WuXi PharmaTech ($WX) has increased its manufacturing capabilities in China, bolstering its fastest-growing business as it looks to expand around the globe.
The Chinese contractor has opened a high-potency API lab in Shanghai, adding new processing capabilities to its portfolio of services. The lab is designed to support the development and trial supply of high-potency small-molecule treatments, a platform WuXi said is increasing in popularity among drugmakers. The move comes as WuXi's manufacturing arm continues its banner growth, last quarter jumping 19.7% to bring in $41.2 million. On the whole, the CRO posted an 11.3% revenue gain in the first quarter, bringing in $146.7 million.
WuXi's latest expansion is the latest in a string of efforts to extend its service offerings around the globe. Last month, the company revealed plans to build out a hybrid research and manufacturing outpost in Changzhou, eventually employing 1,500 people, and the CRO opened up an add-on to its materials characterization testing facility in St. Paul, MN, adding 20,000 square feet of lab space.
And WuXi's not done, expecting to spend about $85 million on capital expenditures in 2014--50% more than the year before--to keep its growth rolling.
The CRO is looking to keep that momentum going into 2014, expecting full-year revenue to come in between $660 million and $670 million, good for up to 16% annual growth.
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