WuXi PharmaTech Agrees to Go Private with $3.3 Billion Deal

China’s largest CRO, WuXi PharmaTech (NYSE:WX) has accepted a $3.3 billion buyout that will take it off the public market.
According to an article on Fierce Biotech:

Pending shareholder approval, the Shanghai-headquartered company will cease its U.S. listing in the fourth quarter of this year, selling itself to a newly formed parent company in an all-cash deal that trades $46 for each of WuXi’s American-traded securities. The total represents a 16.5% premium over WuXi’s closing price before the potential deal came to light.
WuXi CEO Ge Li first pitched the idea in April, teaming up with Chinese-American investor Ally Bridge Group and penning a note to the board urging a deal. Li and Ally now join the ranks of WuXi’s buyers, alongside Boyu Capital, Temasek Life Sciences, Hillhouse Capital, Ping An Insurance and a group of the company’s executives.