WuXi regrets AppTec buy as it falls into loss
WuXi PharmaTech, a pharmaceutical, biotechnology and medical devices R&D outsourcing firm headquartered in China with operations in the USA, fell into loss in the full-year 2008, due to its troubled, $151.0-million acquisition of USA-based AppTec Laboratory Services.
The company's net loss was $64.2 million, or $0.23 loss per share, versus an income of $33.9 million, or $0.56 per share. Without the acquisition costs, the firm would have made $58.3 million in profit.
The company generated $261.8 million in revenue, up 74%. As of December 31, 2008, it had $56.6 million in cash and cash equivalents, down 73%.
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