WuXi receives bid to take it private

China-based contract research and manufacturing company WuXi PharmaTech has received a proposal to be taken private by a consortium led by its CEO and Ally Bridge Group Capital Partners.

Under the proposal by CEO Ge Li and Ally, the group would  purchase all remaining shares for $46, which would provide a 16.5% premium to WuXi's closing price on Wednesday. This morning the shares rose to $46.

The purchase is intended to be financed with a combination of debt and equity capital.  The proposal letter also states that Li and Ally have agreed to work together exclusively in pursuing the transaction.