WuXi PharmaTech Unit To Raise $80M In New Funding

Chinese contract research and development services provider for the pharmaceutical industry WuXi PharmaTech (Cayman) Inc. says its small-molecule drugs manufacturing subsidiary is in the process to raise RMB499 (US$80 million) from 33 unnamed Chinese institutional investors, according to a company announcement. The unit, SynTheAll Pharmaceutical Co. Ltd., has agreed to issue 7.16 million new common shares, or around 6% of its current total shares outstanding, to the investor group in a private placement deal.

The Astonishing Mysteries Of China’s New Third Board

It was a year of explosion for China’s New Third Board, officially named the National Equities Exchange and Quotations (NEEQ), in 2015. A total of 5,129 companies with combined market capitalization of RMB2.46 trillion (US$374 billion) were listed on China’ New Third Board as of the end of 2015, up 3.26 times and 4.35 times from 2014, respectively, says China’s Xinhua News Agency.