Another China-based pharmaceutical company reports an increase in its activity this year in relation to the COVID-19 pandemic and is giving a spice to the fortune of its billionaire leader.
WuXi Biologics shares, traded in Hong Kong, led through billionaire Ge Li, closed Thursday to a record HK$160 after declaring that expected earnings in the six months leading up to June were 58% higher than it was a year ago for progression and manufacturing. possible solutions for COVID-19 among its customers. They also derived from return on investment and advanced capacity utilization, he said.
Shares eased to HK$159.60 on Friday; they’ve nearly doubled in the past year. WuXi Biologics’ first-half profit in 2019 was 449.5 million yuan. Li was worth $9.9 billion on the Forbes Real-Time Billionaires List on Sunday.
WuXi Biologics supplies laboratory and production to pharmaceutical and biotech companies. Other leaders in the box come with Lonza, Boehringer Ingelheim, Catalent and Samsung Biologics.
China is one of the world’s largest suppliers of pharmaceuticals, devices and medical devices. COVID-19 has put the country’s suppliers at the global peak and has raised the fortunes of Chinese founders.
Li’s good fortune is not limited to WuXu Biologics. The 53-year-old also runs WuXi AppTec, a drug progression and study company. Revenues increased by 29% in the quarter compared to the previous year to 4 billion yuan, allowing the net source of revenue to double to 1.4 billion yuan, also driven by COVID-19’s request. His inventory doubled last year.
Li, 53, holds a bachelor’s degree in chemistry from Peking University and a doctorate in organic chemistry from Columbia University. His wife, Zhao Ning, also 53, graduated from the same two schools, and is executive director or WuXi AppTec. She is responsible for human resource management and corporate strategy.
Among WuXi Biologics’ expanding links in the United States, the company said in April that it would paint with Aravive of Houston, a biopharmaceutical clinic company, to expand antibodies to cancer and fibrosis. Elsewhere in the United States, WuXi Biologics signed a 10-year lease in June for a clinical production facility in Cranbury, New Jersey, which will create up to a hundred jobs in the region, the company said in a statement.
The agreement follows the recent acquisition of wuXi Biologics land to build a new 107,000-square-foot clinical and advertising production facility in Worcester, Massachusetts, and the lease of a 33,000-square-foot progression lab to identify a procedural progression lab in the King of Prussia. . Pennsylvania.
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@rflannerychina
I’m editor-in-chief and head of Forbes magazine’s Shanghai office. Now in my year at Forbes, I’m compiling forbes China’s Rich List and Taiwan’s Rich List. I was…
I’m a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 16th year at Forbes, I compile the Forbes China Rich List and the Taiwan Rich List. I was previously a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journal in Taipei. I’m a Massachusetts native, fluent Mandarin speaker, and hold degrees from the University of Vermont and the University of Wisconsin at Madison.