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news.WuXi PharmaTech, a pharmaceutical, biotechnology and medical device R&D outsourcing company with operations in China and the US, has announced that it will no longer pursue a 50-50 joint venture with Covance, a drug development services company.
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WuXi will maintain its original plan to construct, own and operate a 323,450sqft good laboratory practice (GLP) facility in Suzhou, China which is slated to open in the second half of 2009.
WuXi plans to offer a full-range of preclinical services and GLP toxicology capabilities at this facility, helping WuXi clients to improve the success of discovery and shorten the time of development.
Ge Li, WuXi chairman and CEO, said: “This facility is being built through our already budgeted capital expenditures and we will not require additional funding.
“We can leverage the expertise and capability from our AppTec acquisition as well as our US toxicology team to move rapidly in getting GLP compliance. Proceeding with our original plans to operate this facility independently will allow WuXi and our shareholders to receive maximum benefit over the long term.”