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WuXi PharmaTech and Covance Nix Partnership

publication date: Sep 29, 2008

WuXi PharmaTech and Covance have decided not to continue their previously announced joint ownership of a preclinical laboratory, currently under construction. WuXi will now own 100% of the 323,450 square feet Suzhou facility, which was the company’s original intention. After announcing its plans to build the Suzhou facility one year ago, WuXi announced in June that it would form a 50-50 joint partnership with Covance to own and operate the facility. Now, it’s back to Plan A, which, emphasizing the positive, WuXi says will give shareholders “the full benefit” of the facility. No explanation was given for the change of plans. More details...

Stock Symbols: (NYSE: WX) (NYSE: CVD)



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