Charles River takeover of WuXi collapses

Charles River bows to shareholder pressure and abandons its $1.6 billion takeover of WuXi PharmaTech, signalling that Western buyers may find it difficult to garner the support they need to strike deals in Asia's fast-growing economies.

US drug company Charles River Laboratories International announced on Friday that it was aborting a $1.6 billion takeover of Chinese drug research and development outsourcing company Wuxi PharmaTech.

Charles River is a provider of research models and associated services of preclinical drug development. WuXi is a pharmaceutical, biotechnology and medical device research and development outsourcing company, with operations in China and the United States. Charles River and WuXi announced the takeover in April. The...

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