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» 23/07/2009 [Company watch]
China Aoxing Pharmaceutical Corp. Receives Renewal of GMP Certification for Capsule Dosage Form of Pharmaceutical Products
» 15/03/2010 [Industry news]
Recordati S.p.A And Lee Pharmaceutical Announce Partnership For Zanidip(R) In China
» 26/10/2009 [Finance]
China Growth to Remain Fast in Fourth Quarter, Official Says
» 17/08/2009 [Industry news]
Chindex Posts Profit on Product Sales, Health Services
» 07/05/2010 [Industry news]
Hong Kong: Recall of all products manufactured by Quality Pharmaceutical Lab Ltd
COMPANY NEWS » Contract Research Orgs  «  1  2  3  4  5  » 
found files: 151
Sundia MediTech Company,Ltd. »18/02/2008 [Company watch]
European Company NovaSecta Joins First Chinese CRO Service Alliance for Drug Discovery Solutions

Today, NovaSecta, Sundia Meditech and HD BioSciences announced their strategic alliance to provide drug discovery solutions for European pharmaceutical and biotech companies. This alliance brings together the high quality scientific capabilities of Sundia and HD BioSciences with NovaSecta's extensive client base and unique understanding of European mid-sized pharmaceutical and biotech companies...   more»


Bridge (Vital Bridge) »08/02/2008 [Company watch]
Bridge to bolster China biz

Bridge Laboratories will bolster its China operations again after scoring itself a further $18m worth of venture capital funding. The money will be put towards expanding its toxicology lab in Beijing, in addition to further growing its US operations, which consists of a headquarters in California and a facility in Maryland....   more»


Charles River »19/02/2008 [Company watch]
Charles River accelerates China plans; reports profit jump

Charles River Laboratories has reported another profit jump in its Q4 2007 financial results and has also stepped up its China plans as the demand for its preclinical services in the country are said to be "robust". In an analyst call related to its fourth quarter results, Jim Foster, company president, chairman and CEO said that it is now speeding up its facility expansion programme in China, where it is constructing a new 50,000 square foot laboratory, and is expecting to begin offering good laboratory practice (GLP) preclinical services from the country by the middle of this year instead of the first quarter of 2009....   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»


Hutchison China MediTech Limited(“Chi-Med”) »27/03/2008 [Company watch]
Hutchison China losses increase

Hutchison China Meditech (AIM: HCM) reported higher 2007 revenues, but also said its net loss increased. Revenues were up 29% to $65.1 million, while the loss jumped from $10 million to $17.2 million. Revenues for its line of TCM products were higher, and that division of its business was profitable. Chi-Med, as the company is popularly known, blamed the loss on higher research expenses and a one-time charge of $5.1 million for discontinuing its Nao Ling Tong product line....   more»


VENTURE PHARM SERVICE--VPScro »02/04/2008 [Company watch]
Commonwealth Forms Joint Venture with Venturepharm for Outsourcing Services

Commonwealth Biotechnologies, Inc. and Venturepharm Laboratories Ltd have formed a China-based joint venture that will provide a continuous spectrum of outsourcing services. The move came after Venturepharm bought a 39% stake in CBI. The 2.15 million block of shares, which had previously belonged to PharmAust Ltd., has a market value of $5.85 million. The China JV will be known as Venturepharm Asia. It will be the “shop front” for Venturepharm’s CRO services. The JV is unusual in that both contributing organizations are already publicly traded, but it follows a recent pattern of CROs in the west and the east forming alliances to provide a greater number of services in a geographically diversified manner. CBI will contribute early stage drug discovery technologies, business development, marketing and quality assurance services to the JV. Venturepharm will provide contract manufacturing and clinical trial services. Dr. Paul D'Sylva, CEO of CBI, noted that 60% of the $34 billion that life sciences companies spend on outsourcing went to contract manufacturing. Clinical research was the recipient of 33% of the total and 7% went to custom chemical synthesis. For CBI, the JV allows it to offer contract manufacturing and clinical trial management to clients who have used Commonwealth for its custom synthesis and other services. CBI now operates the following units: • CBI Services (Richmond, VA), a discovery phase contract research organization; • Fairfax Identity Laboratories, a DNA reference business; • Mimotopes Pty, Ltd (Melbourne, Australia), a peptide and discovery chemistry business; Exelgen, Ltd (Bude, UK), a medicinal and synthetic discovery chemistry business; • Venturepharm Asia (Beijing, China), process scale-up, formulation development, cGMP manufacturing and clinical trial management. CBI’s headquarters are in San Diego, while Venturepharm is based in Beijing. Venturepharm Laboratories Limited provides a large complement of drug discovery and development services that take new drugs from "idea to patients." These include API (Active Pharmaceutical Ingredient), formulation development, clinical trial management, product registration, marketing & sales to pharmaceutical and biotech companies in China and overseas....   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»


VENTURE PHARM SERVICE--VPScro »18/04/2008 [Company watch]
Commonwealth Biotechnologies, Inc. (CBTE) and Venturepharm Laboratories Ltd have formed a China-based joint venture

Commonwealth Biotechnologies, Inc. and Venturepharm Laboratories Ltd have formed a China-based joint venture that will provide a continuous spectrum of outsourcing services. The move came after Venturepharm bought a 39% stake in CBI. The 2.15 million block of shares, which had previously belonged to PharmAust Ltd., has a market value of $5.85 million. The China JV will be known as Venturepharm Asia. It will be the “shop front” for Venturepharm’s CRO services. The JV is unusual in that both contributing organizations are already publicly traded, but it follows a recent pattern of CROs in the west and the east forming alliances to provide a greater number of services in a geographically diversified manner. CBI will contribute early stage drug discovery technologies, business development, marketing and quality assurance services to the JV. Venturepharm will provide contract manufacturing and clinical trial services. Dr. Paul D'Sylva, CEO of CBI, noted that 60% of the $34 billion that life sciences companies spend on outsourcing went to contract manufacturing. Clinical research was the recipient of 33% of the total and 7% went to custom chemical synthesis. For CBI, the JV allows it to offer contract manufacturing and clinical trial management to clients who have used Commonwealth for its custom synthesis and other services. CBI now operates the following units: • CBI Services (Richmond, VA), a discovery phase contract research organization; • Fairfax Identity Laboratories, a DNA reference business; • Mimotopes Pty, Ltd (Melbourne, Australia), a peptide and discovery chemistry business; Exelgen, Ltd (Bude, UK), a medicinal and synthetic discovery chemistry business; • Venturepharm Asia (Beijing, China), process scale-up, formulation development, cGMP manufacturing and clinical trial management. CBI’s headquarters are in San Diego, while Venturepharm is based in Beijing. Venturepharm Laboratories Limited provides a large complement of drug discovery and development services that take new drugs from "idea to patients." These include API (Active Pharmaceutical Ingredient), formulation development, clinical trial management, product registration, marketing & sales to pharmaceutical and biotech companies in China and overseas....   more»


Sundia MediTech Company,Ltd. »02/05/2008 [Company watch]
Shanghai CRO Service Alliance Adds Clinical Development Capabilities

Today, Tigermed Consulting Ltd. joins Sundia Meditech, HD BioSciences, and NovaSecta in their CRO Service Alliance CROSA that provides R&D solutions for pharmaceutical and biotech companies. Tigermed's expertise in clinical development complements the existing drug discovery and pharmaceutical development capabilities of the alliance. Sundia Meditech, United PharmaTech, and HD BioSciences entered into a CRO Service Alliance in May 2007 in order to quickly and successfully integrate their chemistry and biology expertise for the increased demands from their clients world-wide. Sundia and United merged into one company in the following months. NovaSecta joined the alliance in February 2008 to further integrate the alliance's work with European pharmaceutical and biotech companies. Tigermed has a strong track record of providing clinical development services, data management and statistical support to multinational and smaller to medium sized pharmaceutical and biotech companies in US, Europe and Asia. Tigermed is also the clear leader in performing clinical trials in China on innovative New Chemical Entities (NCEs), which makes it an excellent potential partner for the pharmaceutical and biotech companies that Sundia, HD BioSciences and NovaSecta work with. Through the addition of Tigermed to the alliance, clients can now benefit from a seamlessly integrated full R&D service covering discovery, non-clinical and clinical development....   more»


Frontage Laboratories, Inc. »03/05/2008 [Company watch]
Frontage Labs Receives $10 Million for China Expansion

Frontage Laboratories received $10 million in growth capital from a group of investors led by Baird Capital Partners Asia (BCPA), the first investment made by the China-centered initiative of Baird Private Equity. The new capital is targeted at enlarging the company’s China operations with the goal of creating a world-class US-China CRO. Headquartered in Philadelphia, PA, Frontage announced that its Shanghai facility, a GLP/GMP drug development services laboratory, was fully operational in November 2007. The new site was touted as offering top quality services at a reduced cost. Frontage’s first two laboratories are in the Philadelphia area. In June 2007, Frontage bought a stake in Advanced Biomedical Research of Princeton, NJ. ABR offers clinical trial management services for Phase I-IV trials, and the company has its own 72-bed testing facility. The investment broadened the range of Frontage’s CRO services. Baird Capital Partners Asia offers growth equity capital to smaller companies with operations in China. Baird Capital Partners Asia has offices in Hong Kong, Beijing, and Shanghai; it invests in three industry sectors: manufactured products, business services and healthcare. Pavilion Capital Partners, existing individual shareholders and members of management also participated in the capital raise....   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»


Wuxi Pharma Tech »04/06/2008 [Company watch]
Sartorius, WuXi to cooperate on viral clearance studies

Sartorius Stedim Biotech, a provider of equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry, has entered into an agreement with WuXi AppTec, a wholly owned subsidiary of China-based WuXi PharmaTech to cooperate on viral clearance studies. Under this agreement, WuXi AppTec will provide the relevant viruses, materials and methodologies to Sartorius to employ in conducting non-GLP viral clearance testing of its technologies with customer products and for supporting its own research and development activities. According to the companies, the cooperation will benefit customers because non-GLP viral clearance testing during early-stage process development will allow Sartorius to recommend the best viral clearance technology option. Sartorius and WuXi AppTec will be using the same viruses, materials and methodologies so that customers can reliably anticipate - at this very early stage - predictive study results of what might be expected from WuXi AppTec's GLP Viral Clearance testing of the same product as part of the IND process and ultimately the phase III validation process. Viral clearance studies performed during the early stage of process development often help process decisions and provide information about the viral inactivation or removal mechanism....   more»


Wuxi Pharma Tech »10/06/2008 [Company watch]
WuXi PharmaTech expands collaboration with AstraZeneca

WuXi PharmaTech, a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, announced that it has signed a new three-year collaboration agreement with AstraZeneca. Under the new collaboration agreement WuXi PharmaTech will synthesize compounds, according to AstraZeneca's designs, which will further expand AstraZeneca's global compound collection. "This new collaboration agreement further strengthens our already productive relationship with AstraZeneca, and it is the direct result of our research capability and firm commitment to quality and customer satisfaction. We are hopeful that with our strong and growing drug R&D capabilities the expansion of our collaboration will help AstraZeneca achieve its strategic goals," said Dr Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech, Dr Deborah Hartman, Vice President, Lead Generation Discovery Enabling Capabilities and Sciences (DECS), AstraZeneca, said, "The collaboration with WuXi PharmaTech has exceeded our expectations delivering value to AstraZeneca beyond the cost savings in labor and materials. We are looking forward to the prospect of building on this success through our expanded relationship." In April 2006, WuXi PharmaTech and AstraZeneca entered into a two-year $14 million collaboration agreement that WuXi PharmaTech successfully delivered more than 100,000 compounds two months ahead of schedule....   more»


Wuxi Pharma Tech »16/06/2008 [Company watch]
Sartorius Stedim Biotech Inks Pact With WuXi AppTec

Sartorius Stedim Biotech announced that it has entered into an agreement with WuXi AppTec, an operating subsidiary of WuXi PharmaTech to cooperate on viral clearance studies. Under the agreement, WuXi AppTec will provide the relevant viruses, materials and methodologies to Sartorius Stedim Biotech to employ in conducting non GLP viral clearance testing of its technologies with customer products and for supporting its own research and development activities. Sartorius Stedim Biotech markets an orthogonal and fully integrated three-step viral clearance technology platform to the biopharmaceutical industry. To further support its customers and to meet anticipated regulatory expectations, Sartorius has built an in-house laboratory for non-GLP viral clearance testing of its technologies. The cooperation with WuXi AppTec will benefit customers because non-GLP viral clearance testing during early-stage process development will allow Sartorius to recommend the best Viral Clearance Technology option, the groups noted. Sartorius and WuXi AppTec will be using the same viruses, materials and methodologies so that customers can reliably anticipate - at this very early stage predictive study results of what might be expected from WuXi AppTec s GLP Viral Clearance testing of the same product as part of the IND process and ultimately the Phase 3 validation process. Viral clearance studies performed during the early stage of process development often help process decisions and provide information about the viral inactivation or removal mechanism. Major regulatory bodies around the world require that companies demonstrate that their purification process has the ability to clear viruses before the drug product receives marketing authorization. Viral clearance studies are gaining more importance at early stage process development and with WuXi AppTec we have found an excellent partner to realize both early stage non-GLP testing at Sartorius and GLP testing at WuXi AppTec, said Reinhard Vogt, Vice CEO Sales and Marketing and Member of the Board of Sartorius Stedim Biotech. We are very pleased to be able to partner with Sartorius Stedim Biotech in offering this unique benefit for biopharmaceutical manufacturers, said WuXi AppTec Vice President Larry Thomas. It is a perfect fit with our company s commitment to providing clients with seamless single-source solutions to help shorten the time from initial process development to a successful IND. Sartorius Stedim Biotech is a provider of equipment and services for the development, quality assurance and production processes of the biopharmaceutical industry...   more»


Wuxi Pharma Tech »25/06/2008 [Company watch]
Covance and WuXi PharmaTech To Form A Joint Venture to Provide World-class Preclinical Services in China

6/24/2008 Covance and WuXi PharmaTech To Form A Joint Venture to Provide World-class Preclinical Services in China Princeton, New Jersey and Shanghai, China, June 24, 2008 - WuXi PharmaTech (NYSE: WX) and Covance Inc. (NYSE: CVD) today announced that the two companies have entered into a Memorandum of Understanding to create a 50-50 joint venture which will provide world-class preclinical contract research services in China. Operations of the proposed joint venture will be located in a 323,450 square-foot, purpose-built facility in Suzhou, China, which is currently being constructed by WuXi. This state-of-the-art facility, expected to be completed in 2009 and designed to meet the United States Food and Drug Administration and worldwide regulatory standards, will provide GLP toxicology, drug metabolism and bioanalytical chemistry services. In addition to the facility, which will be provided by WuXi, Covance anticipates to make an initial investment of approximately $30 million. Financial and structural details of the joint venture are expected to be disclosed once definitive terms are agreed and the entity is officially formed later this year....   more»


Covance »25/06/2008 [Company watch]
Covance & Wuxi Form Joint Venture

From Covance web-site: Covance and WuXi PharmaTech to Form a Joint Venture to Provide World-Class Preclinical Services in China PRINCETON, N.J. and SHANGHAI, China, June 24, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- WuXi PharmaTech (NYSE: WX) and Covance Inc. (NYSE: CVD) today announced that the two companies have entered into a Memorandum of Understanding to create a 50-50 joint venture which will provide world-class preclinical contract research services in China. Operations of the proposed joint venture will be located in a 323,450 square-foot, purpose-built facility in Suzhou, China, which is currently being constructed by WuXi. This state-of-the-art facility, expected to be completed in 2009 and designed to meet the United States Food and Drug Administration and worldwide regulatory standards, will provide GLP toxicology, drug metabolism and bioanalytical chemistry services. In addition to the facility, which will be provided by WuXi, Covance anticipates to make an initial investment of approximately $30 million. Financial and structural details of the joint venture are expected to be disclosed once definitive terms are agreed and the entity is officially formed later this year. "This joint venture will create a powerful partnership between China's leading provider of discovery and development services with the world's largest public contract research organization," said Joe Herring, Covance chairman and chief executive officer. "Covance and WuXi share a common commitment to quality, people, and building client relationships based on trust and performance. Covance's market-leading and high-quality preclinical operations, combined with WuXi's track record of delivering world-class drug discovery and development services, will enable us to provide superior drug development solutions to our global pharmaceutical and biotech clients in the region." "We are pleased to partner with Covance, one of the world's largest and most comprehensive drug development service companies," said Dr. Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech. "We will be able to immediately leverage Covance's world-class expertise and global network. This will allow us to accelerate bringing a full-range of preclinical services and GLP toxicology capabilities to this facility. The partnership is important to our mission of building a global R&D outsourcing service platform that will ultimately help our partners to improve the success of discovery and shorten the time of development." China is becoming increasingly attractive for delivering high quality outsourced discovery and development services. Many multinational pharmaceutical, biotechnology and medical device companies have already established presence in China in order to access its rapidly expanding healthcare market; tap into its large patient population for global trials; and take advantage of its huge talent pool for outsourced R&D work. As a result, the preclinical service market in China is expected to grow rapidly in the coming years. The joint venture between WuXi PharmaTech and Covance will allow customers of both companies to fully leverage the advantages of conducting preclinical research and development in China, and potentially submit global and domestic regulatory applications...   more»

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