China-based biopharmaceutical corporation WuXi PharmaTech has formed a $50m corporate venturing unit, according to its third quarter financial results, released last Thursday. The fund will invest in technology and life sciences companies which will enhance WuXi’s technology platform.
Dr. Ge Li, chief executive officer of Wuxi, said: "Through the fund’s investments, WuXi expects to benefit from appreciation in value of the companies invested in, and from access to these technologies and collaborations, including new revenue-generating opportunities."
WuXi acquired US-based medical device company AppTec Laboratory Services, in 2008, for $151m, and continues to run its laboratory services under the name of Wuxi AppTec. More recently, Wuxi’s existing corporate venturing fund invested in a $50m round for drug development firm Hua Medicine.
WuXi’s net revenues for the third quarter increased 20% year-on-year to $104m. Dr Li mentioned elsewhere in the statement that WuXi expects to achieve full year revenues of $402-$406m, up from $334m in 2010.