Wuxi Biologics Ireland in €679.6m gain after restructuring

The Irish arm of Chinese biopharma company Wuxi Biologics, which is developing a multimillion euro facility in Co Louth, recently received €679.6 million in equity after a group restructuring.

The company is building a €325 million plant in Dundalk, and in late 2019 announced a doubling down on that investment with a plan to also locate a $240 million (€207 million) vaccine production facility on the campus.

Accounts filed with the Companies Registration Office in Dublin, show the transaction leading to the conversion of amounts owed to the group into equity took place in January.

Wuxi Biologics Ireland, whose controlling party is incorporated in the Cayman Islands, is investing over €500 million and taking on 600 people in Co Louth by the end of 2024. The facility is expected to commence commercial manufacturing next year.

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At the end of last year, construction was 85 per cent completed with handover from the main contractor expected in August.

Revenues

Wuxi Biologics recorded a 145 per cent jump in revenues last year to €64.8 million from €26.3 million. It posted pretax profits of €54.3 million, compared to a €19.5 million loss in 2019.

The company said it recovered a bad debt provision of €4.3 million from customers which had a positive impact on the 2020 results.

During the year, Wuxi Biologics Ireland made capital contributions of €31.3 million and €99 million respectively to subsidiaries it has in the US and Germany.

Staff numbers at Wuxi Biologics rose to 162 from 37 last year as more manufacturing employees were taken on. Related costs, including wages and salaries, jumped to €11.8 million, versus €3.2 million a year earlier.