By P.R. Venkat

Wuxi Biologics (Cayman) Inc.'s controlling shareholders are seeking to raise 7.63 billion Hong Kong dollars (US$984.63 million) by selling a chunk of shares through a block trade.

The controlling shareholders are planning to sell 60 million shares at a price of HK$127.18 each, Wuxi Biologics said Thursday.

Morgan Stanley is acting as the placement agent for the block trade.

After the sale, the controlling shareholders' stake in the company will fall to 26.89% from the current 31.49%.

Write to P.R. Venkat at venkat.pr@wsj.com