12.08.15
WuXi PharmaTech (Cayman) Inc. and PRA Health Sciences have restructured their joint venture for the delivery of clinical trial management services in China, Macau and Hong Kong.
The portion of the joint venture in mainland China will now become a wholly owned subsidiary of WuXi, and the portion of the joint venture in Hong Kong will become a wholly owned subsidiary of PRA. In addition, PRA will retain its Strategic Solutions business in China and Hong Kong, which offers custom-built clinical development solutions to sponsors. Also, PRA and WuXi will form a preferred provider relationship under which WuXi will provide full-service clinical trial services for global clinical trials subcontracted by PRA in China.
“WuXi approached us to explore the restructuring of our relationship to better align with their current objectives in China,” said PRA’s chief executive officer Colin Shannon. “This restructuring allows us to continue our strong relationship with WuXi to support our client needs in China and to leverage the business that we have built together.”
“We appreciate PRA’s strong support for the WuXiPRA joint venture over the past three years,” said Dr. Ge Li, chairman and chief executive officer of WuXi PharmaTech. “Even with this change in the structure of our relationship, WuXi and PRA will remain strong business partners in China.”
The portion of the joint venture in mainland China will now become a wholly owned subsidiary of WuXi, and the portion of the joint venture in Hong Kong will become a wholly owned subsidiary of PRA. In addition, PRA will retain its Strategic Solutions business in China and Hong Kong, which offers custom-built clinical development solutions to sponsors. Also, PRA and WuXi will form a preferred provider relationship under which WuXi will provide full-service clinical trial services for global clinical trials subcontracted by PRA in China.
“WuXi approached us to explore the restructuring of our relationship to better align with their current objectives in China,” said PRA’s chief executive officer Colin Shannon. “This restructuring allows us to continue our strong relationship with WuXi to support our client needs in China and to leverage the business that we have built together.”
“We appreciate PRA’s strong support for the WuXiPRA joint venture over the past three years,” said Dr. Ge Li, chairman and chief executive officer of WuXi PharmaTech. “Even with this change in the structure of our relationship, WuXi and PRA will remain strong business partners in China.”
