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COMPANY NEWS » Company watch » Contract Research Orgs » Wuxi Pharma Tech  1  2  3  » 
found files: 55
TOP NEWS
Wuxi Pharma Tech
»06/07/2007 [Company watch]
IPO for WuXi PharmaTech?

Outsourcing powerhouse WuXi PharmaTech is rumored to be on the verge of announcing its IPO. The Shanghai-based company has been a huge success story right from the outset of its 2001 startup, now boasting 1,550 scientific staff members and over 2,000 employees overall....   more»


Wuxi Pharma Tech »25/07/2007 [Company watch]
Wuxi Pharma TechPlans $120Million US public offering

WuXi PharmaTech, the biggest Chinese contract research organisation (CRO), has put an end to weeks of speculation by officially announcing it plans an initial public offering (IPO) on the New York Stock Exchange....   more»


Wuxi Pharma Tech »10/08/2007 [Company watch]
Wuxi Raises $185Million from IPO

The NYSE listing of the Chinese drug research company receives substantial demand, enabling it to price 8% higher than the top of the range....   more»


Wuxi Pharma Tech »19/08/2007 [Company watch]
China\'s WuXi PharmaTech adds 3 senior level positions to management

China\'s WuXi PharmaTech, a New York Stock Exchange-listed provider of pharmaceutical research and development outsourcing services, said it has added three senior level positions to its management, namely executive vice president of operations, vice president of toxicology and vice president of finance....   more»


Wuxi Pharma Tech »04/09/2007 [Company watch]
WuXi PharmaTech Co., Ltd. Schedules 2007 Second Quarter Earnings Release on Thursday, September 6, 2007

SHANGHAI, China, Sept. 4 /Xinhua-PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. ("WuXi PharmaTech" or ''the Company''), the leading China- based pharmaceutical and biotechnology research and development outsourcing company, today announced that it will release unaudited financial results for the second quarter ended June 30, 2007 before the US market opens on Thursday, September 6, 2007.(...   more»


Wuxi Pharma Tech »24/08/2007 [Company watch]
WuXi PharmaTech Co., Ltd. CEO Appointed to CrossFire Beilstein Database Advisory Board

SHANGHAI, China, Aug. 24 /Xinhua-PRNewswire/ -- WuXi PharmaTech , China's premier provider of pharmaceutical R&D outsourcing services announced today Dr. Ge Li, the Company's Chairman and Chief Executive Officer, is appointed to a newly established advisory board of Elsevier Information Systems GmbH....   more»


Wuxi Pharma Tech »20/09/2007 [Company watch]
Wuxi (Gossip!)

WuXi PharmaTech (Cayman) Inc., and its consolidated subsidiaries, WuXi PharmaTech (BVI) Inc., or WXPT BVI, WuXi PharmaTech Co., Ltd., or WXPT, Shanghai PharmaTech Co., Ltd., or SHPT, Shanghai SynTheAll Pharmaceutical Co., Ltd., or STA, Shanghai PharmaTech Chemical Technology Co., Ltd., or SHCT, Tianjin PharmaTech Co., Ltd., or TJPT, and Suzhou PharmaTech Co., Ltd., or SZPT; They are engaged in a substantial capacity expansion program. Major projects include the expansion of Jinshan facility to quadruple the manufacturing capacity of the plant, which is currently expected to commence operations in late 2008, and the construction of a preclinical drug safety evaluation center with a broad range of toxicology services in Suzhou, which they are planning to inaugurate in 2009. These facilities may not be constructed on the anticipated timetable or within budget. The total investment of Suzhou Pharmatech (a subsidiary of Wuxi Pharmatech) is 60,000,000 US Dollars, it will run as the research center of drug safety evaluation, preclinical and clinical trials, besides these, this center provides the drug research service, medical material and R&D of bio-products. can not find any information about the building ,but I think it almost finished, because I find some job information of Wuxi Pharmatech(Suzhou).It starts to put on Ad on Web .They want to hire the Senior veterinary who will charge the routine lab work of the Primates, the animal feeder who will charge the large animal—dog and monkey to feed them and do the clean work. It is said that the Suzhou Pharmatech will become the largest Glp new drug safety evaluation center around Asia(just gossip, no official report) .In addition, I attached the new GLP center list. Hope that this information will be useful. The following is the details of the new VP of Operation of Wuxi Pharmatech ,this person worked for Bridge before....   more»


Wuxi Pharma Tech »28/12/2007 [Company watch]
WuXi PharmaTech Mourns the Tragic Loss of Its

China's premier provider of pharmaceutical R&D outsourcing services, sadly announced today one of its independent directors, Mr. Shawn Wang, Chief Financial Officer of Baidu, passed away in an accident during his vacation on December 27, 2007. Mr. Shawn Wang was appointed as an independent director on WuXi PharmaTech's Board of Directors in July, 2007 when the company was preparing its public listing on the New York Stock Exchange. During his brief tenure and as the Chairman of the Audit Committee, Shawn advised the company's management in particular areas of financial reporting, Sarbanes-Oxley Act compliance and investor relations. "We are all deeply saddened by the tragic and untimely loss of Shawn. He was not only a remarkable leader but also a very close personal friend of mine," said Dr. Ge Li, Chairman and Chief Executive Officier of WuXi PharmaTech. "We are honored and grateful for having known and worked with Shawn. I will miss him very much and my thoughts and prayers go out to Shawn's family."...   more»


TOP NEWS
Wuxi Pharma Tech
»24/12/2007 [Company watch]
WuXi PharmaTech announced the company's first Life Science and Chemistry Awards Ceremony

The WuXi PharmaTech Life Science and Chemistry Award was approved by the National Office of Science and Technology Awards in early 2007, aiming to stimulate life science and chemistry research and reward those who have had significant achievements in their respective research fields. Mr. Zhang Huaixi and Mr. Li Meng, both Vice Chairmans of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Mr. Xu Guanhua, the former Minister of the Ministry of Science and Technology, Mr. Cheng Jinpei, the Vice Minister of the Ministry of Science and Technology, and Mr. Gao Huchen, the Vice Minister of the Ministry of Commerce attended the ceremony and presented the awards to 17 young professionals in honor of their outstanding achievements in life science and chemistry fields....   more»


Wuxi Pharma Tech »04/01/2008 [Company watch]
WuXi Pharma to acquire AppTec

WuXi PharmaTech, a provider of pharmaceutical R&D outsourcing services from China, has signed a definitive agreement to acquire US-based AppTec Laboratory Services, (AppTec)....   more»


Wuxi Pharma Tech »04/01/2008 [Company watch]
WuXi PharmaTech promotes Edward Hu to COO

China's WuXi PharmaTech, a provider of pharmaceutical R&D outsourcing services, has promoted Mr Edward Hu from Executive Vice President of Operations to Chief Operating Officer (COO). Mr Hu has joined WuXi PharmaTech in August 2007, prior to that he was a senior vice president and COO of Tanox, later acquired by Genentech. He also worked for Biogen Idec as a business-planning manager and for Merck as a senior financial analyst. "We are very happy to promote Ed to give him more responsibilities, as Ed has quickly demonstrated his leadership capabilities and ability to contribute to the company. Ed will be based in US to lead the integration of AppTec after the deal is closed," said Dr Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech. Mr Hu received his MBA and MS in Chemistry from Carnegie Mellon University, Pittsburgh, Pennsylvania...   more»


Wuxi Pharma Tech »07/01/2008 [Company watch]
WuXi names temporary chairman of audit committee

WuXi PharmaTech, China's premier provider of pharmaceutical R&D outsourcing services, announced that Mr Cuong Viet Do will temporarily assume the role of the Chairman of the Audit Committee until a permanent successor is appointed. The chairman of the Audit Committee was previously held by Mr Shawn Wang who recently expired in an accident during his vacation...   more»


Wuxi Pharma Tech »20/01/2008 [Company watch]
Wuxi CEO Honoured

WuXi PharmaTech , China's leading provider of pharmaceutical R&D outsourcing services is proud to announce today that its Chairman and Chief Executive Officer Dr. Ge Li is named as one of the 2007 China Top 10 Influential Entrepreneurs selected by Entrepreneur China edition....   more»


Wuxi Pharma Tech »13/03/2008 [Company watch]
Wuxi full year results 2007

T/o up 93.3% Profit up 283% But share value drops 4.35%...   more»


Wuxi Pharma Tech »02/04/2008 [Company watch]
Wuxi allocates funds for facilities and expansion

WuXi PharmaTech , the Shanghai-based CRO, announced after the close of trading on Friday that it would put 10.1 million ADSs up for sale in a secondary offering. Shares of WuXi ended the session on Friday at $22.15, making the proposed offering worth almost $224 million. In the secondary, 4.26 million ADSs will be sold by the company, while 5.85 million ADSs will come from selling shareholders. WuXi said that 21 million ADSs would be outstanding after the completion of the transaction. However, the company also has 553,715,502 ordinary shares outstanding. Each ADS is worth 8 ordinary shares, so the ordinary shares are equivalent to an additional 69.2 million ADSs. Additional shares are reserved for options, employee incentive plans and convertible notes. The company said it would earmark its share of the proceeds for the following projects: • $33 million for Jinshan facility expansion • $37 million for construction of preclinical drug safety evaluation center in Suzhou • The rest for general corporate purposes, including working capital and acquisitions Chairman and CEO Ge Li will sell 8 million ordinary shares (1.6% of the outstanding), leaving him with 27.2 million shares, or 5% of the total outstanding. All together, board members and executive offices of WuXi will sell 20.9 million ordinary shares in the offering, which comprises 4.2% of the total outstanding. FMR LLC, the Fidelity Mutual Fund complex, will not sell any of its shares, though its holdings in WuXi PharmaTech will be diluted by about 1% in the transaction, dropping its ownership to 18.23%. Various subsidiaries of United Overseas Bank of Singapore will sell 25 million shares or 5% of the total shares outstanding. In August 2007, WuXi completed its IPO on the NYSE, offering 13.2 million ADSs at a price of $14 per share. The offering raised $153 million in net proceeds....   more»


Wuxi Pharma Tech »17/04/2008 [Company watch]
WuXi endows faculty position at Tongji University

Headquartered in Shanghai, China, WuXi PharmaTech, a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, announced it endowed a new professor position in the Medical and Life Science School of Tongji University. The endowed professor position will be filled by people selected from accomplished scholars and professors in medical, pharmaceutical and biological fields around the world. Tongji University, whose history can be traced back to 1907 when Tongji German Medical School was founded by Dr Erich Paulun, a German doctor in Shanghai, is one of the leading universities in China. The name Tongji suggests cooperating by riding the same boat. Commenting on WuXi PharmaTech's endowment, Dr Gang Pei, President of Tongji University said, ''WuXi PharmaTech, one of the most successful enterprises, has made widely-recognized achievements and showcased strong pharmaceutical R&D power in China. WuXi's generosity not only helps our research and teaching activities, but also creates a new industry-academia collaboration model that will attract more talents and make a positive impact on the domestic pharmaceutical industry.'' “As a global leading pharmaceutical, biotechnology and medical device R&D outsourcing company, WuXi strives to be a good corporate citizen. Through the endowment WuXi and Tongji University together are charting a course for stimulating and promoting China's pharmaceutical R&D,'' said Dr Ge Li, Chairman and CEO of WuXi PharmaTech....   more»


Wuxi Pharma Tech »06/05/2008 [Company watch]
Wuxi Postpone share offering

WuXi PharmaTech announced May 6 that it has postponed its proposed secondary public offering due to market turmoil. Ge Li, CEO of WuXi, stated that a secondary public offering at the current price would not best serve the interest of shareholders. WuXi announced April 4 that it filed a Registration Statement with the US for a follow-on and secondary public offering of American Depositary Shares (ADS). The firm carried out its IPO of 13.2 million ADS for USD 14 per ADS in August 2007....   more»


Wuxi Pharma Tech »26/05/2008 [Company watch]
WuXi appoints new VP of Discovery Biology

WuXi PharmaTech (NYSE: WX) announced May 26 that it has appointed Peng Wang as the Vice President of Discovery Biology. Wang will oversee WuXi's portfolio of discovery biology service offerings and will report directly to the company's chairman and chief executive officer. Prior to joining WuXi, Wang was leader of the biology group at Schering-Plough Research Institute. He received his Ph.D. in Biochemistry from the University of Tokyo. WuXi PharmaTech is a pharmaceutical, biotechnology, and medical device R&D outsourcing company with operations in China and the US....   more»


Wuxi Pharma Tech »30/05/2008 [Company watch]
Was WuXi PharmaTech’s Q1 Hurt by the AppTec Acquisition?

WuXi PharmaTech, the Shanghai-based CRO, reported first quarter financial results that were sharply ahead of the year-earlier figures and also slightly better than analysts’ forecasts – but the stock price nevertheless fell by $1 or 5% in the session following WuXi’s announcement. Some observers laid the blame for the drop on disappointing news from the newly acquired US-based AppTec subsidiary. At the time of the AppTec acquisition, WuXi projected full-year revenues from the subsidiary would fall in the $85 million to $90 million range. But Wednesday, WuXi reported that AppTec contributed $11 million in revenues during the two months of the quarter that AppTec belonged to WuXi. At the midpoint of WuXi’s original projection for AppTec – $90 million per year – the new subsidiary should be running at a $7.5 million per month revenue rate. The $5.5 million per month of actual revenues represents a $2 million or 27% deficit. That’s a significant shortfall, though WuXi could reasonably be expected to say that, in two months, it has not had time to fully take advantage of its newly acquired American presence and figure out how best to allocate its operational resources. Also, WuXi admitted its manufacturing revenues in Q1 did not keep pace with the growth of its laboratory division. Overall, manufacturing was up 53% while laboratory services climbed 77%. The company said utilization rates were low in the manufacturing division, and promised that they would improve. Presumably, WuXi has more than an inkling of the orders signed for manufacturing services, even though it did not release specific details. AppTec also has a manufacturing operation, one that was underused during the first quarter, causing gross margin rates to slip into single digits. AppTec is more than manufacturing, but that division seemed to be especially short during February and March. From the start, the AppTec acquisition raised eyebrows. It seemed to dilute the purity of WuXi’s story – the company built a fast-growing business by delivering Western pharma services at Asian prices. By acquiring an established US-based operation, what would happen to margins? A shortfall in initial revenues only increases the concerns. But it’s too early to pass judgment. For one thing, manufacturing revenues for the clinical trial business is dependent upon exogenous events – clients may elect to defer delivery until they are ready to begin clinical trials. And secondly, WuXi probably has a fairly good ear for what its clients want, the competitive pressures it feels when it seeks to sign new clients for its clinical services. AppTec must fill a need; otherwise, it was $151 million poorly spent. Upon reflection, investors must also have decided that the WuXi report was not as disappointing as it first seemed. Wednesday, the stock was lower by $1, closing at $20.76. Thursdday, WuXi gained more than half of that back, rising 61 cents to $21.37....   more»


Wuxi Pharma Tech »28/05/2008 [Company watch]
WuXi Pharmatech Reports Another Healthy Quarter

WuXi PharmaTech (WX), a Chinese contract research organization [CRO] put out another good quarter, but this stock never seems to trade in a logical manner; perhaps the gross margins or lack of "increased" guidance is caused the stock to fall 3% yesterday. It just might be too small or unknown to be attracting enough attention or to trade "normally". * Net revenues increased 68.7% to $57.1 million in the first quarter 2008 from $33.8 million in the first quarter 2007. This increase was primarily driven by the strong organic growth and the addition of US-based services following the close of the AppTec Laboratory Services, Inc. acquisition on January 31, 2008. During the two-month post-acquisition period, our US-based services contributed $11.0 million for the first quarter 2008. (keep in mind some of that growth is not organic, i.e. due to acquisition) * Net revenues from laboratory services increased 77.4% to $38.5 million in the first quarter 2008 from $21.7 million in the first quarter 2007, driven by a growing demand for our core discovery chemistry and process research services, and testing services from the AppTec acquisition. * Net revenues from manufacturing services increased by 53.3% to $18.6 million in the first quarter 2008 from $12.1 million in the first quarter 2007, primarily due to an increase in the number and scope of projects. * Overall gross margin was 42.5% in the first quarter 2008. Our laboratory services margin was 49.2% and manufacturing margin was 28.7% in the first quarter 2008. While our laboratory services margin remained robust, the manufacturing services margin was affected by the low utilization in our biologics manufacturing facility. Looking forward, we expect the utilization rate to improve in later quarters. (this is down from previous quarters) * Net income increased by 131.9% to $13.9 million for the first quarter 2008 from $6.0 million for the first quarter 2007. Net profit margin increased to 24.3% in the first quarter 2008 from 17.7% in the first quarter 2007. Non-GAAP net income, as defined below, for the first quarter 2008 grew by 85.3% to $17.3 million, compared to the non-GAAP net income of $9.3 million in the first quarter 2007. Diluted earnings per ADS were $0.19 and non-GAAP diluted earnings per ADS were $0.24 in the first quarter 2008. (analysts at $0.15)...   more»

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