Please login to the form below

Not currently logged in
Email:
Password:

WuXi PharmaTech potential USD 184.7m IPO

China-headquartered pharmaceutical and biotech company WuXi PharmaTech has released its initial public offering of 13,188,979 American Depositary Shares

China-headquartered pharmaceutical and biotech company WuXi PharmaTech (WuXi) has released its initial public offering (IPO) of 13,188,979 American Depositary Shares (ADSs).

Of the 13,188,979 ADSs sold in the offering, 10,000,000 ADSs were sold by WuXi, while 3,188,979 ADSs were sold by selling shareholders. The company has granted the underwriters a 30-day option to purchase up to an additional 1,978,347 ADSs to cover over-allotments.

WuXi says it should raise USD 107.8m from the sale, or USD 129.9m if underwriters exercise their options. The firm plans to use USD 40m to expand its Jingsu facility, USD 40m to build a new centre in Suzhou and the rest for general corporate purposes.

Each ADS represents eight ordinary shares and was priced at USD 14.00 per ADS. The ADSs will begin trading on the New York Stock Exchange on 9 August 2007 under the symbol 'WX.'

Credit Suisse Securities and J P Morgan Securities acted as representatives of the underwriters and joint book runners, while Jefferies & Company acted as co-manager for the offering.

WuXiís net revenue for Q1 FY07 rose 165 per cent on Q1 FY06 figures to rest at USD 33.8m. Net income was USD 6m, excluding pre-IPO stock compensation.

9th August 2007

Share

COVID-19 Updates and Daily News

Featured jobs

PMHub

Add my company
JPA Health Communications

JPA Health is an award-winning public relations, marketing and advocacy firm known for sharing our clients’ commitment to making people...

Latest intelligence

COVID-19 is redefining the value of ‘critical jobs’: An opportunity for social care?
...
How to keep your weight under control during lockdown
...
Brands stepping up to show solidarity during COVID-19
The brands that are stepping up to show solidarity during COVID-19 will be those that are remembered long after pandemic passes....

Infographics