June 25, 2008 -- WuXi PharmaTech (NYSE: WX) and Covance Inc. (NYSE: CVD) signed a Memorandum of Understanding that will create a new joint venture to provide preclinical contract research services in China. WuXi will contribute its new Suzhou lab, currently under construction, and Covance will invest $30 million into the JV. The new facility began construction on September 29, 2007, and it is expected to be on line in 2009. It will offer GLP toxicology, drug metabolism and bioanalytical chemistry services. More details...
