(Yicai Global) Feb. 18 -- China's WuXi AppTec Group will purchase a large stake in CANbridge Pharmaceuticals for USD30 million to tap into the Beijing-based specialty drugmaker's treatments for cancer and Hunter syndrome. 

WuXi AppTec and its affiliates will acquire 1.7 million newly issued shares for USD20 million and spend USD10 million on warrants to have nearly 16 percent of the target firm's stock, the Shanghai-headquartered buyer said in a statement yesterday, without disclosing whether that is a majority stake. CANbridge's founder James Xue holds nearly 12 percent of the firm's equity.

Established in 2012, CANbridge has brought two cancer treatments onto the mainland and Hong Kong markets. It is in the process of registering its Hunterase drug to treat those suffering from the rare genetic disease.

WuXi AppTec is improving its portfolio by funding CANbridge's research and development efforts and widening sales channels, it added.

WuXi AppTec's shares [SHA: 603259] fell 0.97 percent to CNY112.89 (USD16.12) today.

Editor: Emmi Laine