Wuxi Biologics To Raise Up To $513 Million In Hong Kong IPO

According to sources, the upcoming Hong Kong IPO for WuXi Biologics, a CRO/CMO, will raise up to $513 million. That values WuXi's biologics subsidiary at $2 billion, given Hong Kong's requirement that IPOs must offer at least 25% of a company's shares. WuXi Biologics filed for the IPO in January, but the filing did not contain details of the offering. WuXi has still not announced these details officially, though the reports sound definitive. The $513 million transaction is a large increase over the $300 million January whisper number. Preparations for the IPO are expected to launch soon.