Chinese integrated diagnostics developer WuXi Diagnostics has raised $150 million in a Series B round of financing to advance its R&D pipeline and open-access innovation enabling platform, as the firm seeks to accelerate its market penetration in the global diagnostics sector.
The Series B round was backed by new investors including Thermo Fisher Scientific, the world’s largest maker of scientific instruments; healthcare-focused investment firm Shiyu Capital; ABC International, a wholly-owned subsidiary of Agricultural Bank of China; Sunland Capital, which focuses on early- and growth-stage healthcare investments; and equity investment fund CCBI Tech Venture.
Its existing shareholder YF Capital, a private equity (PE) firm backed by Alibaba co-founder Jack Ma, also participated in the round. Chinese investment bank CEC Capital served as the exclusive financial adviser.
WuXi Diagnostics was founded in 2018 as a joint venture between Chinese medical tech platform WuXi AppTec and US non-profit academic medical centre Mayo Clinic. The firm is building an open-access enabling platform with multidisciplinary technologies, clinical big data, and algorithms to launch diagnostic services and products and empower healthcare innovators to accelerate technology transformation from R&D to application.
In its headquarters in Shanghai, WuXi Diagnostics runs an independent clinical laboratory, accredited by the College of American Pathologists (CAP). It has an ISO13485-certified production facility in Suzhou, China and an R&D centre at Mayo Clinic headquarters in Rochester, the US.
ISO13485, derived from the internationally recognised ISO 9000 quality management standard series, is a standard for the design and manufacture of medical devices.
“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,” said WuXi Diagnostics CEO Jason Liu.
To help the global fight against the pandemic, WuXi Diagnostics said that it had launched a strategic collaboration with Thermo Fisher and Mayo Clinic for COVID-19 detection.
The firm also created a set of innovative diagnosis based on an integrated algorithm model, which helped China Biliary Atresia Diagnosis and Treatment Collaborative Network in realizing non-invasive pre-operation auxiliary diagnosis. It also delivered a set of individualised precise medication solutions to Beijing Anding Hospital of Capital Medical University to meet the medical needs of local patients.
WuXi Diagnostics reached a valuation of $180 million after it completed the initial funding round at $50 million in October 2019. The previous round was backed by Lake Bleu Capital, WuXi AppTec, and Mayo Collaborative Services, alongside YF Capital as the lead investor.