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WuXi Diagnostics Closes $150M Series B Financing Round

NEW YORK – Chinese diagnostic company WuXi Diagnostics announced on Tuesday that it has closed a $150 million Series B financing round.

The round was led by new investors including Thermo Fisher Scientific, Shiyu Capital, ABC International, Sunland Capital, and CCBI Tech Venture, Existing investor YF Capital, along with CEC Capital, were the exclusive financial advisor.

The Shanghai-based firm said in a statement it would use the funds to "strengthen its open-access innovation enabling platform," as well as to advance its integrated diagnostics research and development pipeline and accelerate its market penetration in global diagnostics. The company's platform is centered on multi-omics clinical data from multidisciplinary technologies, it added. 

Thermo Fisher's support for the company "underscores the importance of broadening the use of multi-omics data to support precision medicine and our commitment to support the expansion of high-quality care in China," Gianluca Pettiti, SVP and president of specialty diagnostics for Thermo Fisher Scientific, said in a statement.

Last year, WuXi launched a strategic collaboration with Thermo Fisher and the Mayo Clinic to develop a COVID-19 antibody detection kit, which received Emergency Use Authorization from the US Food and Drug Administration in October.  

According to its website, the firm is developing an enabling solution package to cover the entire disease management process, including screening and early diagnosis, precision diagnosis, clinical decision support, and prognosis management. Its diagnostic platform will offer mass spectrometry, molecular diagnostics, next-generation sequencing, pathology, and biochemistry and immunology services. The company was formed as a joint venture between Chinese contract research outsourcing firm WuXi AppTec and the Mayo Clinic.