Warburg Pincus takes 5.4% stake in WuXI

WuXi PharmaTech, a biopharmaceutical and medical device R&D outsourcing company with operations in China and the USA, says that global private equity firm Warburg Pincus has acquired 5.4% of its outstanding ordinary shares from affiliates of the United Overseas Bank.

At the closing of the transaction on July 2, affiliates of UOB, one of the early venture investors of WuXi, sold to Warburg Pincus a total of 26,808,496 ordinary shares, equivalent to 3,351,062 American Depositary Shares. A beneficial ownership statement schedule 13D with respect to this acquisition was filed with the US Securities and Exchange Commission.

"I am very delighted that Warburg Pincus has decided to invest in WuXi. As a premier global private equity firm with tremendous experience in the life science industry, Warburg Pincus not only will strengthen our investor base, but more importantly we believe that it will provide strategic and business assistance to us," commented Ge Li, chief executive of WuXi PharmaTech.