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:2/20/2017)... , Feb. 20, 2017 Provides understanding ... and agreements entered into by the worlds leading ... https://www.reportbuyer.com/product/3605699/ Description The Global Renal Failure ... understanding and access to partnering deals and agreements ... - Trends in partnering deals ...
(Date:2/20/2017)... Systems Magnetic resonance imaging (MRI) ... the organs and tissues in the body with the ... technique does not use ionizing radiation either for the ... of cancer. MRI is used for a variety of ... orthopedics. Hence, MRI helps in the diagnosis and treatment ...
(Date:2/20/2017)... report analyzes the worldwide markets for Drug-Eluting Stents in US$ Million. ... Canada , Japan , Europe ... , and Rest of World. Read the ... ... 2015 through 2022. Also, a six-year historic analysis is provided for ...
Breaking Medicine Technology:
(Date:2/20/2017)... Mass. (PRWEB) , ... February 20, 2017 , ... ... delivery for regulated industries, announced Biscom Document Router (BDR), the first IoT device ... resolution lab diagnostics and imaging. Biscom will debut BDR at HIMSS17 ...
(Date:2/20/2017)... ... 2017 , ... Houston dentist , Dr. Nazari, announces ... his office, Antoine Dental Center. Emergency dentistry encompasses many treatments for emergencies affecting ... for serious complications and often experience severe pain. Not only does prompt treatment ...
(Date:2/20/2017)... ... February 20, 2017 , ... ... to purchase a new ultrasound-enhanced thrombolysis machine, a state-of-the-art device that breaks up ... facilitated by the Pepin Family Foundation. , “We greatly appreciate this gift from ...
(Date:2/19/2017)... , ... February 19, 2017 , ... ... to result in better care, and MEDfx and the Delaware Health Information Network ... Delaware. , As the nation’s first state-wide health information exchange, DHIN stores and ...
(Date:2/18/2017)... ... 2017 , ... Butler Mobility invited Ken Matthews to visit its manufacturing facility ... Ken was impressed with the safety and reliability of the Stannah Stairlift as well ... This endorsement by Ken Matthews can be heard on News Radio WHP 580 ...
Breaking Medicine News(10 mins):