WuXi PharmaTech, China's largest CRO, has big expectations for 2013, and the company is well on its way to following through, posting an 11.7% revenue jump in the first quarter.
After clearing about $500 million in revenue last year, Chinese CRO giant WuXi PharmaTec is expecting between 13% and 15% growth in 2013, counting on an increase in big-name partnerships and an expansion of the local drug market.
As Big Pharma looks to tap the burgeoning drug market in China, companies are realizing they can't bulldoze in with U.S.-approved drugs and expect a red carpet. Instead, firms such as Vertex and AstraZeneca's MedImmune are looking to partner up with local expertise to speed their way to capitalization.
WuXi PharmaTech and PRA are joining forces to launch an independent CRO in China, combining their capacities in the country to create a jointly owned venture for Phase I-IV clinical trial services.
China's Innovent Biologics is looking to build the largest GMP biologics plant in China, a belt currently held by WuXi PharmaTech, and the company has $25 million in new investments to get it done.
WuXi PharmaTech posted 3.2% net income growth in the third quarter, as the costs of expanding its research and manufacturing capabilities ate into 21% year-over-year revenue growth.
What is AZ looking for in potential partners as it doubles down on drug development? We asked Menelas Pangalos, the company's executive vice president for innovative medicines.
WuXi AppTec is continuing its rise as one of China's top CROs, unveiling its new cGMP biologics manufacturing facility last week, a plant it says is the first in the nation to meet U.S. standards.
CRO WuXi AppTec inked a deal to form a joint venture with AstraZeneca's MedImmune last week, and an analyst said the agreement will likely drive up front-end costs for the Chinese company.
AstraZeneca and WuXi PharmaTech subsidiaries, MedImmune and WuXi AppTec, will develop and commercialize MEDI5117, a biologic for rheumatoid arthritis and other inflammatory diseases.