Just months after taking the company private in a $3.3 billion deal, WuXi CEO Ge Li has begun setting the stage to spin out its rocketing biologics unit in an IPO that would value the business at $1.5 billion, according to a report from Bloomberg.
Based in Shanghai with facilities in the U.S., WuXi has achieved remarkably fast growth, emerging as the biggest contract research organization in China with extensive R&D and manufacturing ties throughout the world. In just the last few months the company has:
Bank of America and Morgan Stanley have been brought in to handle a Hong Kong share sale, Bloomberg reports, citing sources close to the deal. WuXi pulled out of the New York Stock Exchange on December 10.
Ge Li and his top executive crew have earned a reputation for fast-paced dealmaking that’s unprecedented in China’s growing biopharma business. And clearly they’re still in the early stages of wheeling and dealing with some of the biggest, and smallest, players in the global industry.
By John Carroll
Source: Fierce Biotech
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