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Firms seal 'win-win' US$1.6b deal
By Ding Yining |
April 27, 2010, Tuesday
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Print Edition
Print Edition
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.
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