. The accolade highlights PPD's performance in innovation, quality delivery, and efficacy within the contract research organization sector. The award was accepted at the Vaccine World Asia Congress 2021, which gathered key stakeholders in the vaccine industry. PPD continues to enhance its presence in the Asia-Pacific, expanding operations and offering various services for clinical trials and vaccine development.
PPD, Inc. reported strong financial results for Q3 2021, with revenues increasing by 26.5% year-over-year to $1,560.8 million. Net income rose significantly to $152.9 million, compared to $52.0 million in Q3 2020. Key metrics also showed growth, such as adjusted EBITDA of $280.3 million and a 20.3% increase in ending backlog to $9,492.5 million. Net authorizations grew 12.7%, while diluted earnings per share improved to $0.43. The company’s workforce expanded by 19% year-over-year, supporting its growth strategy. Due to an upcoming merger, financial guidance was not provided.
Medable Inc. has secured
PPD, Inc. has been awarded the title of “Clinical Research Company of the Year” for 2021 at the PharmaTimes Clinical Researcher of the Year Awards in London. This recognition marks the second consecutive year PPD has received this honor, highlighting its clinical researchers' performance and commitment. Additionally, individual researchers achieved multiple awards in various categories. PPD's success is attributed to its comprehensive training programs, fostering high-quality clinical research professionals who contribute significantly to advancing safe treatment options.
PPD, Inc. will host a conference call on October 28, 2021, at 8 a.m. ET to discuss its third quarter 2021 financial results. The call will be accessible via a live webcast on PPD’s investor website. A replay will also be available until November 11, 2021. Notably, the call will not include a Q&A session due to the ongoing merger discussions with Thermo Fisher Scientific Inc., announced on April 15, 2021. This merger is pending regulatory approvals and customary closing conditions.
