The story of WuXi XDC began in 2013, during the "wilderness era" of China's ADC industry.

At that time, only three ADC drugs were approved globally, and there were no domestically developed products in China. WuXi Biologics keenly recognized the potential of this field and established an internal Bioconjugate Drug Business Unit (BCD), signing the first ADC CMC contract, which marked the beginning of WuXi XDC.

In 2020, WuXi XDC was officially registered and established as a separate legal entity from WuXi Biologics' business unit. In November 2023, WuXi XDC was listed on the Hong Kong Stock Exchange. In the same year, the new ADC facilities in Wuxi, XBCM2 and XDP2, were officially put into operation, and the Waigaoqiao base in Shanghai commenced operations, marking the initial formation of its global layout.

In its first year of listing, WuXi XDC delivered impressive results: revenue reached 2.12 billion yuan (a 114% increase), net profit was 280 million yuan (an 82% increase), and it served 345 clients, including six of the top 10 global pharmaceutical companies.

Subsequently, WuXi XDC entered a "global market share sprint phase." In 2024, it signed 53 new iCMC projects, and its Singapore base broke ground. The performance disclosed in 2025 continued its high-growth trajectory, with revenue increasing by over 45%, gross profit rising by more than 70%, and adjusted net profit (excluding interest income and expenses) growing by over 45%. After adjusting for exchange rate fluctuations, this growth rate is expected to exceed 65%.

Behind these numbers is a surge in clients and projects. By the end of 2025, WuXi XDC's global client partnerships had exceeded 630, with its integrated project portfolio reaching 252. Its global market share skyrocketed from 9.9% in 2022 to over 24%.

In 2025, 70 new iCMC projects were signed, and the number of PPQ (Process Performance Qualification) projects increased from 8 in 2024 to 18, with one commercial project already in operation. Based on the ADC development cycle, it is expected that at least 5 of the 18 PPQ projects will advance to the BLA (Biologics License Application) stage by 2026–2027, significantly increasing the scale of commercial orders.

However, production capacity is nearing its limits.

Currently, WuXi XDC’s core production capacity is concentrated at its Wuxi base, with an annual conjugates and drug product capacity of 15 million vials. After the new DP3 production line was put into operation in July 2025, it quickly reached full capacity due to a substantial order backlog. The Suzhou base primarily focuses on R&D and lacks commercial-scale drug product capacity. Although the Singapore base is planned to achieve GMP (Good Manufacturing Practice) release by mid-2026, it will take an additional 6–8 months to progress from production initiation to full capacity, far lagging behind the pace of PPQ project advancement.

These projects are like a fleet of ships ready to set sail into the commercial market. They represent future revenue streams while also imposing immediate and stringent demands on large-scale production capabilities. This can be described as a “sweet trouble” faced by the global ADC industry.

By the end of 2025, 21 ADC drugs had been approved globally, and late-stage clinical pipelines are increasingly robust. New types of bioconjugate drugs, including AOCs (Antibody-Oligonucleotide Conjugates) and RDCs (Radio-Drug Conjugates), are also rapidly emerging.

According to data from Frost & Sullivan, the global ADC drug market reached $17.2 billion in 2025 and is projected to exceed $115.1 billion by 2032, with a compound annual growth rate of over 30%. This explosive market growth has made “high-quality, integrated” commercial production capacity the most scarce resource.

For WuXi XDC, there are two ways to address the capacity bottleneck: building new facilities or acquiring existing ones. Constructing a new production base—from site selection and construction to obtaining international GMP certification—typically takes 3–5 years. This timeline clearly cannot match the explosive growth in demand driven by over ten PPQ projects and potential client needs.

Time has become a more valuable cost than money.

Thus, acquiring TOT Biopharm emerged as the most efficient solution.

As one of the few companies in China with full-chain production capabilities encompassing “antibodies, ADCs, and drug products,” TOT Biopharm’s Suzhou base features two antibody drug substance production lines with a total capacity exceeding 20,000 liters, two ADC conjugation production lines with an annual ADC drug substance capacity of 960 kilograms (maximum conjugation scale of 500 liters per batch), as well as two antibody drug product filling lines (including one lyophilized and one liquid formulation line) and two ADC drug product filling lines (both lyophilized). These facilities have already obtained GMP certifications from multiple countries, including China, Brazil, and Argentina.

More importantly, TOT Biopharm has proven experience in successful commercial delivery. In October 2025, it supported the successful launch of Lepu Biopharma’s Mituxetan (the world’s first EGFR-targeted ADC), completing the entire process from technology transfer to BLA submission.

For WuXi XDC, acquiring TOT Biopharm is equivalent to directly “skipping” the three-year construction and certification period, gaining ready-made commercial production capacity, and avoiding missed market opportunities due to insufficient capacity.

The acquisition of TOT Biopharm is a crucial piece in WuXi XDC's global production capacity network puzzle.

Prior to this, WuXi XDC's production bases were primarily located in Wuxi, Shanghai, and Changzhou in China, with additional facilities under construction in Hefei and Jiangyin. Overseas, its production site in Singapore's Tuas Biomedical Park achieved mechanical completion in June 2025 and is expected to commence GMP production in 2026.

This initial network is designed to implement its "global dual-site manufacturing" strategy, providing clients with geographically diversified supply chain security.

Following this acquisition, TOT Biopharm's production capacity can synergize with WuXi XDC's existing bases in Wuxi and elsewhere, enabling the company to meet the vast domestic market demand while optimizing the internal allocation of production resources. More importantly, this acquisition provides WuXi XDC with a more flexible and reliable domestic foothold when designing supply chain solutions for its clients.

It can be anticipated that WuXi XDC's capacity expansion efforts will not stop here.

For example, in terms of funding, WuXi XDC completed a $350 million refinancing in September 2025, providing ample financial reserves for global expansion. Its long-term goals are clear: by 2029, it aims to double its drug product capacity and increase the annual production capacity for peptide-drug conjugates to 40 kilograms.

WuXi XDC projects that its revenue compound annual growth rate will remain between 30% and 35% from 2025 to 2030. By 2030, the company aims for revenue from commercial-stage projects to contribute 20% of its total revenue, with 12 to 15 Biologics License Applications submitted cumulatively.

Achieving these goals fundamentally requires stable and robust commercial production capabilities.

From a broader perspective, the global production capacity network WuXi XDC is building through both internal construction and acquisitions ultimately aims to solidify a deeper competitive advantage: certainty.

In the high-risk world of innovative drug development, where success is far from guaranteed, multinational pharmaceutical companies and biotech firms no longer evaluate partners based solely on R&D capabilities or production costs. Instead, they prioritize whether a partner can provide a fully controllable and reliable "highway" from target discovery to drug commercialization.

When a company can ensure that its clients' molecules, regardless of where their clinical trials succeed globally, are produced and delivered to the market on time, in compliance, and with high quality, it transforms from a technical service provider into indispensable infrastructure within its clients' R&D pipelines.

WuXi XDC's strategic move is not only about delivering current projects but also about shaping industry standards and defining the rules of the game in the global biopharmaceutical supply chain over the next decade.