--- title: "【Zhenzhuo HK Market Trends】Acquisition of Dongyao brings multiple synergies, WuXi Biologics (02269.HK) has high investment value" type: "Topics" locale: "zh-HK" url: "https://longbridge.com/zh-HK/topics/37911198.md" description: "WuXi Group has been making frequent moves recently. Last week, $WUXI BIO(02269.HK) and $WUXI XDC(02268.HK) jointly announced the acquisition of $BIODLINK-B(01875.HK) at HKD 4 per share, representing a 60% premium. Upon completion of the transaction, the target will become a subsidiary of the group while maintaining its listed status. WuXi XDC stated in the announcement that the acquisition of TOT Biopharm will expand and secure additional operational manufacturing capacity in China. This transaction also aligns with WuXi XDC's ongoing business development plan, helping to further enrich its project portfolio and expand its customer base..." datetime: "2026-01-19T01:01:09.000Z" locales: - [en](https://longbridge.com/en/topics/37911198.md) - [zh-CN](https://longbridge.com/zh-CN/topics/37911198.md) - [zh-HK](https://longbridge.com/zh-HK/topics/37911198.md) author: "[真灼财经](https://longbridge.com/zh-HK/profiles/1067948.md)" --- > 支持的語言: [English](https://longbridge.com/en/topics/37911198.md) | [简体中文](https://longbridge.com/zh-CN/topics/37911198.md) # 【Zhenzhuo HK Market Trends】Acquisition of Dongyao brings multiple synergies, WuXi Biologics (02269.HK) has high investment value WuXi Group has been active recently. Last week, $WUXI BIO(02269.HK) and $WUXI XDC(02268.HK) jointly announced the acquisition of $BIODLINK-B(01875.HK) at HKD 4 per share, representing a 60% premium. Upon completion, TOT Biopharm will become a subsidiary of the group while maintaining its listed status. WuXi XDC stated in the announcement that the acquisition of TOT Biopharm will expand and secure additional operational manufacturing capacity in China. The transaction also aligns with WuXi XDC's ongoing business development plan, helping to further enrich its project portfolio and expand its customer base. The deal will further consolidate WuXi XDC's leading market position in the field of antibody-drug conjugate (ADC) contract development and manufacturing organizations. This is the largest M&A event in the ADC industry in recent years, serving as a landmark for WuXi XDC with significant implications for future performance. Firstly, production capacity will be immediately unlocked. Currently, WuXi XDC's capacity utilization is maxed out, while orders continue to grow explosively. Building a new GMP-compliant facility would take 3 to 5 years. With the acquisition, WuXi XDC will immediately gain access to TOT Biopharm's 20,000-liter biologics capacity at its Suzhou base, along with its mature ADC commercial production line. The acquisition will also bring strong synergies to the group. TOT Biopharm has the capability to complete ADC naked antibody, drug substance, and drug product production within the same facility, which will significantly optimize the group's supply chain and reduce compliance risks associated with cross-regional transportation. Additionally, TOT Biopharm itself is highly competitive in the domestic ADC CDMO space. Post-acquisition, it will further solidify WuXi Group's leading position in this industry. In fact, WuXi XDC already holds a 24% global ADC market share, which is expected to increase further after the acquisition, enhancing the group's bargaining power and industry influence. TOT Biopharm's existing pipeline of over 150 projects will also be directly integrated into WuXi's system, expanding domestic product pipelines and market penetration. Another advantage of TOT Biopharm is its years of experience in oncology drug R&D and production. Its process technology can seamlessly integrate with WuXi XDC's XDC platform, improving the delivery capability for complex conjugated molecules. With the acquisition finalized, the ADC sector will become the "second growth curve" for WuXi Biologics and WuXi XDC, further expanding their advantages in the high-margin ADC and bispecific antibody fields. By 2025, their ADC projects are expected to grow by about 30%, becoming a major driver of group revenue. Within the WuXi Group, $WUXI APPTEC(02359.HK) previously issued a positive profit alert, forecasting a doubling of profits last year, with adjusted earnings up 41%, driving a sharp rise in its stock price. WuXi Biologics also reported solid growth in its interim results last year, with revenue up 16.1% to RMB 9.953 billion and net profit rising 56% to RMB 2.339 billion. Due to industry policy fluctuations and major shareholder 减持， WuXi Biologics' stock performance has lagged within the group. However, WuXi Biologics' stock performance has recently shown improvement. Beyond the aforementioned acquisition, the group's global 布局 is also a future growth driver. WuXi Biologics' production capacity in Singapore (120,000 liters), Germany, and the U.S. will gradually come online by 2026, reducing reliance on 单一 markets and enhancing resilience. Major shareholder Biologics announced further placement 减持 last week, marking the final phase of 减持. After prolonged pressure on the stock price, WuXi Biologics is set to enter a recovery phase, with its stock price expected to rebound alongside earnings and valuation, gradually 释放 upside potential. WuXi XDC's stock surged over 100% last year, making it one of the primary beneficiaries of this acquisition. The positive impact is yet to be fully reflected in its stock price. In terms of risk-reward, WuXi Biologics may exhibit stronger 反弹 within the group, with a near-term target of HKD 48. ### 相關股票 - [WUXI XDC (02268.HK)](https://longbridge.com/zh-HK/quote/02268.HK.md) - [BIODLINK-B (01875.HK)](https://longbridge.com/zh-HK/quote/01875.HK.md) - [WUXI BIO (02269.HK)](https://longbridge.com/zh-HK/quote/02269.HK.md) - [WuXi Biologics (WXXWY.US)](https://longbridge.com/zh-HK/quote/WXXWY.US.md) - [WUXI APPTEC (02359.HK)](https://longbridge.com/zh-HK/quote/02359.HK.md) - [WuXi AppTec (603259.CN)](https://longbridge.com/zh-HK/quote/603259.CN.md)