WuXi AppTec eyes acquisitions after $1bn Hong Kong IPO

Chinese biotech WuXi AppTec has completed its listing on Hong Kong’s HKEX, raising $967m just months after making its debut on the Shanghai exchange. The company which provides contract research, development, and manufacturing services to pharma, medical device and biotech firms – said the new proceeds would be used to expand its global presence, which could include acquiring smaller outsourcing companies. It has driven the value of the company up above the $10 billion marks.
The fundraising comes shortly after WuXi AppTec opened a new facility in San Diego focusing on small-molecule drug development – providing services such as screening, discovery biology, pharmacology and process R&D, as well as small-scale manufacturing for early-stage clinical trials – and a new medical device testing facility in Suzhou. WuXi AppTec’s chief executive Dr. Ge Li said the capital unlocked by the HKEX listing would help the company “continue to enhance the capability and capacity of our platform”, with investments planned for new capacity in both China and the US, as well as on new technologies and “fostering” healthcare start-ups.