SHANGHAI, China, July 14 /Xinhua-PRNewswire/ -- WuXi PharmaTech (NYSE: WX), a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, today announced that Warburg Pincus, the global private equity firm, has acquired 5.4% of its outstanding ordinary shares from affiliates of United Overseas Bank.
At the closing of the transaction on July 2, 2008, affiliates of United Overseas Bank (UOB), one of the early venture investors of WuXi PharmaTech, sold to Warburg Pincus a total of 26,808,496 ordinary shares, equivalent to 3,351,062 American Depositary Shares. A beneficial ownership statement Schedule 13D with respect to this acquisition was filed with the Securities and Exchange Commission.
''I am very delighted that Warburg Pincus has decided to invest in WuXi. As a premier global private equity firm with tremendous experience in the life science industry, Warburg Pincus not only will strengthen our investor base, but more importantly we believe that it will provide strategic and business assistance to us,'' commented Dr. Ge Li, Chairman and CEO of WuXi PharmaTech.
''We are pleased to become a shareholder of WuXi PharmaTech which is a clear leader in the rapidly growing drug and medical device outsourcing industry. WuXi has an impressive track record of growth and a distinguished reputation for customer service,'' said Mr. Stewart Hen, Managing Director of Warburg Pincus based in New York. Added Mr. Dai Feng, Principal of Warburg Pincus based in China, ''With our global expertise in healthcare and our deep understanding of the off-shore operating environment, we hope to assist WuXi in achieving its strategic and financial goals.''
About WuXi PharmaTech
Established in December 2000, WuXi PharmaTech is a leading global pharmaceutical, biotechnology and medical device R&D outsourcing company with operations in both China and the U.S. As a research-driven and customer-focused company, WuXi PharmaTech provides a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process to pharmaceutical, biotechnology and medical device companies. WuXi's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. For more information, please visit http://www.wuxipharmatech.com .
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971. Since inception, Warburg Pincus has invested more than USD 31 billion in approximately 600 companies in 30 countries and across a range of sectors, including healthcare, financial services, industrial, technology, media and telecommunications, energy, consumer and retail and real estate. The firm has invested USD 6.6 billion in healthcare-related companies around the world. Warburg Pincus has been investing in China since 1995 and is one of the largest private equity investors in the country. The firm has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information, please visit http://www.warburgpincus.com .
Cautionary Note Regarding Forward-Looking Statements
Statements in this release contain "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and as
defined in the Private Securities Litigation Reform Act of 1995, including,
among others, the anticipated strengthening of our investor base and
potential strategic and business assistance to be received. These
forward-looking statements are not historical facts but instead represent
only our belief regarding future events, which by their nature are
inherently uncertain and outside of our control and actual results could
differ materially. Our business is subject to numerous risks and this
release should be read in conjunction with the consolidated and pro forma
financial statements and notes thereto and related "Risk Factors", each
included in our Annual Report on Form 20-F filed with the Securities and
Exchange Commission and available on the Securities and Exchange
Commission's website at http://www.sec.gov. We do not undertake any
obligation to update or revise the forward-looking statements contained in
this press release, whether as a result of new information, future events
or otherwise, after the date of this press release. Such information speaks
only as of the date of this release.
For more information, please contact:
|SOURCE WuXi PharmaTech (Cayman) Inc.|
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