China Medical Research Group Wuxi XDC Hong Kong IPO Share Price Increased +35.9% on Day 1 Trading to HKD 28 with Market Value of $4.24 Billion, Raised $470 Million at IPO Price of HKD 20.6 with Market Value of $3.12 Billion
18th November 2023 | Hong Kong
China medical research group Wuxi XDC Cayman Hong Kong Exchange (HKEX) IPO share price has increased +35.9% on day 1 trading (IPO HKD 20.6, 17/11/23: Day 1 HKD 28) with market value of $4.24 billion (17/11/23), raising $471 million at IPO price of HKD 20.6 with market value of $3.12 billion. WuXi XDC Cayman Inc. (“WuXi XDC” or the “Company”, stock code: 2268.HK) is a leading global CRDMO focused on antibody drug conjugates (ADC) and the broader bioconjugate market. It provides end-to-end contract research, development and manufacturing services for bioconjugates, including ADCs. Its services cover antibody intermediates and other biologics intermediates, chemical payloads and linkers, as well as bioconjugate drug substances and drug products. More info below:
“ CChina Medical Research Group Wuxi XDC Hong Kong IPO Share Price Increased +35.9% on Day 1 Trading to HKD 28 with Market Value of $4.24 Billion, Raised $470 Million at IPO Price of HKD 20.6 with Market Value of $3.12 Billion “
China Medical Research Group Wuxi XDC Hong Kong IPO Share Price Increased +35.9% on Day 1 Trading to HKD 28 with Market Value of $4.24 Billion
17th November 2023 – WuXi XDC Cayman Inc. (“WuXi XDC” or the “Company”, stock code: 2268.HK), a leading global Contract Research, Development and Manufacturing Organization (“CRDMO”) focused on antibody drug conjugates (“ADC”) and the broader bioconjugate market, listed on the Main Board of the Stock Exchange of Hong Kong Limited today.
WuXi XDC issued a total of 178,446,000 shares under the global offering at an offer price of HK$20.60 per share (being the high-end of the indicative offer price range). The company is expected to raise the gross proceeds in the amount of approximately HK$4,071 million assuming the over-allotment option in respect of 19,158,500 additional shares is fully exercised.
WuXi XDC intends to use the net proceeds to enhance its capabilities and capacity worldwide, including facilities construction in Singapore and expanding manufacturing capacity in China, pursuing strategic partnerships and investment and acquisition opportunities, as well as advancing its technology platforms.
Dr. Chris Chen, CEO of WuXi Biologics and Chairman of WuXi XDC, said: “The successful listing of WuXi XDC on the Hong Kong Stock Exchange marks another important milestone for the company. Having witnessed firsthand the evolution of the company, from identifying unmet needs in the bioconjugate industry to establishing WuXi XDC as a trusted partner in this sector, I am excited for what the future holds. We are grateful for the trust and support of our global investors, customers, and partners as we continue to grow and evolve.”
Dr. Jimmy Li, CEO of WuXi XDC, said: “We are excited to embark on WuXi XDC’s next chapter. With our vision – linking innovation to health – we have built an industry-leading open and integrated technology platform with end-to-end bioconjugation capabilities. I would like to thank all the staff of WuXi XDC for their unremitting efforts. With this new start, we strive to accelerate our growth in capabilities and capacity, strengthen our position in the sector, and continue to advance our efforts to enable innovation and benefit patients worldwide.”
End-to-end CRDMO
WuXi XDC offers end-to-end services – from discovery to commercial production in bioconjugation. The company’s services span from antibody intermediates and other biologics intermediates, chemical payloads and linkers, to bioconjugate drug substances and drug products. The comprehensive one-stop GMP manufacturing services for ADCs and other bioconjugates cover production at both the clinical and commercial stages, meeting the growing client demand across the globe. With integrated capabilities and efficiencies, WuXi XDC has significantly shortened the ADC development timeline – taking only 13-15 months from antibody DNA sequence to Investigational New Drug (IND) filing, nearly cutting in half the average industry timeline. In recognition of these capabilities, WuXi XDC has been named the winner of the “Best Contract Development Manufacturing Organization (CDMO)” prize at the 2023 World ADC Awards.
Global leading discovery and development platform
After a decade of solid growth, WuXi XDC has built an integrated technology and service platform that extends from discovery, development, manufacturing, and quality controls to regulatory filings for ADCs and other bioconjugates. The platform provides clients with extensive expertise in state-of-the-art conjugation technologies, complex discovery, industry-leading process development, and comprehensive analytical methods, as well as dedicated and specialized facilities. As of June 2023, 110 on-going integrated projects are under development at WuXi XDC, including 47 post-IND bioconjugate projects, among which 16 projects are in phase II/III.
About WuXi XDC
WuXi XDC Cayman Inc. (“WuXi XDC” or the “Company”, stock code: 2268.HK) is a leading global CRDMO focused on antibody drug conjugates (ADC) and the broader bioconjugate market. It provides end-to-end contract research, development and manufacturing services for bioconjugates, including ADCs. Its services cover antibody intermediates and other biologics intermediates, chemical payloads and linkers, as well as bioconjugate drug substances and drug products. For more information about WuXi XDC, please visit: www.wuxixdc.com.
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