WuXi PharmaTech (NYSE: WX), China's premier provider of pharmaceutical R&D outsourcing services has signed a definitive agreement to acquire US-based AppTec Laboratory Services, Inc. (AppTec).
The acquisition of AppTec allows WuXi PharmaTech to immediately obtain biologics capabilities and expertise, gain a significant U.S. operational footprint, and expand its customer base and addressable market size.
The combined business operations of WuXiPharmaTech and AppTec in both the U.S. and China will enable WuXi PharmaTech to provide a full service suite of outsourced chemistry and biology services to global pharmaceutical, biotechnology and medical device clients.
The transaction consideration totals approximately $151 million and the assumption of debt held by AppTec totaling approximately $11.7 million.
Thursday, March 13, 2008
PRC Pharma R&D group makes US acquisition
Another example of the consummation of Chinese ambitions to acquire both technical expertise and market access, this time in pharma.
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