# Pharmaceutical Product Development

Pharmaceutical Product Development is a Corporate Investor based in Wilmington, United States.

## Overview

- **Organization type:** Corporate Investor
- **Headquarters:** Wilmington, United States
- **Region:** North America
- **Address:** 929 North Front Street, Wilmington, NC, United States
- **Founded:** 1985
- **Assets under management:** Undisclosed
- **Website:** www.ppdi.com
- **LinkedIn:** https://www.linkedin.com/company/ppd
- **Wikidata:** Q55454403

## Regulatory record

- **Reports private funds:** No

## About

Pharmaceutical Product Development is a corporate investor based in Wilmington, US. It manages approximately $7 billion in assets across four funds, primarily focused on North America.

## Sectors

- Healthcare Services
- Pharmaceuticals & Biotechnology

## Offices

- Middleton, WI
- Richmond, VA
- Waltham, MA

## People

- Fred Eshelman — Founder

## Questions

### Who runs investment decisions at PPD?

PPD is no longer an independent investment entity. It was acquired by Thermo Fisher Scientific in December 2021. Investment and capital-allocation decisions now flow through Thermo Fisher's corporate structure. Prior to the acquisition, the firm's private-equity owners — principally The Carlyle Group and Hellman & Friedman — directed its financial strategy.

### How did The Carlyle Group and Hellman & Friedman exit their PPD positions?

Both firms sold their stakes through the 2021 sale to Thermo Fisher Scientific for $17.4 billion. Abu Dhabi Investment Authority and GIC Private Limited had joined the 2017 recapitalization and exited as part of the same transaction.

### What is PPD's known posture on co-investments alongside external GPs?

During the period of private-equity ownership, PPD's recapitalizations involved co-investors such as ADIA and GIC alongside the lead sponsors. Those structures were oriented toward acquiring the operating company, not toward co-investing in portfolio companies. Since December 2021, PPD has functioned as a wholly owned subsidiary of Thermo Fisher Scientific.

## Related profiles

- [Pharma Capital Partners](https://altss.com/profile/pharma-capital-partners)
- [Pharmacy Pension Fund](https://altss.com/profile/pharmacy-pension-fund)

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Last updated: 2026-06-03T20:00:00.000Z

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