Healthcare group WuXi AppTec has acquired China-based pharmaceutical research services provider HD Biosciences for an undisclosed amount, giving exits to pharmaceutical firms Pfizer and Eli Lilly.
Founded in 2002, HD supplies preclinical contract research services to drug developers, including target validation, hit identification, lead discovery, in vivo pharmacology and screening. It will continue to operate post-acquisition as a subsidiary of WuXi AppTec.
The company raised an undisclosed sum in a 2008 series A round co-led by Eli Lily subsidiary Lilly Asia Ventures and investment firm Morningside Group. Pfizer’s corporate venturing unit, Pfizer Venture Investments, also took part in the round.
Xuehai Tan, chairman and CEO of HD Biosciences, said: “We are excited about this acquisition and the great opportunities it brings along. HB Biosciences has a long-standing mission to grow into a major global player with distinctive core competences that could create special value for our clients.
“Merging with WuXi AppTec, a clear industry leader in drug R&D enabling services with enormous global exposure, resources and vision, will greatly speed up the process. We are confident that the integration will elevated our services to a new height and will enable us to better meet our growing customer needs.”