WuXi PharmaTech and Covance creating joint venture
June 25, 2008
According to the Associated Press, drug development services companies WuXi Pharmatech and Covance Inc. said recently they will create a joint venture to provide preclinical development contracting in China.
WuXi, based in China, and Princeton, N.J.-based Covance will evenly split the joint venture. Operations will be located at 323,450 square-foot-facility in Suzhou, China, expected to be completed in 2009 and designed to meet the Food and Drug Administration and worldwide regulatory standards.
Preclinical research refers to the stage of development a drug candidate goes through before being tested on human beings. It can involve both animal and laboratory tests.
Covance anticipates making an initial investment of $30 million in the joint venture.