Shanghai-based WuXi Healthcare Ventures joined investments in two U.S.-based biotechs, one in San Francisco and the other in Cambridge, focused on gene work and that combined raised $101 million.
With WuXi PharmaTech concentrating on manufacturing and PRA Health Sciences developing its own global strategy, the two companies have decided to split up their China-focused joint venture.
China's WuXi bragged this year that it was building the largest biologics plant in China. WuXi PharmaTech CEO Ge Li said it was another move to muscle up its global biologics capabilities. Now the company has struck a deal to sell it to AstraZeneca.
The venture capital unit of WuXi PharmaTech said it has raised $290 million for a investment fund, which topped its initial target of $200 million and means WuXi Healthcare Ventures has now raised a total of more than $350 million that it plans to use to continue its "find in U.S. and build in China" expansion plans.
WuXi PharmaTech, China's largest CRO, closed an oversubscribed $290 million venture fund, turning its attention to biopharma startups at home and in the U.S.
Shanghai-based WuXi PharmaTech has left the New York Stock Exchange in a management-led buyout at $3.3 billion after a nearly 10-year run with a flurry of deals late this year pointing to the breadth of its ambitions in drug development.
WuXi PharmaTech and PRA Health Sciences are splitting up their China-focused joint venture, preserving an alliance but separating their operations in the country after more than two years of collaboration.
China's WuXi PharmaTech and North Carolina-based PRA Health Sciences said they have reorganized their joint operations in China, Hong Kong and Macau that were originally formed in 2013.
Chinese CRO WuXi PharmaTech is on board to help Genomics England pore over samples in its massive project to sequence the genomes of 100,000 Britons.
Eli Lilly is partnering with CRO WuXi PharmaTech to develop a cholesterol-lowering pill in China, relying on local expertise in hopes of tapping a growing market.