(Yicai Global) March 3 -- China's WuXi AppTec, which counts the world's top 20 pharmaceutical giants as its clients, has acquired OXGENE, a British contract research organization, to advance its cell and gene therapy business.

OXGENE will become the first European unit of WuXi Advanced Therapies, a cell and gene therapy subsidiary of the Shanghai-based parent, the buyer said in a statement today, without disclosing financial details of the deal. The target firm will retain its name.

Sales of gene therapy products are expected to tally around USD13.6 billion in 2024, multiplying from USD10 million in 2017, according to market researcher Evaluate Pharma. Global drug giants such as Roche, Novartis, Pfizer and Gilead Sciences have also begun exploring the emerging field that harnesses cells to fight diseases.

Founded in 2011, Oxford-based OXGENE is a contract testing, development, and manufacturing organization whose innovations include manufacturing systems such as TESSA for adeno-associated virus and XLenti for lentivirus.

"By combining WuXi ATU’s world-class cell and gene therapy CTDMO platform with OXGENE’s innovative capabilities, we will be able to provide transformative solutions for our customers," said WuXi ATU’s Chief Executive David Chang.

The pair will work to strengthen and scale up their gene and cell product offering, which should benefit the industry and customers, said OXGENE founder and CEO Ryan Cawood.

Wuxi AppTec’s Shanghai-listed shares [SH:603259] were 1.9 percent up at CNY144.56 (USD22.40) in the morning. Its Hong Kong-listed equity price HK:2359] rose by 2.4 percent to HKD170.20 (USD21.90).

Editor: Emmi Laine, Xiao Yi