Abstract
WuXi AppTec and ShangPharma, two major contract research firms that previously traded publicly in the U.S., have started the process of listing themselves in China. The simultaneous moves, apparently coincidental, come at a time when company valuations in China are higher than in the U.S. Shanghai-based WuXi AppTec, the world’s largest contract pharmaceutical research firm, with more than 10,000 employees and operations in China and the U.S., says it has retained Huatai United Securities as its financial adviser for an initial public offering of stock in China. Separately, ShangPharma says it plans to merge with a firm already listed in Shanghai or Shenzhen to achieve a market listing in China. Before the merger, ShangPharma will consolidate its various contract research and custom manufacturing subsidiaries into a single firm, Shanghai ChemPartner. With more than 2,000 employees, ShangPharma is China’s third-largest contract research firm after WuXi and Pharmaron. WuXi was listed on
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