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WuXi Diagnostics Secures US$150 Million Series B Financing to Accelerate Market Penetration in Global Diagnostics Sector

In Shanghai, on February 23, 2021 – WuXi Diagnostic Investment (Cayman) Limited (“WuXi Diagnostics”) announced that it has completed US$150 million in series B funding, joined by new investors including Thermo Fisher Scientific Inc. (“Thermo Fisher”), Shiyu Capital (“SHIYU”), ABC International Holdings Limited (“ABC International”), Sunland Capital and CCBI Tech Venture, alongside existing shareholder YF Capital, with CEC Capital serving as the exclusive financial adviser. WuXi Diagnostics will deploy funds to strengthen its open-access innovation enabling platform, advance its integrated diagnostics R&D pipeline, and accelerate market penetration in the global diagnostics sector.

WuXi Diagnostics is the first platform company in China focusing on integrated diagnostics. Since its establishment in 2018, WuXi Diagnostics has continuously promoted the clinical practice of integrated diagnostics by virtue of its open-access innovation enabling platform, centered on multi-omics clinical data from multidisciplinary technologies.

WuXi Diagnostics has made several great achievements in 2020. To help the global fight against the pandemic, they launched a strategic collaboration with Thermo Fisher and Mayo Clinic for COVID-19 detection, highlighting its platform strategy through this three-way collaboration. They also created a set of innovative diagnosis based on an integrated algorithm model, which helped China Biliary Atresia Diagnosis and Treatment Collaborative Network take a global lead in realizing non-invasive pre-operation auxiliary diagnosis. WuXi Diagnostics also supported Beijing Anding Hospital of Capital Medical University through a set of individualized precise medication solutions for local patients. In addition, WuXi Diagnostics is working with pharmaceutical companies, health insurance groups and other healthcare industry partners to build a precision medicine innovation ecosystem.

For this round of financing, Calvin Cao, Founding Partner of SHIYU, commented, “WuXi Diagnostics is an innovative platform company in the field of diagnostics, which combines multi-omics clinical data from multidisciplinary technologies with algorithms. Just three years after its establishment, WuXi Diagnostics has a rich product pipeline in many disease indications. The company’s efficient innovation transformation capability and international cooperation ability gives us confidence for its rapid development in the future. We will fully support WuXi Diagnostics to leverage SHIYU’s pharmaceutical industry resources to further its development.”

“Thermo Fisher shares WuXi Diagnostics’ commitment to accelerate the adoption of an integrated diagnostics approach,” said Gianluca Pettiti, Senior Vice President and President of Specialty Diagnostics for Thermo Fisher Scientific. “Our support of their effort underscores the importance of broadening the use of multi-omics data to support precision medicine and our commitment to support the expansion of high-quality care in China.”

Peng Yu, Managing Director of ABC International, commented, “We are glad to join hands with WuXi Diagnostics to strengthen a leading innovation platform of integrated diagnostics, and also hope to contribute to China’s diagnostic industry. WuXi Diagnostics’ great vision and execution prove to be the best practitioner of its platform business model. We are fully confident in its future development.”

“We are deeply impressed by WuXi Diagnostics’ rich product pipeline, development of innovative algorithms and advanced diagnostic technology, strong ability to integrate global resources and its deep cooperation with international customers. Sunland Capital will work together with the team to promote WuXi Diagnostics into a global leader in the field of innovative integrated diagnostics,” said Dr. Daozhi Liu, Founding and Managing Partner of Sunland Capital.

Dr. Albert Huang, Executive Director of YF Capital, said, “As the largest external shareholder of WuXi Diagnostics’ in its series A funding, YF Capital has witnessed the company’s rapid development over the past two years, and has firmly supported the company in two rounds of financing. We are looking forward to WuXi Diagnostics becoming a leader in the diagnostics sector. YF Capital will further deploy resources in the field of physical examination and testing to better assist WuXi Diagnostics’ development.”

“This transaction, supported by top-tier funds and industry leaders, fully demonstrates that integrated diagnostics is a clear future trend for the diagnostic industry. We are honored to work with WuXi Diagnostics to complete this round of financing, and look forward to witnessing WuXi Diagnostics’ exciting new milestones. CEC Capital will continuously support WuXi Diagnostics as it becomes a leading player in the global diagnostic industry,” said Gang Li, Partner from CEC Capital.

“We are very grateful to all investors for their continuous recognition and support. Our network of strong shareholder and capital support lays a solid foundation for WuXi Diagnostics’ rapid future development,” said Dr. Jason Liu, Chief Executive Officer of WuXi Diagnostics. “We will continue collaborating with global partners to accelerate product innovation and market penetration, so more and more people around the world can benefit from integrated diagnostics.”

Author / source: WuXi Diagnostics / https://globalcorporateventuring.com/wuxi-diagnostics-works-out-150m-series-b/

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