WuxiPRA JV Nabs Ex-Theorem CEO as President
As the former CEO of Theorem Clinical Research and SVP of MDS Pharma Services, Posey offers the JV more than 25 years of experience including advancements of his previous companies’ Asian businesses.
"His global experience in the CRO market will be an asset to WuXiPRA. With clinical trials continuing to expand in China, having Dr. Pusey onboard will allow us to establish a stronghold in the region," Colin Shannon, president and CEO, PRA.
The JV announced in January was perceived by some as a way for both companies to expand its late-stage services in the region. The companies will offer Phase I-IV services in China, Hong Kong and Macau.
John Kreger, an equity analyst with William Blair, previously said the JV signals WuXi’s intent to be a dominant force in the late-stage sector in China. Kent Thoelke, SVP of PRA, in comments from earlier this year confirmed his company’s intentions to do just that, adding that the companies are looking to make the JV the biggest CRO in China within several years.
WuXi’s local expertise and bioanalytical lab experience is expected to combine with PRA’s international late-stage trial experience. Both companies are expected to contribute employees to the JV.
"Under James's leadership, we believe WuXiPRA will become the clinical CRO of choice in China," Dr. Ge Li, chairman and CEO of WuXi PharmaTech said.
China Troubles
The JV will look to avoid a number of recent issues surrounding the clinical trial landscape in China. GlaxoSmithKline employees are currently embroiled in a fiasco dealing with millions in bribery allegations and supposed sexual favors for increased sales, according to Bloomberg News.
Bristol-Myers Squibb was also recently cited for allegedly manipulating data in trials that supported and eventually delayed the approval of its blood thinner Eliquis.
