WuXi PharaTech, Worth More on Secondary Cancellation (WX)
WuXi PharmaTech (Cayman) Inc. (NYSE: WX) announced today that it has decided to postpone its follow-on offering of American Depository Shares “due to current market conditions and share price.”
Credit Suisse Securities and JP Morgan Securities were lead underwriters and joint book-runners for the offering that was originally filed April 4. Some of the shares that were being sold were for existing shareholders and some share sale proceeds were to be used for existing factory expansions and for general corporate purposes.
The Chinese and U.S.-based pharmaceutical, biotechnology, and medical device “outsourcing” company is trading up 2% at $19.10 in early morning trading and when the offering was first announced, WuXi was trading at about $23.50. WuXi has a 52-week range of $17.43 to $45.65.
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May 6, 2008