January 31, 2008 — /PRNewswire/ — SHANGHAI, CHINA — WuXi PharmaTech (NYSE:WX) today announced the completion of its acquisition of AppTec Laboratory Services, Inc., a U.S.-based service provider for the biopharmaceutical and medical device industries. AppTec offers testing, contract research and development, and cGMP biologics manufacturing services from a highly differentiated, fully integrated platform.
The combined company brings together complementary service offerings and expertise to create a broad platform covering both chemistry and biologics, which allows WuXi PharmaTech to provide value-added services to our customers in the pharmaceutical, biotechnology, and medical device industries.
“We are pleased to have completed this significant acquisition which immediately adds biologics capabilities and expertise to WuXi PharmaTech’s existing capabilities, gains a significant U.S. operational footprint for WuXi PharmaTech, and expands our U.S. customer base, with further opportunities to increase our market position,” says Dr. Ge Li, chairman and CEO of WuXi PharmaTech. “This acquisition further solidifies our leadership position as the premier and preferred drug R&D service partner for pharmaceutical, biotechnology, and medical device companies.”
“The management teams and dedicated employees of both companies are very enthusiastic about the prospects of the combined company,” comments Mr. Edward Hu, COO of WuXi PharmaTech. “This is an acquisition of capabilities that we believe will drive our future growth by positioning WuXi as a high quality global drug R&D service collaborator with both small and large molecules expertise.”
About WuXi PharmaTech
Founded in 2000, Shanghai-based WuXi PharmaTech is the leading China-based pharmaceutical and biotechnology R&D outsourcing company. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical and biotechnology companies a broad and integrated portfolio of laboratory and research manufacturing services throughout the drug discovery and development process. WuXi PharmaTech’s services are designed to assist its global partners in shortening the cycle and lowering the cost of drug discovery and development by providing cost-effective and efficient outsourcing solutions that save its customers both time and money. Its operations are grouped into two segments: laboratory services (consisting of discovery chemistry, service biology, analytical pharmaceutical development, and process development services), and research manufacturing, focusing on manufacturing of advanced intermediates and active pharmaceutical ingredients for R&D use. In 2007, its 80 customers included nine of the world’s top ten pharmaceutical companies by revenue.