On November 9, 2020, Ambrx Inc., a portfolio company of WuXi AppTec Co., Ltd., announced the completion of an oversubscribed US$200 million crossover financing round.

New investors in the crossover financing round included Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Cormorant Asset Management, HBM Healthcare Investments, Invus, Adage Capital Partners, and Suvretta Capital Management. BofA Securities acted as the sole placement agent for the offering.

Ambrx is a clinical stage biopharmaceutical company using an expanded genetic code to create Precision Biologics, this includes next generation antibody drug conjugates (ADCs), bispecifics, and targeted immuno-oncology therapies for cancer as well as novel cytokines to modulate the immune system and long acting therapeutic peptides for metabolic and cardiovascular disease, all designed to have improved pharmacologic properties and novel biological activity.

Wilson Sonsini acted as WuXi AppTec’s counsel in Ambrx’s crossover financing. The Wilson Sonsini team was led by partners Weiheng Chen, Jie Zhu, and Barry Taylor, and included Xuchao Dong, and Eva F. Yin.