On August 4, 2020 PPD, Inc. (Nasdaq: PPD ), a leading global contract research organization, reported it has signed a new three-year agreement with Pfizer Inc. to provide drug development services to advance Pfizer’s portfolio (Press release, Pfizer, AUG 4, 2020, View Source [SID1234562850]). Under the terms of the agreement, Pfizer has the right to extend the term for additional two-year periods. Financial details of the agreement were not disclosed.

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The agreement builds on the companies’ existing relationship, in which PPD provides wide-ranging expertise in global clinical development and laboratory services to support Pfizer’s drug development initiatives across multiple therapeutic areas.

"United in purpose, we are committed to building on our long-standing relationship with Pfizer with innovative solutions, quality execution and the dedication of our talented teams to help Pfizer deliver exciting new therapies," said David Simmons, PPD’s chairman and CEO. "PPD is strategically positioned to continue supporting Pfizer in its pursuit of breakthroughs that change patients’ lives. We are privileged to take the next steps together and contribute to Pfizer’s initiatives to achieve a healthier world."