Snibe Diagnostics, a Leading Chinese IVD Company Backed by Sequoia Capital, Lists on A-Share Market and Powers Global Pandemic Response

VCBeat learned that on May 12, Shenzhen Snibe (Snibe), a leading enterprise in China’s chemiluminescence immunoassay field and the in vitro diagnostics (IVD) industry, was listed on the ChiNext board. The issue price of Snibe’s shares was RMB 31.39 per share. Upon opening, the stock hit the maximum daily gain of 44%, bringing its total market capitalization to RMB 18.6 billion.

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As COVID-19 spread globally, Snibe worked around the clock to become the first company in the world to successfully develop fully automated chemiluminescence immunoassay reagents for detecting 2019-nCoV IgG and IgM antibodies. This product became the first COVID-19 chemiluminescence assay kit to obtain CE marking and be commercially available on the global market.

Neil Shen, Global Executive Partner at Sequoia Capital, stated, “Leveraging its industry-leading independent R&D capabilities and driven by its original aspiration to innovate, Snibe has grown into an outstanding Chinese enterprise serving global customers and made significant contributions during the global fight against the pandemic. We believe that following its IPO, the management team will continue to deepen its commitment to technological R&D, delivering more efficient, automated, and intelligent total solutions for the global in vitro diagnostics sector, thereby creating greater social value.”

Rao Wei, Chairman and General Manager of Snibe, stated: “Sequoia China has been Snibe’s earliest and most important investor, supporting us in staying true to our original aspirations, remaining committed to the real economy, and pursuing high-quality development based on independent intellectual property rights, thereby becoming a significant global competitor in the field of in vitro diagnostics. We will continue our efforts to reward our broad base of investors with stable and outstanding performance, while actively fulfilling our social responsibilities to give back to society.”

Snibe specializes in the research and development, manufacturing, and sales of a series of “fully automated chemiluminescence immunoassay analyzers and supporting reagents,” providing diagnostic information for disease prevention, diagnosis, treatment monitoring, prognosis observation, health status evaluation, and prediction of genetic diseases. According to its prospectus, Snibe generated RMB 1.68 billion in revenue and achieved a net profit of RMB 770 million in 2019, with compound annual growth rates (CAGR) of 23.13% for revenue and 32.71% for net profit over the past five years.

In addition to its impressive performance and leading industry position, Snibe has also received support from top-tier investment institutions. In 2011, Sequoia China invested in Snibe, becoming the company’s earliest and largest institutional shareholder. Over the past decade, it has consistently accompanied and supported Snibe’s growth and development.

Rao Wei, Chairman and General Manager of Snibe, holds a Ph.D. in Materials Science. He innovatively integrated nanocomposite magnetic microspheres, the synthesis of ABEI luminophores, and immunoassay technologies to establish a magnetic separation-based direct chemiluminescence immunoassay system. Under his leadership, the team developed fully automated chemiluminescence immunoassay analyzers, positioning Snibe as the first company in China to build a complete platform for direct chemiluminescence immunoassays and achieve its industrialization.

As a national-level high-tech enterprise, Snibe has achieved multiple “firsts”:

l In 2010, successfully launched China’s first fully automated chemiluminescence immunoassay analyzer and its配套 reagents onto the market;

l In 2017, it passed the U.S. FDA 510(k) review and obtained market clearance, becoming the first Chinese chemiluminescence manufacturer to be certified by the U.S. Food and Drug Administration (FDA);

l In 2018, launched the world’s fastest fully automated chemiluminescence immunoassay system, MAGLUMI® X8;

l In 2019, our independently developed chemiluminescence reagents for hepatitis C successfully obtained EU CE List A certification, making us the first chemiluminescence manufacturer in China to receive the highest level of EU CE certification for hepatitis C reagents.

Furthermore, Snibe is the first company in China to adopt the most advanced “nano-sized magnetic immunobeads” as the key separation material for its systems; the first in China to replace traditional enzymes with the currently most advanced “synthetic small-molecule organic compounds” as luminescent labels; and the first in China to apply direct chemiluminescence immunoassay technology and achieve mass production of fully automated chemiluminescence immunoassay analyzers and their associated reagents.

Snibe’s rapid, high-quality growth stems from its independent R&D capabilities, driven by continuous innovation, and its ability to consistently convert first-mover advantages into competitive edges fortified by technological barriers.

In terms of product lines, as of March 31, 2020, the Company mainly had eight fully automated chemiluminescence immunoassay analyzers and 122 corresponding reagents, with over 13,000 units installed worldwide. Its marketing network covers China, and its overseas products are sold to 143 countries and regions, including the United States, the European Union, India, and Brazil, making it one of the suppliers offering the most diverse range of chemiluminescence immunoassay diagnostic reagents in both the domestic and global markets. In addition, Snibe has actively expanded its clinical chemistry analysis product line, developing four fully automated clinical chemistry analyzers and 39 corresponding reagents.

Currently, Snibe is the only company in China’s chemiluminescence sector that simultaneously possesses four major technology platforms: nano-magnetic microspheres, luminescent reagents, fully automated chemiluminescence instruments, and reagent raw materials. As of December 31, 2019, the company held 150 patents. Its R&D achievements have filled the gap for domestic enterprises in the field of fully automated chemiluminescence immunoassay diagnostics, breaking the long-standing monopoly and technological blockade imposed by foreign manufacturers in this sector.

MAGLUMI® X8 is the world’s fastest single-module chemiluminescence immunoassay analyzer, successfully developed in 2018 by Snibe through independent innovation, with a standalone throughput of 600 tests per hour.

In 2019, the Company and Thermo Fisher Scientific jointly launched the SATLAS-TCA, a total laboratory automation solution, marking Snibe’s entry into laboratory intelligence as China’s largest manufacturer of chemiluminescence immunoassay systems.