JPMorgan, PPD to form company

JP Morgan Partners and CRO PPDI will form a new company, Apothogen, which will acquire, develop and market pharmaceutical products. JPMorgan and PPDI will provide financing to Apothogen through the purchase of convertible preferred stock, and PPDI said it may invest up to $18 million in the company. Ernest Mario, PPDI chairman and former chairman and CEO of recently acquired Alza, will be chairman of Apothogen. PPDI granted Apothegen a first right to negotiate an exclusive license to compounds acquired or licensed by PPDI after Oct. 5., and will be the exclusive provider of drug development and clinical research services to Apothogen. ...