Chronicle Journal: Finance

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

SHANGHAI, Feb. 23, 2021 /PRNewswire/ -- 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."

About WuXi Diagnostics

WuXi Diagnostics ("WXDX") is the first platform company in China to practice the concept of integrated diagnostics. It has its headquarters and a CAP-accredited Independent Clinical Laboratory in Shanghai, an ISO13485-certified production facility in Suzhou, and an R&D center at Mayo Clinic headquarters in Rochester, US.

Leveraging Mayo Clinic's knowledge and expertise in integrated medicine, WXDX is establishing an open-access enabling platform, with multidisciplinary technologies, clinical big data and algorithms to continuously launch innovative diagnostic services and products, and empower healthcare innovators to accelerate technology transformation from R&D to application, building a new ecosystem for next generation diagnostics.

With its strong ability to integrate medical and business resources, WXDX is devoted to improving health care practice and advancing patient care by means of "license in + license out" in collaboration with global partners. For more information, please visit www.wuxidiagnostics.com.

About Shiyu Capital

Shiyu Capital is a healthcare focused investment firm formed in 2016 with over RMB 7 billion under management. Shiyu Capital is currently making investments from its two private equity funds into China's promising healthcare sector. With deep scientific expertise and rich operating experience in healthcare, Shiyu Capital continuously adds great value to its investors and portfolio companies. Since its establishment, Shiyu Capital has invested in 30+ companies, of which 10+ have been successfully listed on domestic or overseas capital markets.

About Thermo Fisher Scientific

Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with annual revenue exceeding $30 billion.

Our Mission is to enable our customers to make the world healthier, cleaner and safer. Whether our customers are accelerating life sciences research, solving complex analytical challenges, improving patient diagnostics and therapies or increasing productivity in their laboratories, we are here to support them.

Our global team of more than 80,000 colleagues delivers an unrivaled combination of innovative technologies, purchasing convenience and pharmaceutical services through our industry-leading brands, including Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific, Unity Lab Services and Patheon. For more information, please visit www.thermofisher.com.

About ABC International

As a wholly owned subsidiary of Agricultural Bank of China, ABC International Holdings Limited was incorporated in Hong Kong in November 2009. ABC International Holdings Limited has eight wholly-owned subsidiaries, including ABCI Capital Limited, ABCI Investment Management Limited, ABCI Asset Management Limited and ABCI Securities Company Limited. ABCI provides integrated financial services in Hong Kong, including IPO sponsorship and underwriting, bond underwriting, financial advisory, asset management, direct investment, institutional sales, securities brokerage, and securities advisory.

About Sunland Capital

Sunland Capital, founded in 2014, is a professional healthcare fund focusing on early-stage and growth-stage healthcare industry investments, particularly biomedicine, medical devices (IVD and genetic technology, orthopedics, biomaterials, cardiovascular, minimally invasive surgical instruments and robotics) and other high growth segments. Sunland Capital has invested in more than 30 healthcare companies. The team consists of founders of listed companies with over 20 years of industry experience in the medical field, top professionals in biotechnology, medical equipment and other fields. Sunland Capital has a deep understanding and rich experience in the long-term development of various medical segments, which can help its portfolio companies in their rapid growth.

About CCBI Tech Venture

CCBI Tech Venture(Suzhou) Combined Debt & Equity Private Equity Fund LLP is an equity investment fund targeting at technological innovation-oriented enterprises which is jointly established by CCB International and CCB Suzhou Branch; the CCB Tech Venture focuses on areas including biology nanotechnology, artificial intelligence, information technology, high-end manufacturing, Internet, healthcare and huge consumer market. The CCBI Tech Venture fully utilizes the comprehensive advantages of China Construction Bank and of China Construction Bank's investment and investment banking capabilities, and establishes a layout of high-growth and high-quality enterprises, in order to promote the growth of the enterprises by the investment-loan-connected innovative model.

About YF Capital

YF Capital is a leading private equity firm in China co-founded by Mr. Jack MA and Mr. David YU in 2010. YF Capital currently manages multiple USD and RMB funds. We have formed deep sector expertise and industry insights in our focused sectors, including internet, technology, healthcare, entertainment, consumer, finance and logistics. YF Capital is committed to creating financial, operational and strategic value for our portfolio companies by assisting in designing strategies, improving operations, enhancing corporate governance, building brand value and acquiring business resources. http://www.yfc.cn/home.html

About CEC Capital

Founded in 2000, CEC Capital Group is a leading investment bank in China with a core focus on the TMT, consumer and healthcare sectors. Headquartered in Beijing with offices in Shanghai, Los Angeles and San Francisco, we provide M&A, capital raising, and asset management services to our clients both in and outside of China.

The healthcare industry is an area of particular focus for CEC Capital. CEC Capital has become the boutique investment bank with the most healthcare transactions in China for four consecutive years. Additionally, CEC Capital has a healthcare team with the largest number of investment bankers, the highest level of professionalism, and the most comprehensive industry coverage. http://www.ceccapitalgroup.com/

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SOURCE WuXi Diagnostics

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