WuXi PharmaTech Postpones Secondary Offering

WuXi PharmaTech (NYSE: WX), the Shanghai-located CRO, has postponed its secondary stock offering, which was proposed one month ago, citing market conditions and the trading price of its ADSs. At the time of the SEC filing, WuXi was selling for $22.15. It has since declined only a small amount to $19.15.

As we detailed earlier, the majority of 10 million ADS offer was being offered by selling shareholders. The split was announced as 4.26 million ADSs from the company, and 5.85 million ADSs from shareholders (each ADS is worth 8 ordinary shares).

Chairman and CEO Ge Li was listed as offering 1 million ADSs, the entire board and executives (including Ge Li) were selling 2.51 million ADSs, and various subsidiaries of the United Overseas Bank of Singapore were putting 3.1 million ADSs up for sale.

Disclosure: none.