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Charles River buys Chinese drug research firm

Charles River Laboratories said Monday that it had agreed to acquire WuXi Pharma Tech, a Chinese pharmaceutical outsourcing services provider, in a cash and stock deal worth $1.6 billion, David Barboza and Michael J. de la Merced report in The New York Times.

In a news release, Charles River said the deal “revolutionizes the contract research landscape” by creating a global company that will offer a broad array of outsourcing services to the world’s biggest pharmaceutical, biotechnology and medical device companies.

[New York Times]