WuXi PharmaTech (NYSE:WX), the very successful Shanghai-based contract research organization, has begun construction of a GLP center in Suzhou. The 267,000 square foot facility will house a state-of-the-art preclinical drug safety evaluation center providing toxicology services. WuXi is already performing the tox services in an interim facility.
When it is completed in 2009, the Suzhou center, located in the Wuzhong district, will be the largest modern drug safety evaluation center in China. Its services complement the offerings that are already available at WuXi’s facility in Shanghai, about 60 kilometers away.
In the stock market, WuXi continues to perform extraordinarily well. It priced its NYSE IPO at $14 on August 10th, then opened at $18.50. Last week Tuesday, it enjoyed a strong trading session, moving up through its old highs to close at $33.80, a rise of $5.78. Tuesday, it is trading at $34.25, up $20.25 or 144% in the two months since its IPO.