Navigation Links
WuXi PharmaTech Announces Purchase of Ordinary Shares from General Atlantic
Date:2/15/2012

SHANGHAI, Feb. 15, 2012 /PRNewswire-Asia/ -- WuXi PharmaTech (NYSE: WX), a leading pharmaceutical, biotechnology, and medical-device research and development outsourcing company, with operations in China and the United States, announced that today it had in a negotiated transaction agreed to purchase from investment funds affiliated with global growth investor General Atlantic LLC ("General Atlantic") all of the WuXi ordinary shares General Atlantic received on February 12, 2012, following the conversion in full of the $35 million principal amount of convertible notes plus accrued interest of approximately $864,000 held by General Atlantic. The per-ADS equivalent purchase price of $13 was established based on a discount of slightly over 5% of the ADS closing price on February 13, 2012. The transaction was reviewed and approved by the disinterested members of the audit committee of WuXi's board of directors. WuXi expects the transaction to close on or about February 24, 2012. WuXi will use existing cash balances to pay for the transaction.

In February 2007, third-party investors, including General Atlantic, purchased $40 million principal amount of convertible notes from WuXi, with the notes maturing on February 9, 2012. In 2008, $5 million principal amount of notes were converted into ordinary shares. On February 7, 2012, General Atlantic elected to convert the remaining $35 million principal amount of notes plus accrued interest of approximately $864,000 into 22,771,000 ordinary shares at a conversion price of $1.575 per ordinary share, equivalent to 2,846,375 ADSs and a per-ADS conversion price of $12.60.

The potential impact of the conversion of the notes to ordinary shares has been reflected in the earnings per share calculations in WuXi's previous financial reporting, in accordance with generally accepted accounting principles. With WuXi's purchase of these shares today, they will be removed from shares outstanding for all future earnings per share calculations.

About WuXi

WuXi 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 provides pharmaceutical, biotechnology and medical device companies with a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi's services are designed to help its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. The operating subsidiaries of WuXi are known as WuXi AppTec.

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 the expected closing date of the transaction. We undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release, except as required by law.  Such information speaks only as of the date of this release.


'/>"/>
SOURCE WuXi PharmaTech (Cayman) Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. WuXi PharmaTech Schedules Fourth-Quarter 2011 Earnings Release
2. WuXi PharmaTech Provides Update of 2011 Financial Guidance, to Present at J.P. Morgan Healthcare Conference
3. WuXi PharmaTech Presents the 2011 Life Science and Chemistry Awards
4. WuXi PharmaTech Schedules Third-Quarter 2011 Earnings Release
5. WuXi PharmaTech Acquires China-Based Clinical Research Services Companies
6. WuXi PharmaTech Announces Second Quarter 2011 Results
7. WuXi PharmaTech Announces Shareholder Resolutions Adopted at 2011 Annual General Meeting
8. WuXi PharmaTech Schedules Second-Quarter 2011 Earnings Release
9. WuXi PharmaTech Announces First-Quarter 2011 Results
10. WuXi PharmaTech Files 2010 Annual Report on Form 20-F
11. WuXi PharmaTech Schedules First-Quarter 2011 Earnings Release
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/4/2016)... 4, 2016 Research ... "Global Acute Myeloid Leukemia Market and Competitive ... offering.       (Logo: http://photos.prnewswire.com/prnh/20160330/349511LOGO ... Market and Competitive Landscape Highlights 2016, provides ... products, Acute Myeloid Leukemia epidemiology, Acute Myeloid ...
(Date:5/3/2016)... Research and Markets has announced the addition ... Outlook 2020" report to their offering. ... has improved significantly in past years due to which ... years. Many cancer drugs have been developed by utilization ... expected to be developed with its help. They are ...
(Date:5/3/2016)... 3, 2016  While you may be familiar with watching a film or TV show in ... ultra-high-definition or 8MP in the Medical Industry.  Ampronix  is a renowned authorized reseller of the ... Photo - http://photos.prnewswire.com/prnh/20160502/362730 ... ... ...
Breaking Medicine Technology:
(Date:5/4/2016)... ... May 04, 2016 , ... ... industry, today announced that it was chosen as the Pharmaceutical News Provider of ... . The awards acknowledge the hard work and dedication of community members who ...
(Date:5/4/2016)... , ... May 04, 2016 , ... Advanced Spine & ... help restore its patients’ health, is hosting a free seminar on stem cell injections. ... held at Advanced Spine & Sport, 4601 Telephone Road, Suite 110, Ventura, CA. There ...
(Date:5/4/2016)... City, Nevada (PRWEB) , ... May 04, 2016 , ... ... bladder infections. Bladder infections, also called UTIs, have plagued people since the beginning ... millions of women get bladder infections every year. It's not just a matter of ...
(Date:5/4/2016)... ... May 04, 2016 , ... With the stamp of approval from the ... May as National Cancer Research Month. According to the American Cancer Society (2016) ... predications of one in four Americans dying as a result. , With numbers as ...
(Date:5/4/2016)... , ... May 04, 2016 , ... Fertility Centers of ... 535 Ocean Ave. Their new Maine Fertility Center provides convenient access to care for ... Rainville and her staff at Women’s Wellness Comprehensive Care in Portland,” said Fertility Centers ...
Breaking Medicine News(10 mins):