Global CRO WuXi PharmaTech has announced that, in response to a preliminary non-binding proposal letter, dated April 29, received by the company's board of directors from Dr. Ge Li, founder, chairman and CEO of the company, and Ally Bridge Group Capital Partners to acquire the company in a "going private" transaction, the board has formed a special committee of independent directors consisting of Xuesong (Jeff) Leng, William R. Keller and Walter T. Kwauk to evaluate the proposed transaction.
The chairman, Ally Bridge Group Capital Partners and Boyu Capital Fund II have formed a consortium and entered into a related consortium agreement in connection with the proposed transaction.
No decisions have been made by the special committee with respect to the company's response to the proposed 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. The company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.