WuXi AppTec saw its shares firm some a week after the company debuted its IPO on the Hong Kong exchange amid a tepid investor response that saw the stock see little movement.
Shares of the Chinese producer of biologics, antibodies, biological diagnostics and other products closed at HK$67.5 Wednesday compared to its public debut price close of HK$68 Dec. 12. The shares were offered at HK$68.
The company was among a number of subdued IPOs in Hong Kong this year due to unease among investors amid trade tensions between China and the U.S., Reuters previously reported.
WuXi AppTec raised $1 billion (U.S.) in the public offering that company offices have said will be used to boost its global capability and capacity, including the possible acquisitions of CROs and CDMO/CMOs. The company also said it plans to develop new technologies with the money in addition to repaying some bank loans.
“We aspire to foster a networked healthcare ecosystem, where scientists and entrepreneurs are empowered to participate, and together, realize our vision—every drug can be made and every disease can be treated,” Ge Li, Ph.D., WuXi AppTec’s chairman and chief executive, said in an IPO launch statement.
With last week’s listing, WuXi AppTec completed its public offering plans for both A-shares and H-shares.
Earlier this month, WuXi AppTec announced the expansion of its San Diego facility designed to establish a center of excellence in screening, discovery biology, pharmacology, and small molecule process R&D that includes phase 1 GMP manufacturing.
Editor's Note: This story has been updated with WuXi's correct Wednesday close price in Hong Kong.