Gateway drug

7 February 2017 By Robyn Mak Follow @mak_robyn

WuXi Biologics is preparing for a Hong Kong flotation. Innovation friendly policies have boosted the mainland drug market. But foreign investors lack ways to bet on this big part of China’s new economy. They should be keen to inject money into WuXi.

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WuXi Biologics filed an application for a Hong Kong initial public offering on Jan. 5. The company plans to raise $250 million, according to sources cited by IFR, a Thomson Reuters publication.

The company helps drug and biotechnology companies discover, develop and manufacture drugs made from living cells.

WuXi Biologics is a subsidiary of WuXi PharmaTech, China's biggest contract medical researcher. The parent delisted from the New York Stock Exchange in 2015 in a management-led buyout that valued the company at $3.5 billion.

Bank of America Merrill Lynch, China Merchants Securities and Morgan Stanley are the joint sponsors of the listing.

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