Shanghai outsourcer buys US drug research firm
7 January 2008
Shanghai-based drug-research outsourcing company WuXi announced a US$151 million deal to buy US-based AppTec Laboratory Services, the Wall Street Journal reported. WuXi announced an agreement late Thursday with AppTec, which offers research and testing services to pharmaceutical companies and medical-device makers. WuXi will also assume US$11.7 million worth of AppTec's debt. WuXi has so far thrived by effectively renting out inexpensive Chinese scientists to the world's largest pharmaceutical houses. According to some analysts, the company's foray into the US market is "not optimal" and "will defintely have a drag on the margins."
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