Wuxi Biologics Plans Spin-off and Separate Listing of Wuxi XDC
Chinese contract research, development, and manufacturing organization (CRDMO) Wuxi Biologics announced the planned spin-off and separate listing of its subsidiary WuXi XDC on the Hong Kong Stock Exchange. Upon completion of the proposed listing, Wuxi XDC will remain a consolidated subsidiary.
A joint venture between WuXi Biologics and Wuxi STA, Wuxi XDC provides CRDMO services for bioconjugates, including antibody drug conjugates (ADCs).
Chris Chen, CEO of Wuxi Biologics and Chairman of Wuxi XDC, commented: “The establishment and development of Wuxi XDC is another testament to Wuxi Biologics’ effective business growth strategy, and demonstrates the company’s vision and determination to further strengthen its leadership in the bioconjugate industry.”
According to Wuxi, the ADC and bioconjugate market are at a growth inflection point, offering Wuxi XDC opportunities in the fast-growing global bioconjugate market.
Moreover, the proposed spin-off is expected to give Wuxi XDC an independent fundraising platform in the broad capital market to meet the capital needs for building a global leading ADC and bioconjugate service provider and realize the growth potential of the ADC and bioconjugate market.
Wuxi XDC has brought multiple ADC projects to the Investigational New Drug (IND) filing stage in 15 months or less, nearly cutting in half the traditional development timeline, the company said. As of May 2023, 102 on-going integrated projects are under development at WuXi XDC, including 44 post-IND bioconjugate projects, among which 14 projects are in Phase 2/3.
