China's WuXi Diagnostics raises $150m
WuXi Diagnostics, a joint venture China diagnostics business set up by Hong Kong-listed pharmaceutical outsourcing giant WuXi AppTec and US-based Mayo Clinic has completed a $150 million Series B funding round.
Investors include US-based Thermo Fisher Scientific, Shiyu Capital, ABC International, Sunland Capital, and CCBI Tech Venture. Existing backer YF Capital re-upped.
The new capital will be used to strengthen the company's open-access innovation platform and its integrated diagnostics pipeline, and to accelerate global market penetration.
Founded in 2018, WuXi Diagnostics claims to be the first platform company in China to practice the concept of integrated diagnostics. It has established an open-access enabling platform, with multidisciplinary technologies, clinical big data, and algorithms to continuously launch innovative diagnostic services and products.
The company applies a license-in plus license-out model. For example, last year, its COVID-19 detection solution was licensed out to overseas markets.
“WuXi Diagnostics is an innovative platform company in the field of diagnostics, which combines multi-omics clinical data from multidisciplinary technologies with algorithms. The company’s efficient innovation transformation capability and international cooperation ability gives us confidence for its rapid development in the future,” says Calvin Cao, founding partner of Shiyu.
Elsewhere in China's diagnostics space, New Horizon Health recently completed a HK$2 billion ($258 million) Hong Kong IPO. Backers include Legend Capital, VMS Holdings, Qiming Venture Partners, and SBCVC. This followed a RMB1.5 billion ($224 million) Series C for 3D Diagnostic, a spinout from tumor immunotherapy specialist 3D Medicines, led by CPE.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.