Quintiles ($Q) has opened up a new, up-sized headquarters in China, toasting the country's growth as a global biopharma power and angling to play a bigger role in its continued evolution.
The outpost, situated in Shanghai's Feng Lin Science Park, is a 43,000-square-foot building that employs about 300 workers with room for 450, Quintiles said. Its opening comes 17 years after the CRO first made its way into Shanghai, giving Quintiles a front-row seat to China's rapid rise to become the world's second-largest market for drug development, founder Dennis Gillings said.
"Today we celebrate not only Quintiles' growth, but also Greater China's emergence as a global player in biopharma R&D," Gillings said in a statement. "Two decades ago we opened in Shanghai with 20 employees across Greater China--now we have more than 1,000."
Quintiles, which has outposts around the world, has increasingly turned its focus to Asia, last month launching a new service specifically catered to small and mid-size biotech companies in the region.
Meanwhile, Quintiles is shooting for between 7% and 8% annual revenue growth in 2015, expecting about $4.5 billion in sales on the year. The CRO dialed back its projections last quarter to account for a strong dollar and an unforeseen jump in cancellations, but the company is counting on its sizable backlog to balance things out as the year goes on.
- read the statement