WuXi's reportedly spinning off its biologics biz in an IPO

WuXi CEO Ge Li

Chinese CRO WuXi PharmaTech just went private in a $3.3 billion deal, but the company is looking to get back on the public markets through an IPO for its biologics business, according to Bloomberg.

Citing unnamed sources close to the company, Bloomberg reports that WuXi has enlisted Bank of America and Morgan Stanley to help it put together a Hong Kong IPO that could value its biologics division at $1.5 billion.

In the 9 months ended Sept. 30--WuXi's last financial disclosure before going private--the CRO's biologics business grew about 69% year-over-year, bringing in $57.8 million in revenue.

Biologics has long been WuXi's fastest growing division, and the company disclosed plans last month to invest $120 million in a Shanghai facility dedicated to biopharmaceuticals that will employ 800 scientists when it opens next year.

Bloomberg also notes that WuXi may be considering a public offering for the whole company in its home nation. The CRO previously traded on the New York Stock Exchange. WuXi has declined to comment on the rumors.

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