WuXi AppTec prices Shanghai IPO

Services and manufacturing company WuXi AppTec Co. Ltd. (Shanghai:603259) raised RMB2.3 billion ($354 million) on May 7 through the sale of 104.2 million shares at RMB21.60 in an IPO underwritten by Huatai and Guotai Junan. The price values WuXi at RMB22.5 billion ($3.5 billion), based on 1 billion shares outstanding. The company began trading on May 8.

WuXi AppTec has been operating as a unit of New WuXi Life Science Ltd. (formerly WuXi PharmaTech Inc.). That company has been privately held since December 2015, when an investor syndicate led by Ally Bridge Group and WuXiChairman and CEO Ge Li took it private in a $3.3 billion deal. It had been traded on the New York Stock Exchange (see BioCentury, Aug. 15, 2016)...