WuXi Biologics Provides Corporate Updates

SHANGHAI, Oct. 27, 2022 /PRNewswire/ -- WuXi Biologics ("WuXi Bio") (2269. HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), today updated its recent corporate progress.

Recent Business Milestone

Despite the global dynamic situation and funding challenges in the biotechnology industry, WuXi Biologics continues its growth momentum with multiple new early-phase and late-phase projects signed. The company is on track with 120 newly added projects in 2022 and will target a similar rate in 2023. The company is reaffirming the top-line and bottom-line growth targets for 2022 and is confident of future growth.

Share Repurchase

On September 28, 2022, WuXi Biologics announced an approximately US$300 million share repurchase program. From September 30, 2022 to October 25, 2022, WuXi Biologics repurchased an aggregate of 50,721,000 shares on the Hong Kong Stock Exchange at the average price of HK$45.90. The company completed this share repurchase program.

UVL and End-Use On-Site Visit Progress

WuXi Biologics (Shanghai) Co., Ltd., a subsidiary of WuXi Biologics, has successfully completed the end-use on-site visit conducted by the U.S. Department of Commerce, in coordination with China's Ministry of Commerce (MOFCOM) - an important step towards the delisting of this subsidiary from the U.S. Department of Commerce's Unverified List (UVL). WuXi Biologics Co., Ltd., a subsidiary of WuXi Biologics located in Wuxi city, was removed from the UVL on October 7, 2022 after the successful visit in June, 2022.

As a global company, WuXi Biologics has always committed to operating with the highest standard of compliance and in accordance with relevant laws and regulations.

About WuXi Biologics

WuXi Biologics (stock code: 2269. HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics from concept to commercialization for the benefit of patients worldwide.

WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability. For more information about WuXi Biologics, please visit: www.wuxibiologics.com.

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SOURCE WuXi Biologics