SHANGHAI, China, Aug. 8 /Xinhua-PRNewswire-FirstCall/ -- WuXi PharmaTech (Cayman) Inc. (''WuXi PharmaTech''), a leading China-based pharmaceutical and biotechnology research and development outsourcing company in the growing global drug R&D outsourcing market, announced today that its initial public offering of 13,188,979 American Depositary Shares (ADSs), each ADS representing eight ordinary shares, was priced at an initial public offering price of $14.00 per ADS. The ADSs will begin trading on the New York Stock Exchange on August 9, 2007 under the symbol ''WX.''
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Of the 13,188,979 ADSs sold in the offering, 10,000,000 ADSs were sold by WuXi PharmaTech, and 3,188,979 ADSs were sold by selling shareholders. WuXi PharmaTech has granted the underwriters a 30-day option to purchase up to an additional 1,978,347 ADSs to cover over-allotments.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. acted as representatives of the underwriters and joint book runners and Jefferies & Company, Inc. acted as co-manager for the offering.
The United States Securities and Exchange Commission has declared WuXi PharmaTech's registration statement to these securities to be effective. Neither this news release nor any part of the registration statement shall 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.
The offering of the securities is made only by means of a prospectus. 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.
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 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 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://www.wuxipharmatech.com .
For investor and media inquiries, 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