WuXi PharmaTech Reaches $3.3B Buyout Agreement

WuXi PharmaTech (Cayman) Inc. has entered into a definitive agreement and merger plan with new WuXi Life Science Ltd. and WuXi Merger Ltd., a wholly owned subsidiary of Parent.The merger, expected to close during 4Q15, is subject to customary closing conditions.
 
Parent will acquire the company for approximately $3.3 billion in cash. Following the transaction, Parent will be owned by a consortium comprised of new investors, which include affiliates of or funds managed or advised by Ally Bridge Group Capital Partners, Boyu Capital, Temasek Life Sciences, and Ping An Insurance.
 
The following founders and executive officers of the company who have elected to roll-over their interest in the company in connection with the merger include: Dr. Ge Li, the chairman and chief executive officer, Mr. Xiaozhong Liu, an executive vice president and a director, Mr. Zhaohui Zhang, a senior vice president of operations, the head of domestic marketing and a director, and Dr. Ning Zhao, a senior vice president of operations, the head of corporate human resources and a director.
 
As of the date of the merger agreement, Hillhouse and the Founders beneficially own in aggregate approximately 4.5% of the issued and outstanding Shares.