PPD Announces Secondary Offering of Shares of Common Stock

PPD, Inc. (Nasdaq:PPD) (the “Company”), a leading global contract research organization, today announced that certain stockholders of the Company, including stockholders affiliated with Hellman & Friedman LLC and The Carlyle Group Inc., have commenced an underwritten public offering of 38,000,000 shares of the Company’s common stock pursuant to a registration statement filed with the Securities and Exchange Commission. Additionally, the selling stockholders intend to grant the underwriters a 30-day option to purchase up to 5,700,000 additional shares of the Company’s common stock.

The Company is not selling any shares of common stock in the offering, will not receive any of the proceeds from the offering and will bear the costs associated with the sale of such shares by the selling stockholders, other than underwriting discounts and commissions.

The offering is being made through an underwriting group led by Morgan Stanley, Barclays, J.P. Morgan and Goldman Sachs & Co. LLC. A registration statement on Form S-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities may be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by email at [e-mail]; Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: [phone], or email: [e-mail]; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: [phone], or email: [e-mail]; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: [phone], facsimile: [phone], or email: [e-mail].