GIC affiliate, ADIA unit buy minority stake in US$9b pharma company

Singapore

AN affiliate of Singapore's sovereign wealth fund GIC and a subsidiary of the Abu Dhabi Investment Authority (ADIA) have bought a minority stake in Pharmaceutical Product Development (PPD), valuing the pharmaceutical company at US$9.05 billion.

The stake in the United States-based contract research organisation (CRO) was bought from the affiliates of Hellman & Friedman and the affiliates of The Carlyle Group.