A consortium led by founder Ge Li is only a step away from taking Wuxi PharmaTech private in a $3.3 billion deal after two proxy advisory firms recommended shareholders of the New York-listed pharmaceutical company vote for the privatisation proposal.
Glass Lewis and Institutional Shareholder Services both advised shareholders to approve the deal, Wuxi PharmaTech said in a statement Wednesday.
In the proposal tabled on April 29 the consortium offered...