WuXi AppTec unit to guarantee subsidiaries up to $1.5b

WuXi AppTec (SSE: 603259) announced that WuXi AppTec International Holdings Limited, a wholly-owned subsidiary, will guarantee the obligations of WuXi ATU (Ireland) Holding Limited and WuXi ATU (Hong Kong) Limited. The guarantees stem from a share purchase agreement with Altaris LLC regarding the sale of WuXi Advanced Therapies Inc. and Oxford Genetics Limited. The maximum guarantee amount is capped at $1.5 billion. The purpose is to ensure uninterrupted service to cell therapy clients and continued operations for related scientists and staff. As of the announcement date, the total amount of external guarantees provided by WuXi AppTec and its subsidiaries stood at $11.5 billion, representing 14.97% of the company's latest audited net assets. The company stated that there are no overdue guarantees and no guarantees provided to the actual controller or its related parties.