WuXi PharmaTech
 | |
| Public | |
| Traded as | NYSE: WX[1] |
| Industry |
Contract Research Organizations Pharmaceutical Biopharmaceutical Medical Devices |
| Founded |
2000 |
| Headquarters | Shanghai, China; facilities in China and USA |
Key people | Chairman and CEO: Ge Li, PhD |
| Products |
|
| Revenue |
 USD499.9 million (2010) |
|
USD 86.6 million (2010) | |
Number of employees | 6,817 (2012) – 6,273 in China, 544 in USA[2] |
| Website | Official website |
WuXi PharmaTech (pronounced WOO-shee) is a research and development (R&D) services company headquartered in Shanghai, with operations in China and the United States. The company uses an open-access technology platform designed to enable efficient development of medicines for customers. WuXi acts as a contract researcher for most of the world's largest pharmaceutical, biotech and medical device companies and many smaller companies. As of April 2013, the company had more than 1,600 customers.[2]
History
WuXi's founder, Dr Ge Li earned his doctorate in organic chemistry from Columbia University, and was a founding scientist at Pharmacopeia, Inc. of Princeton, New Jersey, then returned to China to found WuXi PharmaTech in Shanghai in December 2000.
WuXi established services in synthetic chemistry in 2001, manufacturing process development in 2003, research manufacturing in 2004, bioanalytical services in 2005, service biology in 2006, and toxicology and formulation in 2007. On December 14, 2006, WuXi PharmaTech, announced that it was named 173rd on the Deloitte Technology Fast 500 Asia Pacific 2006 ranking.[3] The company opened chemistry facilities in Tianjin in 2007. In 2008, WuXi PharmaTech acquired AppTec Laboratory Services Inc., a US-based company founded in 2001 with expertise in medical-device and biologics testing and with facilities in St. Paul, MN; Philadelphia, PA; and Atlanta, GA. WuXi opened a toxicology facility in Suzhou in 2009.[2]
WuXi opened a large-scale manufacturing facility in Jinshan in 2010. The company began a biologics discovery, development, and manufacturing operation in Shanghai and Wuxi city in 2011. At the same year, WuXi acquired MedKey, a China-based clinical research company, and Abgent, a San Diego company and one of the world's largest manufacturers of antibodies for biological research and drug discovery. In 2012, WuXi opened a chemistry facility in Wuhan and a GMP biologics drug-substance facility in Wuxi city. That year WuXi also entered into a joint venture with MedImmune, the biologics arm of AstraZeneca, to co-develop MEDI5117, an anti-IL6 antibody for rheumatoid arthritis for the Chinese market. In 2013, WuXi formed a joint venture with the global clinical contract research organization PRA International (now called PRA Health Sciences) to build a clinical research business in China.
Company segments
The company has two segments: laboratory services and manufacturing services. Laboratory services represent discovery and development services for pharmaceuticals, development and testing services for biotherapeutics and medical devices, and comprehensive toxicology services. The laboratory services segment generated 77% of total company revenues in 2012. Synthetic chemistry and medicinal chemistry generate the largest portions of laboratory services revenues.
Since 2004, the company has offered manufacturing services for active pharmaceutical ingredients (APIs) used in preclinical and clinical research. In 2011, WuXi began commercial manufacturing of advanced intermediates for the hepatitis C drug Incivek (telaprevir) for Vertex Pharmaceuticals. As of 2013, the company manufactures advanced intermediates for six products. The manufacturing services segment generated 23% of total company revenues in 2012.[2]
Financials
WuXi PharmaTech has been listed on the New York Stock Exchange since August 9, 2007, and its American Depositary Shares trade under the symbol WX. The equity market capitalization of WuXi was approximately $1.4 billion as of June 2013.[4]
Total net revenue in the first quarter of 2013 was $131.9 million (up 12% year over year), gross profit was $47.4 million (up 13%), operating income was $23.0 million (up 11%), net income was $21.7 million (up 3%), and diluted EPS was $.30 (up 7%).[5]