WuXi Biologics (HKG: 2269) has successfully spun off its conjugate drug-focused subsidiary, WuXi XDC Cayman Inc., (HKG: 2268) to the Hong Kong Stock Exchange on Friday, November 17, 2023. Through the global offer, WuXi XDC issued 178.44 million shares at a price of HK 20.60 per share. The gross proceeds are estimated to be around HKD 4 billion (USD 510 million), assuming full exercise of an over-allotment of 19.1 million shares.
Expanding WuXi XDC’s Global CDMO Capabilities
The funds raised by WuXi XDC will be directed towards expanding its capabilities and capacity as a contract development and manufacturing organization (CDMO) on a global scale. This expansion includes facility construction in Singapore, increased manufacturing capacity in China, and the pursuit of partnerships and investment/acquisition opportunities.
WuXi XDC’s Comprehensive Services in Bioconjugation and ADC Development
WuXi XDC specializes in end-to-end services from discovery to commercial production, with a focus on bioconjugation and particularly antibody drug conjugate (ADC) development. The company offers a range of services including antibody and other biologic intermediates, chemical payloads and linkers, and bioconjugate drug substances. Both clinical and commercial stage production are within WuXi XDC’s scope of services. According to the press release, WuXi XDC can significantly shorten the ADC development timeline to just 13-15 months from antibody DNA sequence to Investigational New Drug (IND) filing, which is approximately a 50% reduction from the industry average.- Flcube.com
