WuXi Biologics Cayman : to Raise US$784.9 Million via Share Placement

By P.R. Venkat

Wuxi Biologics (Cayman) Inc. is planning to raise US$784.9 million through a share placement, with proceeds going toward building manufacturing facilities in the United States.

The Chinese biotech company will place a total of 47 million shares at an issue price of 137 Hong Kong dollars each, Wuxi Biologics said Tuesday.

The shares are being placed a 7.87% discount to Monday's closing price of HK$148.70 each.

Shares will be placed with third parties, including institutional investors, the company said.

Morgan Stanley is acting as the placement agent for Wuxi Biologics.

Write to P.R. Venkat at [e-mail]