WuXi AppTec IPO tops $353m

09-May-2018 - Last updated on 10-May-2018 at 12:09 GMT

(Image: WuXi AppTec Co., Ltd.)

The Chinese contract research and development company WuXi AppTec has raised more than $353m in its initial public offering of common stock on the Shanghai Stock Exchange.

WuXi AppTec's initial public offering (IPO) of 104,198,600 shares of common stock was offered on the Shanghai Stock Exchange at RMB21.60 per share.

This, equivalent to US$3.39 per share, means the IPO has brought in more than $353m.

According to the company, the funds will be used to build and expand its R&D facilities in China, “further strengthening its capabilities and capacities to better serve global customers and partners.”

The Shanghai-headquartered CDMO operates 26 sites globally and branch offices in China, the US, Germany, UK, Japan, Korea, and Israel.

Dr. Ge Li, chairman and CEO of WuXi AppTec, said in a statement: "I'm deeply grateful for the great confidence and support we have received from the investment community… It allows us to further focus on our mission and accelerate growth of our enabling platform.”

WuXi AppTec has not responded to a request for comment as of publication.