WuXi PharmaTech and PRA Health Sciences Restructure Relationship in China
December 07 2015 - 7:00PM
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@wuxiapptec.com
Media
Aaron Shi
Director, Corporate Communications
WuXi PharmaTech
+86-21-5046-4362
aaron_shi@wuxiapptec.com
PRA Health
Sciences
Investors
Linda Baddour
Chief Financial Officer
Mike Bonello
Corporate Controller
+1 919-786-8270
InvestorRelations@prahs.com
Media
Christine Rogers
Manager-Public Relations
+1 919-786-8463
RogersChristine@prahs.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: PRA Health Sciences via Globenewswire
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