Shearman & Sterling advised Morgan Stanley Asia Limited, Huatai Financial Holdings (Hong Kong) Limited, Goldman Sachs (Asia) L.L.C. as sponsors and other joint global coordinators and underwriters on the US$1 billion global offering and initial public offering of WuXi AppTec Co., Ltd. (WuXi AppTec) on the Main Board of The Stock Exchange of Hong Kong Limited.
WuXi AppTec priced its offering at HK$68 (approximately US$8.7) per offer share and offered 116,674,200 global offering shares, subject to the overallotment option.
The transaction is significant in that it was completed in record time from the time of the A Shares Listing in May 2018 to the formal Hong Kong formal application on September 17, 2018 and completed on December 13, 2018, during tumultuous market conditions roiling the global markets.
WuXi AppTec (無錫藥明康德新藥開發股份有限公司) is a leading global pharmaceutical R&D services platform and the largest in Asia by total revenue in 2017, according to the F&S Report, transforming the business of discovery, development and manufacturing of innovative pharmaceuticals. The company provides comprehensive and integrated research and manufacturing services throughout the discovery, development and manufacturing spectrum for small molecule drugs. It also provides development and manufacturing services for cell and gene therapies as well as testing services for medical devices. Headquartered in Shanghai, WuXi AppTec has 27 operation sites and branch offices across the globe, including in China, the U.S. and Europe.