WuXi PharmaTech and PRA Health Sciences Restructure Relationship in China
(Thomson Reuters ONE) -
SHANGHAI, China and RALEIGH, N.C., Dec. 07, 2015 (GLOBE NEWSWIRE) -- 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(TM) 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
Investors
Ronald Aldridge
LaVoieHealthScience
+1 617-374-8800 x109
+1 617-792-2459
ron_aldridge(at)wuxiapptec.com
Media
Aaron Shi
Director, Corporate Communications
WuXi PharmaTech
+86-21-5046-4362
aaron_shi(at)wuxiapptec.com
PRA Health Sciences
Investors
Linda Baddour
Chief Financial Officer
Mike Bonello
Corporate Controller
+1 919-786-8270
InvestorRelations(at)prahs.com
Media
Christine Rogers
Manager-Public Relations
+1 919-786-8463
RogersChristine(at)prahs.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: PRA Health Sciences via GlobeNewswire
[HUG#1971780]
Datum: 08.12.2015 - 01:00 Uhr
Sprache: Deutsch
News-ID 438099
Anzahl Zeichen: 4962
contact information:
Town:
Raleigh
Kategorie:
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