WuXi NextCode investing in genomic sequencing project in Ireland

WuXi NextCode Genomics Inc. (Cambridge, Mass.) unveiled plans to expand an Irish sequencing program by investing up to $400 million in its partner Genomics Medicine Ireland Ltd. (Dublin, Ireland), which it acquired in November. The investment aims to position Ireland as a global hub for genomics research and precision medicine and to establish an International Center for Advanced Life Sciences.

Genomics Medicine said it will receive $225 million in the near term, with an additional $175 million contingent on milestones. Arch Venture Partners and Polaris joined WuXi NextCode in investing in the Irish genomics company, along with other undisclosed investors...