Chinese CRO Acquires Abgent
This is a new business for WuXi PharmaTech, as the company has previously focused on services. Publicly listed on the New York Stock Exchange, WuXi PharmaTech had 2010 sales of $334.1 million, including $39.2 million in manufacturing-services revenue from the production of advanced intermediates and active pharmaceutical ingredients for preclinical and clinical trials. According to Abgent, its antibodies are used for research of autophagy, apoptosis, stem cells, phosphorylation, cell function and gene regulation.
Shanghai, China 10/14/11—R&D services firm WuXi PharmaTech has acquired Abgent, a provider of biological research reagent products and services, for an undisclosed amount. The world’s largest manufacturer of antibody reagents for research use, according to WuXi PharmaTech, Abgent offers a catalog of 20,000 antibody products. Abgent manufactures antibodies for distribution by reagent suppliers and also sells products directly. In addition, Abgent develops and produces peptides and proteins for research and diagnostic applications. “WuXi’s acquisition of Abgent continues our strategy leveraging the advantages of our China-based operations to provide high-quality services and products needed by the world’s biopharmaceutical and scientific researchers,” said WuXi PharmaTech Chairman and CEO Dr. Ge Li. Abgent’s operations consist of a 34,000-square-foot lab in Suzhou, China, and a 10,000-square-foot lab and office in San Diego, California. The company has 150 employees. Abgent founder and CEO Dr. Chun Wu will serve as vice president of Biological Reagent Products and Services.
