April 26, 2010
Willkie represents Warburg Pincus as one of the major WuXi shareholders in the transaction.
On April 26, it was announced that Charles River Laboratories International Inc. and China’s WuXi PharmaTech (Cayman) Inc. have signed a definitive agreement under which the two companies will combine in a cash and stock transaction valued at approximately $1.6 billion. Willkie represented Warburg Pincus as one of the major WuXi shareholders in the transaction. Charles River will pay $21.25 for each WuXi American Depositary Share, consisting of $11.25 in cash and $10 in stock. Charles River shareholders will hold 78% and WuXi owners will hold 22% of the combined group. The deal will combine the drug-testing operations of Charles River with WuXi’s drug research and discovery chemistry operations, creating a company with $1.47 billion in sales (last year), operating under the Charles River name. The deal was handled by partners Steven Gartner and Robert Langdon, and associate Christopher Freeland.