WuXi Biologics, a China-based biopharmaceutical firm, announced it will invest S$2 billion (US$1.4 billion) over the next 10 years to expand its R&D and manufacturing capabilities in Singapore.
A WuXi Biologics facility in Ireland / Photo credit: WuXi Biologics
The plan involves setting up a research and development service center and large-scale drug manufacturing plants in the city-state. Once completed, the new facilities will add 1,500 jobs and about 120,000 liters of biomanufacturing capacity to WuXi’s global network by 2026.
The Singapore Economic Development Board (EDB) supports this plan, the company said.
The investment is “a testament to Singapore’s position as a global biopharmaceutical hub,” said EDB’s chairman Beh Swan Gin. He added that it will boost the city-state’s attractiveness to biotech startups globally.
Established in 2010, WuXi Biologics provides end-to-end solutions that enable clients to discover, develop, and manufacture biological medical products. The company, which employs over 10,000 workers and is publicly listed on the Hong Kong Stock Exchange, is present in the US, China, Ireland, Germany, and Singapore.
As of 2019, the biomedical manufacturing sector represented 20% of the total manufacturing value added in Singapore at S$19.6 billion (US$14 billion). It was also the fastest-growing manufacturing sector in the country, with a compound annual growth rate of 9% from 2000 to 2019.
See also: Series SEA: Who’s investing in the region’s biotech startups?
Currency converted from Singaporean dollar to US dollar: US$1 = S$1.39.
Editing by Miguel Cordon and Joy Tirkey
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