WuXi PharmaTech, the Chinese provider of R&D outsourcing services to the pharmaceutical and medical device industries that earlier this year stamped its presence on the US market with its US$151 million acquisition of AppTec Laboratory Services, is planning a second public offering of US stock.

The company raised $185 million from an initial public offering in New York last August. It has now filed a Form-1 registration statement with the US Securities and Exchange Commission (SEC) for a proposed follow-on offering of 10,126,800 American Depositary Shares (ADSs) at an as yet undetermined price.

The offering, which represents 81,014,400 ordinary shares, includes securities to be issued and sold by WuXi itself as well as further ADSs to be sold by certain of the company’s shareholders. Lead underwriters for the offering are Credit Suisse Securities (USA) LLC and JP Morgan Securities, Inc.

Specifically, WuXi PharmaTech is offering 4,264,400 ADSs, representing 34,115,200 ordinary shares, while the company’s selling shareholders are offering 5,862,400 ADSs, representing 46,899,200 ordinary shares. Before the preliminary prospectus for the secondary public offering went to the SEC, the last reported sale price for WuXi’s American Depositary Shares was $23.45 per ADS.

WuXi expects to use up to around US$33.0 million of the proceeds from the planned sale of its ADSs for the expansion of its 220,000 sq ft current Good Manufacturing Practices (cGMP)-quality plant in Jinshan District, Shanghai, which is already underway.

Up to US$37.0 million will go to the construction of a preclinical drug safety evaluation centre in Suzhou, China. The rest of the proceeds will be for general corporate purposes, including working capital, acquisitions and service offering expansion, WuXi said.

The company achieved growth of 93.3% in net revenues to US$135.2 million last year, while operating income nearly tripled from US$10.1 million to US$30.2 million.