SHANGHAI, July 27 /PRNewswire-Asia/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX) today announced that RiskMetrics Group's ISS Proxy Advisory Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, has recommended that WuXi shareholders vote FOR Charles River's proposed acquisition of WuXi. Two other proxy advisory services, Glass Lewis and Proxy Governance, previously recommended that WuXi shareholders vote FOR the transaction.
"We are pleased that ISS, Glass Lewis and Proxy Governance all recognize the merit of this unique combination for WuXi and are advising WuXi shareholders to approve it," said Dr. Ge Li, Chairman and CEO of WuXi PharmaTech. "We remain fully committed to this transaction and urge our shareholders to vote their shares for the proposed acquisition."
WuXi shareholders should immediately complete and return their proxy card or submit proxies by telephone or through the Internet. Shareholders with questions about the combination or how to vote their shares may contact the company's proxy solicitor, MacKenzie Partners Inc., toll-free, at (800) 322- 2885.
About WuXi PharmaTech
WuXi PharmaTech is a leading pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the United States. 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. WuXi PharmaTech's services are designed to assist its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi PharmaTech's operating subsidiaries are known as WuXi AppTec. For more information, please visit: http://www.wuxiapptec.com .
For more information, please contact: WuXi: Ronald Aldridge Director of Investor Relations, WuXi Phone: +1-201-585-2048 Email: email@example.com Sard Verbinnen & Company George Sard/Brandy Bergman/Jonathan Doorley Phone: +1-212-687-8080 Email: firstname.lastname@example.org
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on current expectations and beliefs of WuXi PharmaTech (Cayman) Inc. ("WuXi"), and involve a number of risks and uncertainties that could cause actual results to differ materially from those stated or implied by the forward- looking statements. Those risks and uncertainties include, but are not limited to: 1) the possibility that the proposed combination may be delayed or not completed due to the failure to obtain stockholder or regulatory approvals or otherwise satisfy the conditions to the proposed combination as set forth in the acquisition agreement for the proposed combination; 2) problems may arise in successfully integrating the businesses of the two companies (including retention of key executives); 3) the acquisition may involve unexpected costs; 4) the combined company may be unable to achieve the expected transaction benefits, including improved customer service levels and anticipated cost and revenue synergies, or achieve potential revenue growth and non-GAAP margin expansion; 5) the businesses may suffer as a result of uncertainty surrounding the acquisition; and 6) the industry may be subject to future regulatory or legislative actions and other risks that are described in Securities and Exchange Commission ("SEC") reports filed or furnished by WuXi. For additional information on these and other important factors that could adversely affect Wuxi's business, financial condition, results of operations and prospects, see "Risk Factors" beginning on page 6 of WuXi's Annual Report on Form 20-F for the fiscal year ended December 31, 2009, filed at the SEC's website www.sec.gov.
Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by WuXi. WuXi assume no obligation and expressly disclaim any duty to update information contained in this document except as required by law.
This press release is not a solicitation of proxies from WuXi's shareholders to approve the proposed combination. In connection with the proposed transaction, WuXi has filed a scheme document with the SEC on Form 6- K. Before making any voting or investment decisions, WuXi's shareholders are urged to read the scheme document and any other relevant documents filed with the SEC because they will contain important information. The scheme document has been mailed to WuXi's shareholders seeking their approval of the proposed combination. WuXi's shareholders may also obtain a copy of the scheme document free of charge by directing a request to: WuXi PharmaTech (Cayman) Inc., 288 Fute Zhong Road, Waigaoqiao Free Trade Zone, Shanghai 200131, People's Republic of China, Attention: Genyong Qiu. In addition, the scheme document is available free of charge at the SEC's website, www.sec.gov. WuXi's shareholders may also access copies of the documents filed with the SEC by WuXi on WuXi's website at http://www.wuxiapptec.com.
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to buy any securities. The Charles River shares to be issued in the proposed transaction have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Charles River intends to issue such Charles River shares pursuant to the exemption from registration set forth in Section 3(a)(10) of the Securities Act.
|SOURCE WuXi PharmaTech (Cayman) Inc.|
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