SHANGHAI, China, and ST. PAUL, Minn., Jan. 3 /Xinhua-PRNewswire/ -- WuXi PharmaTech (NYSE: WX), China's premier provider of pharmaceutical R&D outsourcing services, has signed a definitive agreement to acquire US-based AppTec Laboratory Services, Inc. (AppTec). The acquisition of AppTec allows WuXi PharmaTech to immediately obtain biologics capabilities and expertise, gain a significant U.S. operational footprint, and expand its customer base and addressable market size. The combined business operations of WuXi PharmaTech and AppTec in both the U.S. and China will enable WuXi PharmaTech to provide a full service suite of outsourced chemistry and biology services to global pharmaceutical, biotechnology and medical device clients. The transaction consideration totals approximately $151 million with the assumption of AppTec debt totaling approximately $11.7 million.
AppTec is a trusted quality service provider for the biopharmaceutical and medical device industries, offering testing, contract research and development, and biologics cGMP manufacturing services from a highly differentiated, fully integrated service platform. Along with state-of-the-art FDA registered facilities located in Philadelphia, St. Paul and Atlanta, AppTec brings established customer relationships with many leading pharmaceutical, biotechnology and medical device companies in the U.S. and around the world. AppTec's full year 2007 revenue is expected to be in the range of $70 million to $72 million. Since 2004, and including the expected revenue for 2007, AppTec will have achieved a compounded annual revenue growth rate of approximately 46%.
Dr. Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech,
commented, "We are very excited to announce the co
|SOURCE WuXi PharmaTech|
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