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WuXi AppTec eyes acquisitions after $1bn Hong Kong IPO

December 14, 2018 / Phil Taylor

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 th...