Bioconjugation-focused CDMO WuXi XDC rose 39% on its first day of trading on the Hong Kong Stock Exchange.
WuXi drug development is respected worldwide.
WuXi
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WuXi XDC provides end-to-end services – from discovery to commercial production in bioconjugation. A month ago, WuXi Biologics, the parent company of WuXi, launched processes in single-use bioreactors. WuXi Bio has developed an innovative ultra-intensified intermittent perfusion fed-batch technology (UI-IPFB) for WuXiUI. According to the company, the process can be used for mAbs, bispecific proteins and recombinant proteins.
In the IPO, the company issued 178,446,000 shares at a price of HK$20.60 per share (the upper end of the range). The Company expects gross proceeds of HK$4,071 million if the over-allotment option for 19,158,500 additional shares is exercised.
“The successful listing of WuXi XDC on the Hong Kong Stock Exchange marks another important milestone for the company,” said Chris Chen, CEO of WuXi Biologics and Chairman of WuXi XDC.
“I have witnessed the company’s evolution first-hand, from identifying unmet needs in the bioconjugate industry to establishing WuXi XDC as a trusted partner in this sector, and am excited about the future.” We are grateful for the trust and supporting our global investors, customers and partners as we continue to grow and develop.”
Jimmy Li, CEO of WuXi XDC, added: “We are excited to embark on the next chapter of WuXi XDC. With our vision – combining innovation with health – we have built an industry-leading open and integrated technology platform with end-to-end bioconjugation capabilities. I would like to thank everyone at WuXi XDC for their tireless efforts. With this new beginning, we aim to accelerate our growth in capabilities and capacity, strengthen our position in the industry and further advance our efforts to enable innovation and help patients worldwide.”
WuXi XDC’s services range from antibody intermediates and other biological intermediates, chemical payloads and linkers to bioconjugated drug substances and drug products. With integrated capabilities and efficiencies, WuXi has
As of June 2023, WuXi XDC had 110 ongoing integrated projects in development, including 47 post-IND bioconjugate candidates and 16 projects in Phase II/III development.
A version of this article was first published in ChinaBio Today on November 17, 2023
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