By P.R. Venkat
Wuxi Biologics (Cayman) Inc. is planning to raise US$784.9 million through a share placement, with proceeds going toward building manufacturing facilities in the United States.
The Chinese biotech company will place a total of 47 million shares at an issue price of 137 Hong Kong dollars each, Wuxi Biologics said Tuesday.
The shares are being placed a 7.87% discount to Monday's closing price of HK$148.70 each.
Shares will be placed with third parties, including institutional investors, the company said.
Morgan Stanley is acting as the placement agent for Wuxi Biologics.
Write to P.R. Venkat at venkat.pr@wsj.com