WuXi raises $185 million from IPO

The NYSE listing of the Chinese drug research company receives substantial demand, enabling it to price 8% higher than the top of the range.

China-based drug research and development outsourcing company, WuXi PharmaTech, has priced its US initial public offering 7.7% above the top of the range and raised $185 million. The deal could further increase to $212 million if a 15% greenshoe is fully exercised.

According to sources, the deal was 17 times covered with 280 accounts in the book. There was no real price sensitivity and the one-on-one hit rate during the roadshow was high. The majority of investors came...

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