14 May 2021 | News
Per the terms of the joint venture agreement, WuXi Biologics and WuXi STA will make capital contributions of $120 million and $80 million respectively to WuXi XDC
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China based WuXi Biologics, a contract development and manufacturing organization (CDMO) with leading open-access biologics technology platforms, and WuXi STA, a subsidiary of WuXi AppTec, has announced that a joint venture company named WuXi XDC was established to provide end-to-end contract development and manufacturing of bioconjugates including antibody-drug conjugates (ADCs). Dr. Jimmy (Jincai) Li was appointed as CEO of WuXi XDC.
Per the terms of the joint venture agreement, WuXi Biologics and WuXi STA will make capital contributions of $120 million and $80 million respectively to WuXi XDC. WuXi XDC will be owned by WuXi Biologics for 60% and WuXi STA for 40%.
Accordingly, WuXi XDC will become a non-wholly owned subsidiary of WuXi Biologics, providing services for development and manufacturing of antibodies or other biologics, chemical payloads and linkers, and the bioconjugated Drug Substance (DS) and Drug Product (DP).
"Bioconjugates have recently emerged as an exciting therapeutic modality to address unmet medical needs. We're excited about establishing WuXi XDC, a dedicated end-to-end bioconjugate CDMO which will combine the world-class capacities and capabilities of both WuXi Biologics and WuXi STA to provide a superior one-stop service for global partners in an effort to expedite development and lower costs." Dr. Chris Chen, CEO of WuXi Biologics and Chairman of WuXi XDC, commented, "We are also delighted to announce Jimmy's new appointment and are confident that he will lead the company to establish a global outstanding bioconjugate CDMO to enable these novel therapeutics into the clinic and eventually on to commercialization."