Wuxi Biologics to spin off international business unit Wuxi XDC for Hong Kong listing

 

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WuXi Biologics said the spin-off will enable the subsidiary to develop a unique global leading contract research, development and manufacturing organization dedicated to evolving all bioconjugates starting from antibody-drug conjugates.

After the spinoff, WuXi Biologics can allocate its capital and resources in a more organized and efficient way and thus create more value for the company and its shareholders, it said on Sunday.

WuXi XDC submitted an application to go public in Hong Kong on Friday, with details of the global offering to be finalized, it said. The percentage ratios of the proposed spinoff and global offering would not exceed 5%.

The company holds a 60% controlling interest in WuXi XDC which will remain a subsidiary of WuXi Biologics after the spinoff.