WuXi PharmaTech and PRA Health Sciences Restructure Relationship in China
08 Décembre 2015 - 1:00AM
WuXi PharmaTech (Cayman) Inc. (NYSE:WX), a leading open-access
R&D capability and technology platform company serving the
pharmaceutical, biotechnology, and medical device industries, and
PRA Health Sciences, Inc. (NASDAQ:PRAH), a leading global clinical
contract research organization, today announced a restructuring of
their relationship for the delivery of clinical trial management
services in China, Macau and Hong Kong. The two companies formed a
joint venture for this purpose in March 2013.
Under the new arrangement, the portion of the joint venture
located in mainland China will become a wholly owned subsidiary of
WuXi, and the portion of the joint venture located in Hong Kong
will become a wholly owned subsidiary of PRA. In addition, PRA
will retain its Strategic Solutions business in China and Hong
Kong, which offers custom-built clinical development solutions to
sponsors. In connection with this restructuring, PRA and WuXi will
form a preferred provider relationship under which WuXi will
provide full-service clinical trial services for global clinical
trials subcontracted by PRA in China.
“WuXi approached us to explore the restructuring of our
relationship to better align with their current objectives in
China,” said PRA’s CEO Colin Shannon. “This restructuring
allows us to continue our strong relationship with WuXi to support
our client needs in China and to leverage the business that we have
built together.”
“We appreciate PRA’s strong support for the WuXiPRA joint
venture over the past three years,” said Dr. Ge Li, Chairman and
CEO of WuXi PharmaTech. “Even with this change in the structure of
our relationship, WuXi and PRA will remain strong business partners
in China.”
ABOUT WUXI PHARMA TECH
WuXi PharmaTech is a leading open-access R&D capability and
technology platform company serving the pharmaceutical,
biotechnology, and medical device industries, with operations in
China and the United States. As a research-driven and
customer-focused company, WuXi PharmaTech provides a broad and
integrated portfolio of services throughout the drug and medical
device R&D process. WuXi is also building a platform to provide
clinical diagnostic services directly to physicians and their
patients globally. WuXi PharmaTech's services are designed to
assist its global partners in shortening the cycle and lowering the
cost of drug and medical device R&D. WuXi PharmaTech's
operating subsidiaries are known as WuXi AppTec. For more
information, please visit http://www.wuxiapptec.com.
ABOUT PRA HEALTH SCIENCES
At PRA Health Sciences, providing innovative solutions for our
clients is what we do. Side-by-side with our clients, we strive to
move drug discovery forward, helping them to develop life-saving
and life-improving drugs. PRA has more than 11,000 employees
working in 80+ countries providing comprehensive clinical
development services across all phases. From full service clinical
development to the pioneering Embedded Solutions™ model, PRA
provides a broad spectrum of solutions that meet the demands of a
diverse marketplace. PRA has worked on 100+ marketed drugs across
several therapeutic areas and conducted the pivotal or supportive
trials that led to FDA and/or international regulatory approval of
50+ such drugs.
For more information, please contact:
WuXi PharmaTech
InvestorsRonald Aldridge LaVoieHealthScience +1 617-374-8800
x109+1 617-792-2459ron_aldridge@wuxiapptec.com
MediaAaron Shi Director, Corporate Communications WuXi
PharmaTech+86-21-5046-4362 aaron_shi@wuxiapptec.com
PRA Health Sciences
InvestorsLinda BaddourChief Financial OfficerMike
BonelloCorporate Controller+1
919-786-8270InvestorRelations@prahs.com
MediaChristine RogersManager—Public Relations +1
919-786-8463RogersChristine@prahs.com
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