WuXi AppTec starts a global wave of expansion, jumping off in San Diego following $1B Hong Kong IPO raise
As WuXi AppTec reportedly raises $1 billion from its public listing in Hong Kong donning a valuation of $10.2 billion, it’s beginning to check off some of the initiatives it has blueprinted.
The Chinese CRO giant has announced it’s expanding its facilities in San Diego to gather key elements of its small molecule platform under one roof, from screening, discovery biology, pharmacology, process R&D all the way up to Phase I manufacturing.
As part of the expansion, WuXi will also “add extensively from the local talent base,” though the company has not responded to our query to the exact number of jobs and the size of the money involved.
“This expansion will enable us to better serve our U.S. and global customers, and contribute to the growth and success of the dynamic San Diego biotech ecosystem,” said CEO Ge Li in a statement.
WuXi first opened operations in San Diego in 2016 through its subsidiary Shanghai SynTheAll Pharmaceutical (STA) to provide process R&D and API manufacturing services for early-stage clinical studies.
In IPO filings, WuXi has laid out plans to direct the proceeds toward expanding its other capabilities — with projects in both China and the US — as well as acquiring other CRO/CDMO companies, nurturing healthcare startups, and developing new tech.