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WUXI BIOLOGICS (CAYMAN) INC.

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Pfizer to halt biosimilar output in China, sell assets to WuXi Biologics

03/17/2021 | 03:47am EDT
Pfizer logo in Manhattan, New York

BEIJING (Reuters) - Pfizer Inc will stop producing biosimilar products in China and sell a unit in the eastern city of Hangzhou to WuXi Biologics Inc, the U.S. drugmaker said on Wednesday.

The pharmaceutical industry increasingly relies on costly biologic drugs, made from living organisms that are tougher and more expensive to make than conventional medicines with chemical ingredients.

"The site was planned to manufacture three biosimilars for the China market," the company said in a response to Reuters' questions.

"Pfizer commercially and technically evaluated other products for the site but none reached the level of activity for the scale of the site."

Neither Pfizer nor WuXi disclosed the deal value, or the products to be made after the transaction closes, which is expected in the first half of this year.

WuXi said the deal would allow it to address surging manufacturing demand for drug substances and drug products.

The facilities are equipped with bioreactors and capable of filing vials and syringes, the Chinese firm said in a statement on the WeChat app.

WuXi also makes vaccine substances for a COVID-19 shot developed by AstraZeneca PLC and the University of Oxford to supply Brazil.

"After the acquisition, the facility will focus on providing premier drug substance and drug product manufacturing services based on clients' demand for biologics including monoclonal antibodies," a WuXi Biologics representative said.

The company declined to comment on whether the plant would turn out substances for COVID-19 vaccine.

(Reporting by Roxanne Liu and Ryan Woo; Editing by Miyoung Kim, Kim Coghill and Louise Heavens)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA PLC 2.38% 10494 Delayed Quote.18.11%
EURO / BRAZILIAN REAL (EUR/BRL) -0.43% 5.1528 Delayed Quote.-17.66%
PFIZER, INC. 3.59% 52.47 Delayed Quote.-11.14%
WUXI BIOLOGICS (CAYMAN) INC. 7.85% 56.3 Delayed Quote.-43.60%
All news about WUXI BIOLOGICS (CAYMAN) INC.
03:33pCorrection to Vir Biotechnology Shares Fall 9% Article
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04:58aChina stocks rise on higher-than-expected borrowing rate cut; foreign inflows surge
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05/11Hong Kong Stocks Rebound from Near Two-Month Low; Biotech Shares Rally
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04/27WuXi Biologics' 2021 ESG Report Reveals Company's Strong Commitment to Overall Sustaina..
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04/27WUXI BIOLOGICS CAYMAN : 2021 ESG Report
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04/14WUXI BIOLOGICS CAYMAN : Receives Bioprocessing Excellence Award from IMAPAC
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03/29UBS Adjusts Wuxi Biologics' Price Target to HK$110.67 From HK$142, Keeps at Buy
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03/24Nomura Adjusts WuXi Biologics' Price Target to HK$100.87 From HK$103.28, Keeps at Buy
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Financials
Sales 2022 14 998 M 2 241 M 2 241 M
Net income 2022 4 557 M 681 M 681 M
Net cash 2022 6 370 M 952 M 952 M
P/E ratio 2022 44,8x
Yield 2022 -
Capitalization 203 B 30 261 M 30 261 M
EV / Sales 2022 13,1x
EV / Sales 2023 9,39x
Nbr of Employees 9 864
Free-Float 84,2%
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WuXi Biologics (Cayman) Inc. Technical Analysis Chart | 2269 | KYG970081173 | MarketScreener
Technical analysis trends WUXI BIOLOGICS (CAYMAN) INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 26
Last Close Price 48,01 CNY
Average target price 91,42 CNY
Spread / Average Target 90,4%
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Managers and Directors
Zhi Sheng Chen Director
Ming Tu Chief Financial Officer & Executive Vice President
Ge Li Non-Executive Chairman
Weichang Zhou Chief Technology Officer & Executive Director
William Robert Keller Independent Non-Executive Director
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