This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

WuXi PharmaTech And Open Monoclonal Technology Expand Human Antibody Development And Commercial Opportunities For Asian Regional And Global Pharmaceutical Companies

Stocks in this article: WX

SHANGHAI and PALO ALTO, Calif., March 5, 2013 /PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading pharmaceutical, biotechnology and medical device R&D outsourcing company with operations in China and the United States, and Open Monoclonal Technology, Inc. (OMT), an innovator in novel transgenic animals for development of human therapeutic antibodies, today announced a second agreement to expand WuXi's use of OMT's OmniRat™ and OmniMouse™ technologies to strengthen the development and commercial opportunities for WuXi's Asian regional and global clients.

The OmniRat platform has now been duplicated at WuXi's Shanghai facility, enabling WuXi to generate antibodies for customers from its own laboratories. WuXi is the first and currently the only company authorized by OMT to host OmniRat in China. This transaction advances WuXi's goal of working with skilled partners to enhance the company's technologies and capabilities to better serve its customers.

Under the new agreement, WuXi's clients can choose to develop and commercialize products globally or regionally in China, Korea, Japan or other Asian territories. Clients that opt for regional rights first can assume global rights prior to the first human dose. This is particularly attractive for companies that have already established regional Asian operations and have aspirations to become global later. OMT retains the global product rights until and unless each option is exercised.

"This new agreement allows WuXi to further expand its service offerings with the OmniRat and OmniMouse platforms," said Edward Hu, Chief Operating Officer and Chief Financial Officer of WuXi PharmaTech. "WuXi is proud of the confidence OMT has shown in the quality of WuXi's antibody research capabilities and intellectual property protection practices in authorizing WuXi to host the OmniRat and OmniMouse platforms in our laboratories."

Dr. Roland Buelow, founder and CEO of OMT, continued, "This second agreement with WuXi continues the global deployment of OMT's human antibody technologies. The deal structure enables OMT to tap into the economics of rapidly growing Asian companies and, when global rights are not exercised by WuXi's clients, to leverage their data for OMT product development and/or partnering outside Asia."

About WuXi PharmaTech

WuXi PharmaTech is a leading pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical, biotechnology and medical device companies with a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech's services are designed to help its global partners shorten the cycle and lower the cost of drug and medical device R&D. The operating subsidiaries of WuXi PharmaTech are known as WuXi AppTec.

About Open Monoclonal Technology, Inc.

Open Monoclonal Technology, Inc. (OMT) is a leader in genetic engineering of animals for the development of human therapeutic antibodies – "naturally optimized human antibodies™".

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs