2023-07-17 02:48:06
Amid competition to preoccupy ADC (antibody drug conjugate), the next-generation food in the field of contract development and manufacturing (CDMO), Wuxi Biologics is aiming to expand its territory through listing of its subsidiary.
Wuxi Biologics announced plans to list Wuxi XDC, a subsidiary specializing in bioconjugates such as ADC.
According to the pharmaceutical industry on the 17th, Wuxi Biologics announced plans to list its subsidiary specializing in bioconjugates such as ADC.
The company aiming for listing this time is Wuxi XDC, a subsidiary specializing in bio-conjugates such as ADC, and plans to list it on the Hong Kong Stock Exchange through a spin-off.
Wuxi XDC is a joint venture between Wuxi Biologics and Wuxi STA for the research, development and manufacturing of antibodies and other biological intermediates. It is promoting the global CRDMO business with a focus on it.
If Wuxi XDC becomes a spin-off in the future, it will be listed on the Hong Kong Stock Exchange as an independent subsidiary under the name of Wuxi Group, not a subsidiary of Wuxi Biologics, and is expected to focus on the specialized CRDMO business in the bioconjugation market, which is attracting attention as ADC.
In particular, the spin-off is expected to help raise funds, attract talent, and improve governance.
Currently, Wuxi XDC has announced that it has successfully submitted clinical trial plans (INDs) for various ADC projects within 15 months, which is half of the traditional development period. Wuxi XDC is known to be carrying out 102 projects as of May this year.
On the other hand, the bio industry believes that it is important to secure core technologies through mergers and acquisitions or collaboration with bio companies as it takes a long time for CDMO to develop technology on its own due to the nature of the ADC field.
Even when they turned their eyes to domestic companies, Samsung Biologics and Lotte Biologics are aiming to secure technology through ADC-related investments and collaboration.
However, as seen in the case of Wuxi Biologics, it is observed that cooperation beyond collaboration in the form of subsidiaries will ultimately be inevitable.
An official from the bio industry said, “As ADC technology is not simple, we know that there is a lot of interest in mergers and acquisitions of biotechs that have the technology.” “It seems important at this stage,” he said.
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