SHANGHAI, China, Aug. 14 /Xinhua-PRENewswire/ -- WuXi PharmaTech (Cayman) Inc. ("WuXi PharmaTech"), the leading China-based pharmaceutical and biotechnology research and development outsourcing company in the growing global drug R&D outsourcing market, announced today the closing of its initial public offering of 15,167,326 American Depositary Shares ("ADSs"), including 1,978,347 ADSs issued in connection with the exercise of the over-allotment option in full.
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WuXi PharmaTech's ADSs commenced trading on the New York Stock Exchange on August 9, 2007 under the symbol "WX".
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. acted as lead underwriters and joint book-runners and Jefferies & Company, Inc. acted as a co-manager in the offering.
The United States Securities and Exchange Commission has declared WuXi PharmaTech's registration statement effective. This news release does not form a part of WuXi PharmaTech's prospectus and does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Until September 2, 2007, a copy of the prospectus relating to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue 1B, New York, NY 10010; phone: 1- 800-221-1037; or by contacting JP Morgan Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245; phone: 1-866-430-0686. The prospectus contains detailed information about WuXi PharmaTech and its management, as well as its financial statements.
About WuXi PharmaTech (Cayman) Inc.
Founded in 2000, Shanghai-based WuXi PharmaTech is the leading China-based pharmaceutical and biotechnology R&D outsourcing company. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical and biotechnology companies a broad and integrated portfolio of laboratory and research manufacturing services throughout the drug discovery and development process. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug discovery and development by providing cost-effective and efficient outsourcing solutions that save its customers both time and money. Its operations are grouped into two segments: laboratory services, consisting of discovery chemistry, service biology, analytical, pharmaceutical development and process development services, and research manufacturing, focusing on manufacturing of advanced intermediates and active pharmaceutical ingredients for R&D use. In 2006, WuXi PharmaTech provided services to 70 pharmaceutical and biotechnology customers, including nine of the top 10 pharmaceutical companies in the world, as measured by 2006 total revenues.
For more information about WuXi PharmaTech, please visit: http://wuxipharmatech.com .
For more information, please contact:
Dr. Hai Mi
Vice President, Corporate Communications
WuXi PharmaTech (Cayman) Inc.
Mr. Derek Mitchell
Ogilvy Public Relations Worldwide (Beijing)
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Public Relations Worldwide (New York)
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CONTACT: In China, Dr. Hai Mi, Vice President, Corporate Communications ofWuXi PharmaTech (Cayman) Inc., +86-21-5046-3726, or firstname.lastname@example.org; orMr. Derek Mitchell of Ogilvy Public Relations Worldwide, Beijing,+86-10-8520- 6284, or email@example.com, or in the United States,Ms. Jessica Barist Cohen of Ogilvy Public Relations Worldwide, New York,+1-646-460-9989, or firstname.lastname@example.org