SHANGHAI, China and RALEIGH, N.C., Dec. 07, 2015 (GLOBE NEWSWIRE) -- WuXi PharmaTech (Cayman) Inc. (NYSE:WX), a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, and PRA Health Sciences, Inc. (NASDAQ:PRAH), a leading global clinical contract research organization, today announced a restructuring of their relationship for the delivery of clinical trial management services in China, Macau and Hong Kong. The two companies formed a joint venture for this purpose in March 2013.
Under the new arrangement, the portion of the joint venture located in mainland China will become a wholly owned subsidiary of WuXi, and the portion of the joint venture located 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. In connection with this restructuring, 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 PRAs CEO 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 PRAs strong support for the WuXiPRA joint venture over the past three years, said Dr. Ge Li, Chairman and CEO of WuXi PharmaTech. Even with this change in the structure of our relationship, WuXi and PRA will remain strong business partners in China.
ABOUT WUXI PHARMA TECH
WuXi PharmaTech is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides a broad and integrated portfolio of services throughout the drug and medical device R&D process. WuXi is also building a platform to provide clinical diagnostic services directly to physicians and their patients globally. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec. For more information, please visithttp://www.wuxiapptec.com.
ABOUT PRA HEALTH SCIENCES
At PRA Health Sciences, providing innovative solutions for our clients is what we do. Side-by-side with our clients, we strive to move drug discovery forward, helping them to develop life-saving and life-improving drugs. PRA has more than 11,000 employees working in 80+ countries providing comprehensive clinical development services across all phases. From full service clinical development to the pioneering Embedded Solutions model, PRA provides a broad spectrum of solutions that meet the demands of a diverse marketplace. PRA has worked on 100+ marketed drugs across several therapeutic areas and conducted the pivotal or supportive trials that led to FDA and/or international regulatory approval of 50+ such drugs.