Chinese CRO giant WuXi PharmaTech is looking to expand its investment portfolio, planning to debut a $250 million new fund that will back startups in the U.S. and China.
U.S. and China focused WuXi Healthcare Ventures Fund picked up $50 million from affiliated WuXi PharmaTech, the sprawling China-based biopharma CRO, according to documents filed with the U.S. Securities and Exchange Commission.
WuXi PharmaTech has been in expansion mode for its manufacturing, which of course, comes with financing pressures. To raise some cash for the expansion of its small-molecule manufacturing subsidiary, SynTheAll Pharmaceutical, WuXi intends to sell off 6% of the business in anticipation of raising $80 million.
WuXi PharmaTech sought and has been approved for an extension under U.S. Securities and Exchange Commission Rule 406 to keep confidential treatment of information excluded from Form F-1 filed on July 24, 2007, as amended, according to an order filed June 17.
Chinese CRO WuXi PharmaTech is joining forces with the gene therapy experts at ReGenX Bio to hammer out a manufacturing process for the company's potential one-time treatments.
WuXi PharmaTech's NextCODE secured a spot among the companies and research institutions taking part in Genomics England, contending for a lead role in the group's ambitious effort to sequence the genomes of 100,000 people.
A heavyweight consortium of Chinese biomedical- and healthcare-focused funds said it would acquire San Diego-based biotech Ambrx, which abandoned an initial public offering last year, in a deal that opens a path to cutting-edge candidates in oncology therapies.
WuXi PharmaTech, China's largest CRO, again boosted its revenue by double digits last quarter, keeping the pace of growth as it considers an offer to go private.
WuXi PharmaTech, China's largest CRO, is considering an offer that would take it private at a sizable premium, forming a committee of independent advisers as it plots its next move.
Wuxi PharmaTech, which is making a big push into cell line manufacturing, has started work on a $150 million plant in China, after already starting on new facilities in the U.S.