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NEW YORK - WuXi PharmaTech Inc., a Chinese research and development outsourcing company, said Tuesday it signed a three-year deal with British drug maker AstraZeneca PLC to expand their partnership in developing chemical compounds for potential drugs.
Financial terms weren't disclosed.
In April 2006, WuXi signed a two-year, $14 million agreement in which WuXi delivered more than 100,000 compounds to AstraZeneca. In 2002, AstraZeneca opened a research center in Shanghai, and in May 2006, announced it would spend $100 million to establish the AstraZeneca Innovation Center China, also in Shanghai.
American Depositary Shares of WuXi fell 85 cents, or more than 4 percent, to $18.50, while AstraZeneca shares lost 32 cents to $41.66 in morning trading.
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