Pharmaceutical R&D company WuXi AppTec has issued RMB6.78 billion (USD996.6 million) in USD-settled zero-coupon convertible bonds due in 2027. Fangda Partners, Wilson Sonsini, Jingtian & Gongcheng and Linklaters provided legal support.
The initial conversion price was HKD153 (USD19.5) per share, 17.6% above the closing price of the H shares on the date of the subscription agreement. Net proceeds are expected to reach around USD1.02 billion.
Fangda Partners counselled WuXi AppTec on PRC law, while Wilson Sonsini advised on international law, led by partners Chen Weiheng and Chu Yang.
Jingtian & Gongcheng served as PRC legal counsel to the underwriters Morgan Stanley, Citi and Goldman Sachs, with partner Tian Mingzi leading the team. Linklaters advised them underwriters on international law, led by partner Taiki Ki.
The issuance announcement stated that the proceeds would mainly be used for global capacity and capability development, as well as general corporate purposes.
Shanghai-headquartered WuXi AppTec was founded in 2000 and listed on the SSE and the HKEX in 2018. The company provides drug R&D and manufacturing services to the global biopharmaceutical industry, with operations across Asia, Europe and North America.
