China’s WuXi PharmaTech tapping banks for $1.5b IPO for biologics arm

WuXi PharmaTech (Cayman) Inc., China’s biggest contract medical researcher, has picked banks for an initial public offering of its biologics unit that could value the business at about $1.5 billion, people with knowledge of the matter said.

WuXi PharmaTech hired Bank of America Corp. and Morgan Stanley to arrange a Hong Kong share sale for the unit, according to the people, who asked not to be identified because the information is private. The offering could take place as soon as the second half of this year, the people said.

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