(Update 2, May 20) Bought it back, looks like it has more room to run ๐
(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).