Transcenta's Yi'an Jishi to Sell Hangzhou CDMO Assets to WuXi Bio Unit for RMB 190 Million

Transcenta Group announced on August 7, 2026 that its subsidiary Yi'an Jishi plans to sell the physical assets of its Hangzhou CDMO operations, including plant and equipment, to Hangzhou Mingde, a unit of WuXi Bio, for a total consideration of RMB 190 million. The transaction divests only heavy-asset segments such as facilities, equipment and personnel, while retaining core intellectual property including HiCB.

Transcenta Group was founded in 2019 through the merger of MabSpace, focused on antibody R&D, and Yi'an Jishi, which had a GMP production base. In 2020, the company completed a US$100 million Series B+ round and a US$105 million crossover round. It listed on the Hong Kong Stock Exchange in 2021, raising over HK$600 million. In 2022, revenue exceeded RMB 100 million, with CDMO business generating RMB 87.95 million and adding more than 30 new clients. From 2023, business declined markedly, with CDMO revenue falling to RMB 53.85 million. In 2024, total revenue was RMB 11.26 million, and the CDMO business posted a net loss of over RMB 75 million. In 2025, Yi'an Jishi's CDMO assets generated revenue of RMB 6.376 million and a net loss of RMB 58.255 million. That year, the group recorded a net loss of approximately RMB 204 million, net operating cash outflow of about RMB 136 million, and year-end cash and cash equivalents of RMB 14.14 million, with net current liabilities of approximately RMB 160 million. The auditor issued a disclaimer of opinion on the going-concern assumption. The company conducted a placing at HK$4.33 per share.

Similar asset transfers are common in the industry. Some companies have chosen differentiated paths. TOT Biopharm, after terminating Phase III development of its core ADC product, converted its technology and production capabilities into an ADC CDMO platform, achieving its first annual profit in 2024 and becoming an acquisition target for WuXi XDC in 2025. Innovent Biologics has advanced capacity construction according to product maturity: in 2014, its first 3,000L capacity served clinical production; after sintilimab's approval in late 2018, its second-phase production facility was completed; in 2019, total capacity expanded to 21,000 liters, and continued to grow with the increase of commercial products. By 2026, 18 products had been approved, with invested biologic capacity reaching 140,000 liters. Amgen's capacity construction also followed product rhythm: in 1988, it built supporting production facilities during the filing stage of core products; in 1989, products were approved; and in 1992, sales of two core drugs exceeded US$1 billion.