[ad_1]
Wuxi NextCODE's willingness to add a major European sequencing initiative and hub construction project to the creation of a major European consortium of US, Chinese, Irish and Singaporean investors has given new impetus to data transformation genomics into new drugs. their global network.
Genomics Medicine Ireland, a 3-year-old company, has become a subsidiary of this technology group with financial support of up to $ 400 million to try to sequence the genomes of 400,000 residents in Ireland, about 10% of the population, looking for information in the way specific genes influence the disease.
This project includes a genomics accelerator that aims to create a life science cluster that they believe could become a similar project to San Diego. And the Strategic Investment Fund for Ireland is investing $ 70 million on the original $ 225 million budget with the goal of directly creating hundreds of jobs – with others at follow if they manage to strengthen the center.
It's a big challenge. Ireland has some biotech, but its involvement in this sector is largely manufacturing-oriented and represents a global business tax haven. However, regardless of the hub's dream, heavy sequencing efforts have attracted the attention of a large number of biopharmaceutical industry stakeholders, including Amgen and Regeneron, and GSK has recently begun a collaboration with 23andMe.
In parallel with the Irish project, WuXi NextCODE made a $ 200 million round, a little over a year after adding $ 240 million in the B series.
The transglobal financial union around this agreement with WuXi says a lot about the links that can generate significant sums for projects of this type.
US-based Arch Venture Partners, which has close relations with Ge Li's international operations in Shanghai-based WuXi, has established links with leading investors in Polaris, Singapore's Temasek, Yunfeng Capital and China, as well as than Sequoia Capital. And they have the money to turn many startups into reality if the initiative results in the creation of a hub based on advanced AI, new technologies and R & D.
"The success of this funding transaction demonstrates our strategy to create the world's leading platform for genome use to improve the lives of people and patients around the world," said Rob Brainin, CEO of WuXi NextCODE. "This phase of our growth is specifically Irish. We are creating the world's first genome dataset in Ireland as a powerful single engine to transform the way we discover new medicines, as well as to provide new diagnostics, risk filters and tools. other tools and services for individual patients. "
Source link
