Genomics firm WuXi NextCODE raises $240m from Sequoia China, Temasek, others

A Temasek-backed genomics firm has raised $240 million in its latest funding round from a consortium led by Sequoia Capital China, it said on Thursday, one of the largest such fundraisings in a hot area of scientific research.

WuXi NextCODE, the genomics arm of WuXi AppTec, China’s largest contract medical researcher, said other participants in so-called series B fundraising included existing investors Singapore state investor Temasek, Jack Ma-backed private equity firm Yunfeng Capital and Chinese investment firm 3W Partners.

The roster of high profile names highlights the rising appeal of genomics in China amid a global drive into higher-tech medicines, where understanding and mapping DNA-related data can help develop targeted medicines and treatments.

Proceeds from the fundraising will be mainly used to help build WuXi NextCODE’s genomics data platform, bring in new users and data, as well as commercialising its products for China.

In China, WuXi NextCODE offers customers DNA sequence-based tests and scans that help uncover health problems including rare disease variants and hereditary abnormality, which is generally difficult to diagnose with common clinical methods.

“In leading WuXi NextCODE’s latest financing round, Sequoia China is able to support the company to build out a standard platform to efficiently turn sequence data into benefits for people worldwide. This is truly where healthcare and technology meet,” Neil Shen, founding and managing partner of Sequoia China, said in a statement.

Reuters reported in May that WuXi NextCODE was raising fresh capital with a target of about $200 million, drawing interest from investors including Sequoia China.

The company in early May also said Temasek and Yunfeng Capital had co-led a $75 million financing round into the company, as the initial part of the Series B round.

Founded by Icelandic biopharma firm deCODE genetics in 2013, NextCODE was acquired by WuXi AppTec two years later and merged with WuXi AppTec’s Shanghai-based genome centre. It now runs offices in Shanghai, Iceland and the United States.

China Renaissance was the sole financial adviser to WuXi NextCODE for the financing round.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.