WuXi Biologics priced its Hong Kong IPO at the top of the range, raising $511 million, according to numerous sources. Demand for the offering was strong, caused by the WuXi pedigree and the fast growing revenues of the biologics business-- up 91% in the first nine months of 2016. The WuXi Biologics offering was 30 times oversubscribed, potential cornerstone investors were turned away, and underwriters closed their books early. The offering values WuXi Biologics at $3 billion, and the new shares are expected to begin trading in Hong Kong on June 13.
