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Wuxi Apptec WX Q1 2009 update

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(Update 2, May 20) Bought it back, looks like it has more room to run 🙂

(Update May 19) Sold out my WX positions. I had a second thought on the stock.

(Original) Formerly Wuxi Pharma Tech, the name change was to reflect the US based Apptec acquisition a year ago.

I have bought and sold WX a few times since its IPO in 2007 (Wuxi Pharma Tech looking good; Got some WX again; Wuxi Pharma continues to drop). I sold out my WX position last Sept. (shortly before Lehman’s fall). I decided to got back some WX again about 10 days ago. A few things have changed since last update:

1) Since Wuxi cancelled the secondary offering last May, the selling shareholder UOB sold shares to private equity firm Warburg Pincus.

2) WX had to wrote down a large portion of good will because buying Apptec at the wrong time (pulled trigger too earlier).