Home » Business » Manufacturing
Firms seal 'win-win' US$1.6b deal
UNITED States clinical research company Charles River Laboratories International has agreed to buy a domestic drug research and development outsourcing company for US$1.6 billion to expand in China which is seeing a boom in drug testing services as multinational drug firms battle for opportunities in the market.
Charles River will pay US$21.25 a share, which is made up of US$11.25 in cash and US$10 in stock, for all the shares of WuXi PharmaTech Inc, the companies said in a statement yesterday.
The new venture will keep the Charles River name and have three new members from WuXi Pharma join the board.
"The deal is expected to create the only global contract research organization that covers drug research and development services ranging from molecule creation and first-in-human testing," said James C. Foster, president and chief executive officer of Charles River.
The agreement "presents both sides with a win-win scenario," said Li Ge, chairman and chief executive officer of WuXi Pharma, as the Chinese company will be able to accelerate its good laboratory practice toxicology capabilities while Charles River will be able to expand its presence in China.
Charles River will pay US$21.25 a share, which is made up of US$11.25 in cash and US$10 in stock, for all the shares of WuXi PharmaTech Inc, the companies said in a statement yesterday.
The new venture will keep the Charles River name and have three new members from WuXi Pharma join the board.
"The deal is expected to create the only global contract research organization that covers drug research and development services ranging from molecule creation and first-in-human testing," said James C. Foster, president and chief executive officer of Charles River.
The agreement "presents both sides with a win-win scenario," said Li Ge, chairman and chief executive officer of WuXi Pharma, as the Chinese company will be able to accelerate its good laboratory practice toxicology capabilities while Charles River will be able to expand its presence in China.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.