Wuxi PharmaTech closing in on $3.3b take-private

The deal would be the second-largest privatisation of a US-listed Chinese company and could pave the way for a relisting in China or Hong Kong if completed.

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 to take the company private for a cash consideration of $46 per American Depositary Share, equating to a 16.5% premium over the last closing price. It is the second attempt to de-list the company since...

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