Global CRO WuXi AppTec looks to raise $900M-plus from Shanghai IPO; Edge shares crushed on PhIII failure
→ Ge Li’s WuXi AppTec has filed for an IPO in Shanghai that’s expected to haul in more than $900 million to back a new building program for their research and development facilities. The big CRO has extensive contacts throughout the global industry. Ge Li took the company private a little more than two years ago — with a $3.3 billion value, according to the South China Morning Post — and is now driving back to the public market in China at a time biopharma in general has been sizzling hot. WuXi got the green light for the IPO in a matter of weeks, which analysts say is a sign of the intense rivalry building up between the exchanges in Shanghai and Hong Kong.
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