Company leverages IPO funds for internal expansion.
Following the close of its successful initial public offering and listing on the Hong Kong stock exchange, WuXi AppTec is using its purported $1 billion in new funding to enter a significant growth phase.
Its first move will be the expansion of its San Diego site, which will allow the company to combine all of its small-molecule platform offerings (screening, discovery biology, pharmacology, process R&D and support through phase I manufacturing) in one location. The expansion will include the addition of new employees, although the exact number has yet to be specified. The expansion is expected to enable the company to better serve its U.S. and global customers, according to the company’s CEO, Ge Li.
Other growth plans outlined in the IPO filings made by WuXi include additional expansion projects in the United States and China and the acquisition of other contract research/contract development and manufacturing organizations. WuXi is also interested in investing in healthcare startups and bringing new technologies to the market.