Texas Governor Rick Perry dropped out of the Republican presidential race Thursday.
Perry suspended his presidential bid and endorsed rival Newt Gingrich for the Republican Party presidential nomination.
"I have come to the conclusion that there is no viable path forward for me in this 2012 campaign," Perry told followers in South Carolina.
In endorsing his formal rival, he said, "I believe that Newt is a conservative visionary who can transform our country. We have had our differences, which campaigns will inevitably have. Newt is not perfect, but who among us is?"
Perry made the announcement just after 11 a.m. at Hyatt Place in North Charleston.
Gingrich accepted the backing soon after in an announcement.
“I am humbled and honored to have the support of my friend Rick Perry," he said. "His selflessness is yet another demonstration of his deep sense of citizenship and commitment to the cause of limited government, historic American values and greater freedom for every American."
Perry was trailing the other candidates by a large margin in most polls in South Carolina.
A Rasmussen Reports poll released Tuesday showed Perry was the choice of just five percent of likely Republican voters.
Perry stood in last place in a national poll by Rasmussen that was released Wednesday with four percent support.
Perry was scheduled to appear at the Southern Republican Leadership conference in Charleston Thursday morning before tonight’s CNN/SRLC debate at the College of Charleston.
Perry entered the Republican race in August and immediately jumped to the top of most polls, but a series of poor performances in debates sent his numbers crashing in subsequent surveys.
After a poor showing in the Iowa caucuses, Perry announced he was returning to Texas to "reassess" his campaign, but decided a few days later to continue and concentrate his efforts on South Carolina, which holds its primary Saturday.
Perry virtually skipped last week’s New Hampshire primary, where he finished last with 1% of the vote. Most polls in South Carolina show Perry trailing the field, with his poll numbers in single digits.
(CNN contributed to this report.)
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