WuXi PharmTech jumps more than 30 percent in debut
PHILADELPHIA Aug 9 (Reuters) - The American Depositary Shares of WuXi PharmaTech (Cayman) Inc. (WX.N) surged as much as 38 percent in their market debut on Thursday after the initial public offering of the pharmaceutical and biotechnology research company priced above expectations.
WuXi's ADS hit a high of $19.38 before settling somewhat to $18.70, up $4.70, or over 33 percent, in morning trading. The IPO priced at $14, which topped the expected range of $11 to $13 per ADS.
Credit Suisse, JPMorgan and Jefferies & Co. underwrote the offering of the China-based, pharmaceutical and biotechnology research and development outsourcing company. (Reporting by Jessica Hall)