SHANGHAI, July 29 /PRNewswire-Asia-FirstCall/ -- WuXi PharmaTech (Cayman) Inc. (
NYSE:WX
) announced today that its previously announced transaction with Charles River Laboratories International Inc. (
NYSE:CRL
) has been terminated by mutual agreement due to Charles River shareholder opposition. Under the terms of the termination agreement, WuXi will receive a breakup fee of $30 million.
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"WuXi's strategy has not changed. Our goal is, and has long been, to build a broad, integrated R&D service platform designed to help our customers improve the success of research and shorten the time of new product development," said Dr. Ge Li, Chairman and Chief Executive Officer. "While we are disappointed that this transaction could not be completed, WuXi remains well positioned to meet our customers' needs and to continue to grow and expand as a standalone company.
"All of our businesses are performing very well," Dr. Li continued. "Each business unit has met or exceeded its targets for the second quarter, and we recently increased our guidance for full-year 2010 financial performance.
"Virtually all of the large global pharmaceutical companies, as well as hundreds of smaller pharmaceutical and biotech companies and many leading medical device companies, are our customers," Dr. Li concluded. "We believe that strong trends for greater outsourcing and offshoring of R&D services will continue, and that WuXi, as the leading China-based contract research organization, is well positioned to benefit from this powerful outsourcing trend for many years to come."
Second Quarter Results
WuXi will report financial results for the second quarter ending June 30, 2010, on Monday, August 2, at 6:30 am EDT with a conference call at 8:30 am EDT to discuss the results and the outlook for WuXi's business. The conference call may be accessed by calling:
United States: 1-866-519-4004
China (Landline): 800-819-0121
China (Mobile): 400-620-8038
Hong Kong: 800-930-346
United Kingdom: 0-808-234-6646
International: +65-6723-9381
Conference ID: 90840146
Web PIN: 8656
A replay will be available two hours after the call's completion at:
United States: 1-866-214-5335
China North: 10-800-714-0386
China South: 10-800-140-0386
Hong Kong: 800-901-596
United Kingdom: 0-800-731-7846
International: +61-2-8235-5000
Passcode: 90840146
A live webcast of the conference call and replay will be available on the investor relations page of WuXi PharmaTech's website at http://www.wuxiapptec.com/ .
About WuXi PharmaTech
WuXi PharmaTech is a leading pharmaceutical, biotechnology and medical device R&D outsourcing company, 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 laboratory and manufacturing services throughout the drug and medical device R&D process. 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 visit: