WuXi PharmaTech to Acquire AppTec Laboratory Serv...(mbination of WuXiPharmaTech and AppTec L...)

Date:1/3/2008

mbination of WuXi PharmaTech and AppTec Laboratory Services, an important milestone in realizing our vision of becoming the global R&D outsourcing leader. WuXi's chemistry services will be complemented by AppTec's biologics testing and manufacturing capabilities to create a fully integrated service platform, from which we will be able to provide more value-added services to our customers. With an expanded geographic footprint, and a broader and deeper scope of services, we are well positioned to drive growth and continue to increase shareholder value."

Dr. Bonita L. Baskin, Chief Executive Officer of AppTec, said, "Combining these two companies creates a unique single source platform that has the ability to transform the outsourced R&D model globally. I, along with the AppTec team, share with Dr. Li our excitement over the prospects of this combination."

The transaction is expected to be immediately accretive to WuXi PharmaTech's earnings per share, excluding the amortization of acquired intangible assets and one-time charges related to the acquisition.

The transaction has been approved by the AppTec and WuXi PharmaTech boards of directors and AppTec's shareholders, and is expected to close, subject to regulatory and other customary closing conditions, in the first quarter of 2008. No approval by WuXi PharmaTech's shareholders is required.

Conference Call

WuXi PharmaTech will host a conference call and Q&A session at 8:00 am (Eastern) / 5:00 am (Pacific) / 9:00 pm (Beijing/Hong Kong) on January 4, 2008 to provide details of the transaction. The conference call may be accessed by calling (US) +1-888-262-8797 / (UK) +0-800-051-7166 / (HK) +800-965-503 / (China, Northern Region) +86-10-800-714-0970 / (China, Southern Region) +86- 10-800-140-0945, Passcode: 1227949.

A live webcast of the conference call and replay will be available on the investor relations page of WuXi PharmaTech's website at

SOURCE WuXi PharmaTech Copyright©2008 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5
Related biology technology :

1. WuXi PharmaTech (NYSE: WX) Promotes Edward Hu to COO
2. Quest PharmaTech to Receive $3,000,000 to Develop Oncology Products Based on its SonoLight Technology
3. Massachusetts Governor Deval L. Patrick Pays Visit to WuXi PharmaTech
4. WuXi PharmaTech (NYSE: WX) Ranked the 28th of Deloitte Technology Fast 50 China
5. WuXi PharmaTech (NYSE: WX) Wins Both Deloitte Technology Fast 50 China and Deloitte Technology Fast 500 Asia
6. WuXi PharmaTech Announces Second Quarter 2007 Results
7. WuXi PharmaTech Schedules 2007 Second Quarter Earnings Release on Thursday, September 6, 2007
8. Inverness Medical Innovations Acquires ParadigmHealth
9. LeMaitre Vascular Acquires Biomateriali, a Vascular Graft Manufacturer
10. Thermo Fisher Scientific Acquires Leading Chromatography Consumables Provider, La-Pha-Pack
11. Raptor Pharmaceuticals Acquires Orphan Clinical Program