WuXi PharmaTech (Cayman) Inc., a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries with operations in China and the United States, today announced that it has entered into a definitive Agreement and Plan of Merger with New WuXi Life Science Limited and WuXi Merger Limited, a wholly owned subsidiary of Parent.
Pursuant to the Merger Agreement, Parent will acquire the Company for cash consideration equal to USD 5.75 per ordinary share of the Company and USD 46 per American Depositary Share of the Company, each representing eight Shares, or approximately USD 3.3 billion in aggregate cash consideration. This represents a 16.5 per cent premium over the closing price of USD 39.50 per ADS as quoted by the New York Stock Exchange on April 29, 2015.
Credit Suisse Securities (USA) LLC is serving as the financial advisor to the Special Committee, Willkie Farr & Gallagher LLP is serving as U.S. legal counsel to the Special Committee, Walkers Global is serving as Cayman Islands legal counsel to the Special Committee and Zhong Lun Law Firm is serving as PRC legal counsel to the Special Committee. O'Melveny & Myers LLP is serving as U.S. legal counsel to WuXi.