WuXi PharmaTech (WX) and Covance (CVD) Agree to Joint Venture in China
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WuXi PharmaTech (NYSE: WX) and Covance Inc. (NYSE: CVD) today announced that they have entered into an agreement to create a 50-50 joint venture which will provide world-class preclinical contract research services in China.
Operations will be carried out in a facility located in Suzhou, China, which is currently being built by WuXi and is expected to be completed in 2009. The facility will provide GLP toxicology, drug metabolism and bioanalytical chemistry services.
Also, Covance anticipates to make an initial investment of approximately $30 million.
Financial and structural details of the joint venture are expected to be disclosed once definitive terms are agreed and the entity is officially formed later this year.
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