WuXi PharmaTech Gets $46/ADS Proposal From CEO-led Consortium - Quick Facts

(RTTNews) - WuXi PharmaTech (Cayman) Inc. (WX) announced that it has received a preliminary non-binding proposal letter, dated April 29, 2015, from a consortium led by Ge Li, founder, chairman and chief executive officer of the Company, and Ally Bridge Group Capital Partners or "ABG" that proposes a transaction involving the acquisition of all outstanding shares of the Company not already owned by members of the Consortium for $46.00 in cash per American Depositary Share, or $5.75 in cash per ordinary share.

The proposal represents a premium of 16.2% to the Company's closing price on April 28, 2015, a premium of 24.1% to the volume-weighted average closing price during the last 180 trading days and a premium of 8.7% to the Company's 52 week high closing price.

ABG is a global healthcare-focused investment group, founded and led by Mr. Frank Yu (formerly a Managing Director of Goldman Sachs and Och-Ziff Capital).

The proposal letter also states that the Chairman and ABG have agreed to work together exclusively in pursuing the Transaction.

The Company noted that its board will form a special committee comprising independent directors of the Company to consider the proposed transaction. The Special Committee is expected to be authorized to retain independent advisors, including a financial advisor and legal counsel, to assist it in its work.

The company noted that no decisions have been made by the Special Committee with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.