Temasek, Yunfeng lead $75m round for contract genomics player

Existing investors including Amgen Ventures, a corporate venture fund established by multinational biopharmaceutical company Amgen, and Greater China-focused GP 3W Partners also participated in the round.

WuXi NextCode, formerly known as NextCode Health, was founded in 2013 as a spin-out from Iceland-based DeCode genetics, a biopharma company that specializes in identifying human genes linked to diseases. DeCode was bought by Amgen in 2012, while NextCode was acquired by WuXi PharmaTech in 2015 in a deal worth $65 million.

NextCode subsequently merged with WuXi’s sequencing solutions provider Genome Center. With operations in China, the UK, the US and Iceland, the business has established a genomic database and provides genome sequencing solutions for personalized medicine.

“We are building the world's leading genomic data platform, applying genome sequencing data at scale to improve human health and wellness around the world,” Hannes Smarason, CEO of WuXi NextCode, said in a statement. "Our rapidly expanding business is serving the world's leading precision medicine initiatives as well as genome-driven diagnostics and wellness enterprises worldwide.”

The company will use the new capital to advance the commercialization of its technology in the China market, strengthen its global leadership position in informatics, and expand its capabilities in artificial intelligence and deep learning.

WuXi PharmaTech provides contract R&D services to the global pharmaceutical sector. The company completed a management-led privatization in late 2015, supported PE investors including Ally Bridge and Hillhouse Capital, as well as Temasek and Yunfeng.

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• Topics
• Greater China
• Healthcare
• Early-stage
• China
• Temasek Holdings
• Yunfeng Capital
• Growth capital
• Venture