|WuXi PharmaTech CEO Ge Li|
Chinese small-cap Lee's Pharm has signed CRO WuXi PharmaTech ($WX) as its exclusive lab testing service to bolster the company's R&D program.
WuXi is in the middle of a big transition as it heads to the private sector with its CEO and co-founder Ge Li and a group of investors only two weeks ago agreeing to a $3.3 billion deal to release itself from Wall Street.
But as that happens overhead, it's business as usual for the leading CRO's Laboratory Testing Division as it offers its extensive portfolio in managing the Chinese research-based organization's efforts for an undisclosed amount. Li has said that WuXi's goal is to become an actualized partner for global R&D, a step beyond its one-time role as a contractor. To that end, WuXi is making bets on many ventures across the industry, collecting in areas such as genomics, gene therapy and other cutting-edge technologies.
Lee's focuses on cardiovascular diseases, oncology, gynecology, dermatology and ophthalmology, according to a release from the company. It currently has 14 products on the market and its R&D program has churned out 30 candidates.
"We are delighted to become (the) exclusive supplier of the broad range of laboratory testing services for the drug discovery portfolio of Lee's Pharm," Li said in a statement. "WuXi has been building a comprehensive and integrated R&D enabling platform, and this strategic collaboration is an example of delivering that platform to serve our innovative partners."
- here's the release
Special Report: The 25 most influential people in biopharma in 2015 - Ge Li - WuXi PharmaTech