By P.R. Venkat

WuXi AppTec Co. is seeking to raise 7.29 billion Hong Kong dollars (US$940.6 million) through placement of new H Shares to finance acquisitions and for business development.

The pharmaceutical and medical device company will issue 68.21 million H-shares for HK$108.00 each, the company said Wednesday.

Wuxi AppTec is listed both on the Shanghai and Hong Kong stock exchanges.

The H-Shares are being placed at a 5.2% discount to Tuesday's closing price of HK$113.90 each.

Shares will be placed to at least six independent parties that include institutional and professional investors, the company said.

Morgan Stanley, Goldman Sachs are among the banks acting as placing agents for Wuxi AppTec.

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