Hong Kong and Shanghai, May 8, 2018 / BioCentury / – – Services and manufacturing company WuXi AppTec Co. Ltd. (Shanghai:603259) raised RMB2.3 billion ($354 million) 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 expects to begin trading on Tuesday.
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 WuXi Chairman 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).
Another company under New WuXi’s umbrella, WuXi Biologics Inc. (HKSE:2269), raised HK$4 billion ($510 million) in a 2017 IPO. That offering valued the biologics discovery, development and manufacturing company at HK$23.4 billion ($3 billion) (see BioCentury Extra, June 7, 2017).
Last month, the China Securities Regulatory Commission approved WuXi AppTec’s listing. At the time, Ally Bridge’s Frank Yu told BioCentury that WuXi AppTec chose a mainland exchange to avoid the complexities of listing on the same exchange as WuXi Biologics (see BioCentury Extra, March 27).