WuXi Biologics to acquire CMAB and form strategic partnership with CBC Group

WuXi Biologics ("WuXi Bio") (2269.HK), a global company with leading open-access biologics technology platforms, today announced it has entered into a purchase agreement with CBC Group ("CBC"), a healthcare-dedicated investment firm, and other companies including Ming Bioventures under which WuXi Bio will acquire over 90% interest of CMAB Biopharma Group ("CMAB"). The transaction is expected to close in the second quarter of 2021.

As a Contract Development and Manufacturing Organization (CDMO) based in Suzhou, China, CMAB provides comprehensive services from cell-line development, process development to clinical GMP manufacturing and has over 250 employees. Upon transaction completion, WuXi Biologics will increase 7000L drug substance capacity (MFG21) and drug product capacity (DP11) for liquid and lyophilization within its global manufacturing network.

Furthermore, WuXi Biologics and CBC will also establish a strategic collaboration to enable CBC portfolio companies to discover, develop and manufacture biologics. This also reflects the joint efforts between the two companies in strengthening the immersive end-to-end solutions ecosystem in the new era of biologics innovation worldwide.

"This achievement is a reflection of the talent and hard work of the CMAB team in creating this robust business over the last four years," said Mengjiao Jiang, Chairman of the Board, CMAB, and Managing Director of CBC Group. "As a leading healthcare investment firm in Asia with global presence, we are very pleased to enter into this agreement given WuXi Biologics' capabilities to further serve our clients and we are looking forward to collaborating with them on multiple levels. This agreement with WuXi Biologics creates significant value for CMAB shareholders while enhancing the potential of CMAB to provide future commercial-scale services to our customers."

"We're glad to work with CBC to achieve this partnership, which underscores our continuous commitment to expanding our capacities and capabilities to enable global partners and solidify our leadership in China. This acquisition will bring us the experienced development and manufacturing team, high-demand DS and DP manufacturing capacities as well as a new portfolio of biologics for accelerated commercialization. This win-win partnership with CBC will also allow us to gain more new clients and strategic partnerships," said Dr. Chris Chen, CEO of WuXi Biologics. "With globally recognized technical capabilities and unparalleled capacities, WuXi Biologics will continue to enable global partners to benefit patients worldwide."