WuXi set up its corporate venturing unit after the collapse of its $1.6bn merger with Charles River Laboratories in July last year.
Hua Medicine, a China-based drug development and commercialization company, has raised $50m from a consortium including WuXi PharmaTech Corporate Venture.
Alongside WuXi (also known as WuXi AppTech) in the round were venture capital firms Arch Venture Partners and Venrock, mutual fund manager Fidelity’s Biosciences and Growth Partners Asia corporate venturing units and Sino-Alliance International.
Hua was founded by Li Chen, who had previously been the chief scientific officer and head of research at Switzerland-based drugs…
