Warburg Pincus Acquires 5.4% of WuXi PharmaTech's Outstanding Ordinary Shares from United Overseas Bank
Monday July 14, 4:30 pm ET
SHANGHAI, China, July 14 /Xinhua-PRNewswire/ -- WuXi PharmaTech (NYSE: WX - News), a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, today announced that Warburg Pincus, the global private equity firm, has acquired 5.4% of its outstanding ordinary shares from affiliates of United Overseas Bank.
At the closing of the transaction on July 2, 2008, affiliates of United Overseas Bank (UOB), one of the early venture investors of WuXi PharmaTech, sold to Warburg Pincus a total of 26,808,496 ordinary shares, equivalent to 3,351,062 American Depositary Shares. A beneficial ownership statement Schedule 13D with respect to this acquisition was filed with the Securities and Exchange Commission.
''I am very delighted that Warburg Pincus has decided to invest in WuXi. As a premier global private equity firm with tremendous experience in the life science industry, Warburg Pincus not only will strengthen our investor base, but more importantly we believe that it will provide strategic and business assistance to us,'' commented Dr. Ge Li, Chairman and CEO of WuXi PharmaTech.
''We are pleased to become a shareholder of WuXi PharmaTech which is a clear leader in the rapidly growing drug and medical device outsourcing industry. WuXi has an impressive track record of growth and a distinguished reputation for customer service,'' said Mr. Stewart Hen, Managing Director of Warburg Pincus based in New York. Added Mr. Dai Feng, Principal of Warburg Pincus based in China, ''With our global expertise in healthcare and our deep understanding of the off-shore operating environment, we hope to assist WuXi in achieving its strategic and financial goals.''