WuXi PharmaTech Announces Purchase of Ordinary Shares from General Atlantic
WuXi expects the transaction to close on or about February 24, 2012. WuXi will use existing cash balances to pay for the transaction.
WuXi PharmaTech has announced to purchase from investment funds affiliated with global growth investor General Atlantic LLC ("General Atlantic") all of the WuXi ordinary shares General Atlantic received on February 12, 2012, following the conversion in full of the $35 million principal amount of convertible notes plus accrued interest of approximately $864,000 held by General Atlantic.
The per-ADS equivalent purchase price of $13 was established based on a discount of slightly over 5% of the ADS closing price on February 13, 2012.
The transaction was reviewed and approved by the disinterested members of the audit committee of WuXi's board of directors.
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