WuXi Biologics Plans to Buy Back Up to US$400 Million of Shares
By Megan Cheah
WuXi Biologics (Cayman) is proposing to repurchase up to US$400 million of its shares in the open market, signaling confidence in its business outlook.
The buybacks will be conducted "from time to time" in the open market, the Hong Kong-listed contract research, development and manufacturing company said Tuesday. The company has a repurchase mandate to buy back around 406 million shares, or roughly 10% of its issued shares as of its last annual general meeting, on the Hong Kong stock exchange.
The company said it proposed the repurchase as the current trading price of the shares doesn't reflect their intrinsic value or the actual business prospects of the company.
The proposed share repurchase is to "demonstrate the company's confidence in its own business outlook and prospects," added WuXi Biologics, which provides services for the pharmaceutical industry.
Shares of WuXi Biologics closed Friday 0.4% lower at 32.72 Hong Kong dollars, equivalent to US$4.18, before the announcement. The stock is up 4.1% year to date.
Write to Megan Cheah at megan.cheah@wsj.com
(END) Dow Jones Newswires
May 25, 2026 21:27 ET (01:27 GMT)
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