Chinese biopharmaceutical firm Wuxi AppTec has taken the first step to relist its assets in Asia, launching a HK$3.6 billion to HK$4 billion $461m to $511 million initial public offering for its biologics division in Hong Kong on Wednesday.
The Wuxi Biologics IPO comes 18 months after its parent was delisted from the New York stock exchange in December 2015. The parent, then known as Wuxi PharmaTech, was taken private through a $3.3 billion management buyout supported by Chinese private equity funds Boyu, Hillhouse and Ally Bridge, as well as Singapore sovereign fund Temasek Holdings and Ping An Insurance.
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