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news.Shanghai-based WuXi PharmaTech has signed a definitive agreement to acquire US-based AppTec Laboratory Services, for a total consideration of approximately $151 million with the assumption of AppTec debt totaling approximately $11.7 million.
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According to WuXi, the acquisition of AppTec will allow the company to immediately obtain biologics capabilities and expertise, gain a significant US operational footprint and expand its customer base and addressable market size. The combined business operations of WuXi and AppTec in both the US and China will enable WuXi to provide a full service suite of outsourced chemistry and biology services to global pharmaceutical, biotechnology and medical device clients.
The transaction has been approved by the AppTec and WuXi PharmaTech boards of directors and AppTec’s shareholders, and is expected to close, subject to regulatory and other customary closing conditions, in the first quarter of 2008. No approval by WuXi PharmaTech’s shareholders is required.