SUZHOU, China, March 17, 2021 /PRNewswire/ -- WuXi Biologics ("WuXi Bio") (2269.HK), a global company with leading open-access biologics technology platforms, today announced it has entered into a purchase agreement with CBC Group ("CBC"), a healthcare-dedicated investment firm, and other companies including Ming Bioventures under which WuXi Bio will acquire over 90% interest of CMAB Biopharma Group ("CMAB"). The transaction is expected to close in the second quarter of 2021.
As a Contract Development and Manufacturing Organization (CDMO) based in Suzhou, China, CMAB provides comprehensive services from cell-line development, process development to clinical GMP manufacturing and has over 250 employees. Upon transaction completion, WuXi Biologics will increase 7000L drug substance capacity (MFG21) and drug product capacity (DP11) for liquid and lyophilization within its global manufacturing network.
Furthermore, WuXi Biologics and CBC will also establish a strategic collaboration to enable CBC portfolio companies to discover, develop and manufacture biologics. This also reflects the joint efforts between the two companies in strengthening the immersive end-to-end solutions ecosystem in the new era of biologics innovation worldwide.
"This achievement is a reflection of the talent and hard work of the CMAB team in creating this robust business over the last four years," said Mengjiao Jiang, Chairman of the Board, CMAB, and Managing Director of CBC Group. "As a leading healthcare investment firm in Asia with global presence, we are very pleased to enter into this agreement given WuXi Biologics' capabilities to further serve our clients and we are looking forward to collaborating with them on multiple levels. This agreement with WuXi Biologics creates significant value for CMAB shareholders while enhancing the potential of CMAB to provide future commercial-scale services to our customers."
"We're glad to work with CBC to achieve this partnership, which underscores our continuous commitment to expanding our capacities and capabilities to enable global partners and solidify our leadership in China. This acquisition will bring us the experienced development and manufacturing team, high-demand DS and DP manufacturing capacities as well as a new portfolio of biologics for accelerated commercialization. This win-win partnership with CBC will also allow us to gain more new clients and strategic partnerships," said Dr. Chris Chen, CEO of WuXi Biologics. "With globally recognized technical capabilities and unparalleled capacities, WuXi Biologics will continue to enable global partners to benefit patients worldwide."
About WuXi Biologics
WuXi Biologics (stock code: 2269.HK), a Hong Kong-listed company, is a leading global open-access biologics technology platform offering end-to-end solutions to empower organizations to discover, develop, and manufacture biologics from concept to commercial manufacturing. The company's history and achievements demonstrate its commitment to providing a truly one-stop service offering and strong value proposition to its global clients. As of June 30, 2020, there were a total of 286 integrated projects, including 141 projects in pre-clinical development stage, 125 projects in early-phase (phase I and II) clinical development, 19 projects in late-phase (phase III) development and one project in commercial manufacturing. With total estimated capacity for biopharmaceutical production planned in China, Ireland, the U.S., Germany, and Singapore exceeding 300,000 liters after 2023, WuXi Biologics will provide its biomanufacturing partners with a robust and premier-quality global supply chain network. For more information about WuXi Biologics, please visit: www.wuxibiologics.com.
About CBC Group
CBC Group (formerly C-Bridge Capital) is one of the largest and most active healthcare-dedicated investment firms in Asia focused on platform-building and buyout opportunities across three core areas within the healthcare sector: pharmaceutical & biotech, medtech and healthcare services. CBC's operationally intensive approach empowers healthcare sector champions to make transformative changes to enable sustainable long-term growth, fulfill unmet medical needs and continuously improve the standard of living and quality of care in China and the rest of Asia. Founded in 2014, CBC Group has a strong team of investment, healthcare and portfolio management professionals based across Singapore, Shanghai, Beijing, Hong Kong and New York. For more information, please visit www.cbridgecap.com.
SOURCE WuXi Biologics