(Yicai Global) May 6 -- WuXi AppTec, a leading Chinese biotech firm that listed in Hong Kong last December, will acquire US clinical research service provider Pharmapace for an undisclosed sum.
Pharmapace will become a wholly owned unit of WuXi AppTec's clinical research organization WuXi Clinical and will continue to focus on expanding its core biometrics capabilities and combine with WuXi Clinical's other clinical development services, Shanghai-based WuXi AppTec said in a press release today.
Set up in 2013, San Diego-based Pharmapace provides services to clients in North America, Europe and Asia for all phases of clinical trials, registration and post-marketing support, including clinical and statistical planning, data management, biostatistics, clinical data integration and medical writing.
Recent changes in China's regulations means that overseas clinical trials data is now accepted. That offers a unique opportunity for global innovators to speed up and integrate regional and international clinical development through the WuXi Clinical platform, the statement said.
"This acquisition further enhances WuXi Clinical's drug development expertise and biometrics capabilities and lays the foundation for the creation of an integrated global biometrics service platform to efficiently and cost effectively provide customers seamless biometrics services globally," WuXi AppTec joint Chief Executive Officer Edward Hu said in the statement.
"Together, we are able to shorten time-to-market of new drugs and to achieve the dream that 'every drug can be made and every disease can be treated,'" Hu added.
WuXi Clinical will have a service team of more than 850 people from China and the US after the acquisition, providing worldwide services together with the company's strategic partners in Europe and the Asia Pacific.