2:02 PM
 | 
Dec 07, 2018
 |  BC Extra  |  Financial News

WuXi AppTec prices Hong Kong offering in stormy market

Despite global trade headwinds and a choppy market for biopharma stocks in China, WuXi AppTec Co. Ltd. (Shanghai:603259; HKSE:2359) managed to price its Hong Kong listing within its proposed range Friday, potentially raising HK$7.9 billion ($1 billion) based on its proposed number of shares. The listing is the third for a unit of New WuXi Life Science Ltd. since a 2016 deal that took the parent company private.

WuXi AppTec priced the offering at HK$68, near the middle of its proposed range of HK$64.10-HK$71.50. The company is to announce the actual number of shares sold on Dec. 12.

The biopharma R&D services and manufacturing company had proposed to sell 116.5 million shares in Hong Kong. Based on a resulting total of 1.2 billion shares outstanding, including those listed in Shanghai, the Hong Kong offering price would value the company at HK$79.2...

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