WuXi PharmaTech: How to Argue for a Few Dollars More

Quick Note - Almost at the Finishing Line

Coming to the HKEX Soon....................

Increasing Opportunities in Emerging Market CROs

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

WuXi PharmaTech Cayman / Equity Bottom-Up

<p>WuXi's Founder, Chairman and CEO, Dr. Ge Li and private equity firm Ally Bridge have made a non-binding offer to take the company private for $46/ADS in cash. The bid values the company at roughly 17x 2014 EBITDA, which is at the upper end of the range of 11-17x trailing EBITDA for transactions in this space. We think that a competing bid is unlikely, and the valuation looks full. &nbsp;See the attached announcement and letter from Dr. Li for more details.&nbsp;</p>

WuXi's Founder, Chairman and CEO, Dr. Ge Li and private equity firm Ally Bridge have made a non-binding offer to take the company private for $46/ADS in cash. The bid values the company at roughly 17x 2014 EBITDA, which is at the upper end of the range of 11-17x trailing EBITDA for transactions in this space. We think that a competing bid is unlikely, and the valuation looks full. &nbsp;See the attached announcement and letter from Dr. Li for more details.&nbsp;

Hangzhou Tigermed Consulting (A) (300347 CH)

WuXi's Chairman and Ally Bridge Offer $46/ADS in Going Private Bid