Entering mAb Intermediates Process Development and Manufacturing Services Agreement with BioDlink

Research evidence excerpt

Entering mAb Intermediates Process Development and Manufacturing Services Agreement with BioDlink

Update

June 22, 2026 01:13 AM GMT

Morgan Stanley Asia Limited+MWuXi XDC Cayman Inc. | Asia Pacific Laurence Tam

Equity Analyst

Entering mAb Intermediates Laurence.Tam@morganstanley.comMarco Wong +852 2239-1753

Research Associate

Marco.Wong@morganstanley.com +852 3963-2021

Process Development and

Manufacturing Services

Agreement with BioDlink

WuXi XDC Cayman Inc. (2268.HK, 2268 HK)

China Healthcare | China

Key Takeaways Stock Rating Overweight

Industry View Attractive

WuXi XDC completed the acquisition of a 60% stake in BioDlink, a Suzhou-based Price target HK$83.00

Shr price, close (Jun 18, 2026) HK$46.70

biopharma/CDMO company, in late March 2026. 52-Week Range HK$85.50-38.80

Sh out, dil, curr (mn) 1,216

BioDlink recently signed an agreement to supply 10 batches of mAb Mkt cap, curr (mn) Rmb49,033.2

intermediates to WuXi Bio (parent of WuXi XDC) worth Rmb19mn, effective until EV, curr (mn) Rmb42,923.6

Avg daily trading value (mn) HK$332

31 Dec 2026.

Subject to per-batch output requirements, pilot-scale bioreactors

(50L/200L/500L) will be used for production.

The full scope of service spans process development/tech transfer, upstream cell

expansion, downstream purification and bulk DS filing, etc.

This contract serves as the first order post-integration, a testament to BioDlink's

D&M capability to meet WuXi XDC's standards.

Amid robust bioconjugate demand and backlog growth, WuXi XDC has been

ramping up its capacity in preparation for commercial-scale contracts, targeting to

double drug product capacity by 2029 (19mn vials by end of 2025). This expansion

drive underpinned the rationale for the acquisition of BioDlink, which has a