Carlyle Group Said to Be in Talks to Buy Drug Researcher PPD

Carlyle Group is in exclusive talks to buy Pharmaceutical Product Development Inc., a clinical research company, said five people with knowledge of the discussions.

Carlyle topped private-equity firms including Blackstone Group LP, KKR & Co. and Hellman & Friedman LLC that bid or expressed interest, said two of the people, who declined to be identified because the process was private. Most bids were between $33 a share and $38 a share, or as much as $4.3 billion, said the people. PPD rose 77 cents, or 2.4 percent, to $32.28 at 4 p.m. New York time in Nasdaq Stock Market trading, giving the company a value of about $3.68 billion.