Charles River Laboratories Greater China, Preclinical Services Shanghai Company Ltd is the full name of the new joint venture set up in China by US-based contract research organisation (CRO) Charles River Laboratories International.
The US CRO has now closed the joint venture agreement it announced in March with local preclinical specialist Shanghai BioExplorer. Charles River will have a majority stake of 75% in the new company, it revealed.
“Through the formation of Charles River Laboratories Greater China, we embark on the first phase of our initiative to become the leading global contract research organisation providing regulatory-compliant preclinical services in China,” said chairman, president and chief executive officer James Foster.
A new 50,000sq ft preclinical services facility that is being constructed in Shanghai as part of the agreement will be managed by Charles River and will employ staff trained by the US company, it noted.