WuXi PharmaTech, a Shanghai-based pharmaceutical R&D outsourcing firm, made an impressive debut on the NYSE last week, despite the market turmoil created by the global credit crunch.
Wuxi PharmaTech closed the week up 32% from its $14 IPO price, confirming investors' interest in what is emerging as one of the more attractive opportunities in china's outsourcing industry, namely contract research outsourcing (CRO).
WuXi's operations are grouped into two segments: laboratory services, such as discovery chemistry and pharmaceutical development services; and manufacturing, focusing on manufacturing of advanced intermediates and active pharmaceutical ingredients for R&D use.
In 2006, WuXi PharmaTech provided services to 70 pharmaceutical and biotechnology customers and it has supplied well-known western giants like AstraZeneca and Merck.
WuXi has a research facility in Shanghai Waigaoqiao Free Trade Zone, research facility, a manufacturing plant in Shanghai, and a new research facility in Tianjin.
More on CRO in these stories.