NewCo Model

China-Origin Assets Exclusively Fuel New US and UK Biotech Startups (2023–2025)

Analysis of US and UK biotech startups operating under the NewCo model, built solely on China-licensed assets. Includes executive summary, company list, trends, and risks.

SDW Editor

— 8 min read

Executive Summary

This report highlights biotech startups built entirely on assets licensed from Chinese partners, typically with rights outside China. As of September 2025, these “NewCos” are rapidly emerging, especially in the US, reflecting a strategic shift toward Chinese innovation assets. The trend is fueled by lower R&D costs in China, a rich pipeline of clinical-stage assets, and strong investor appetite.

Dozens of such companies have launched in 2023–2025, spanning therapeutic areas including oncology, immunology, metabolic, respiratory, and cardiovascular disease, and modalities such as TCEs, ADCs, antibodies, siRNAs, and GLP-1s. That said, geopolitical and regulatory risks remain significant and could slow future deal flow.

Market Context

  • Deal Surge: In H1 2025, US–China licensing activity surged, particularly in oncology, immunology, and metabolic disease.
  • NewCo Model: Chinese firms spin out assets via NewCo structures, giving the NewCo rights outside China (or Greater China) and often retaining equity or royalties in the NewCo.
  • Challenges: Future US export controls or regulatory restrictions may curtail cross‑border licensing flows; still, China’s deep pipeline (with >100 Phase 3 assets) provides a continuing feed of opportunities.

Detailed List of Companies

Here is a comprehensive list of all companies, formatted with company name, Chinese partner(s), founding, funding, assets (separated by partner where applicable), deal highlights, and notes (including any geographic or other distinctions).

Prolium Biosciences

  • Chinese Partner(s): InnoCare Pharma & KeyMed Biosciences (joint)
  • Founding: January 2025
  • Funding: Undisclosed (RTW Investments)
  • Assets: From InnoCare Pharma & KeyMed Biosciences - ICP-B02: CD20xCD3 bispecific antibody for B-cell malignancies (e.g., lymphoma)
  • Deal Highlights: Upfront $17.5M + $502.5M milestones + royalties; Oncology-focused; Ex-China rights.
  • Notes: Announced Jan 2025; Single-asset start.

Ouro Medicines

  • Chinese Partner(s): Keymed Biosciences
  • Founding: January 2025
  • Funding: $120M (TPG Life Sciences Innovations, NEA, Norwest Venture Partners, Monograph Capital, GSK, UPMC Enterprises, Boyu/Zoo Capital, LongRiver Investments)
  • Assets: From Keymed Biosciences - OM336/CM336: BCMAxCD3 T-cell engager for multiple myeloma and immune-mediated diseases
  • Deal Highlights: Upfront $16M + $610M milestones + royalties; Phase 1/2; Ex-China rights.
  • Notes: GSK involvement; Focus on immune reset.

Windward Bio

  • Chinese Partner(s): Harbour BioMed & Sichuan Kelun Biotech
  • Founding: January 2025 (launched; founded June 2024)
  • Funding: $200M Series A (Novo Holdings, others)
  • Assets: From Harbour BioMed & Sichuan Kelun Biotech - WIN378/HBM9378/SKB378: Long-acting anti-TSLP antibody for asthma/allergic diseases/COPD
  • Deal Highlights: Licensing + equity; Upfront $45M + milestones/royalties; Preclinical/clinical; Ex-China rights (except select Asian markets).
  • Notes: NewCo for immunology; Part of broader China licensing trend.

Oblenio Bio

  • Chinese Partner(s): Leads Biolabs
  • Founding: November 2024 (formed; incorporated August 2024)
  • Funding: Undisclosed (Aditum Bio)
  • Assets: From Leads Biolabs - LBL-051: Trispecific T-cell engager for autoimmune disorders/solid tumors
  • Deal Highlights: Upfront/near-term $35M + $579M milestones + royalties + equity stake; Preclinical; Ex-China rights.
  • Notes: Trispecific platform from China.
  • Founders: Not publicly disclosed.

Belenos Biosciences

  • Chinese Partner(s): Keymed Biosciences
  • Founding: October 2024
  • Funding: Undisclosed Series A (OrbiMed, others)
  • Assets: From Keymed Biosciences - CM512: Bispecific antibody for autoimmunity (e.g., rheumatoid arthritis); CM536: Bispecific antibody for autoimmunity
  • Deal Highlights: Upfront $15M + $170M milestones + 30.01% equity to Keymed; Immunology pipeline; Ex-China rights.
  • Notes: Autoimmunity-focused NewCo spin-off.
  • Founders: Not publicly disclosed.

Kailera Therapeutics

  • Chinese Partner(s): Jiangsu Hengrui Pharmaceuticals
  • Founding: October 2024
  • Funding: $400M Series A (Atlas Venture, Bain Capital Life Sciences, RTW Investments, Lyra Capital)
  • Assets: From Jiangsu Hengrui Pharmaceuticals:
    • KAI-9531 (HRS9531) Injectable: GLP-1/GIP receptor dual agonist for obesity and type 2 diabetes. In Phase 3 trials in China, with over 2,000 patients dosed across Phase 1-3. Demonstrated 19.2% mean weight loss at 6 mg (16.3% placebo-adjusted) after 48 weeks in Phase 3 (HRS9531-301, NCT06396429), and 22.8% mean weight loss (21.1% placebo-adjusted) at 8 mg after 36 weeks in Phase 2 (HRS9531-203, NCT06054698). No plateau observed; favorable safety profile with mild gastrointestinal adverse events.
    • KAI-7535 Oral: Small molecule GLP-1 receptor agonist for obesity and type 2 diabetes. In Phase 1/2 clinical development. Designed for oral administration, offering a non-injectable alternative.
    • KAI-9531 Oral: GLP-1/GIP receptor dual agonist formulated as a once-daily oral tablet for obesity and type 2 diabetes. In Phase 1/2 clinical development. Leverages same dual-agonist mechanism as injectable KAI-9531.
    • KAI-4729 Injectable: GLP-1/GIP/glucagon receptor tri-agonist for obesity and type 2 diabetes. In preclinical/Phase 1 development. Targets three receptors to enhance metabolic effects.
  • Deal Highlights: NewCo structure; Exclusive global ex-China rights; Upfront >$100M + near-term payments + ~$6B milestones + royalties; Hengrui retains ~20% equity; Ex-China commercialization.
  • Notes: Formed to advance weight loss drugs with robust Chinese clinical data, positioning KAI-9531 as a potential best-in-class competitor to Eli Lilly’s Zepbound (tirzepatide). CEO Ron Renaud emphasizes global Phase 3 trials with higher doses and longer durations to differentiate.
  • Founders: Not publicly disclosed; led by CEO Ron Renaud.

Candid Therapeutics

  • Chinese Partner(s): EpimAb Biotherapeutics (via Vignette); Genor Biopharma (via TRC 2004); WuXi Biologics
  • Founding: September 2024
  • Funding: $370M Series A (Foresite Capital, others)
  • Assets: From EpimAb Biotherapeutics (via Vignette) - CND106: BCMAxCD3 TCE for autoimmune; From Genor Biopharma (via TRC 2004) - CND261: CD20xCD3 TCE for autoimmune; From WuXi Biologics - Undisclosed: Trispecific TCE for immunology/oncology
  • Deal Highlights: From WuXi Biologics: Up to $925M milestones + royalties; From others: Undisclosed upfront/milestones; All Chinese-origin; Ex-China rights.
  • Notes: Rapid portfolio build in <1 year; TRC 2004 (US-based, co-founded by Two River/Third Rock Ventures) exclusively licensed CND261 from Genor Biopharma before acquisition by Candid.
  • Founders: Ken Song (Chairman, President, CEO), Timothy Lu, Bernie Huyghe, Arvind Kush.

Braveheart Bio

  • Chinese Partner(s): Jiangsu Hengrui Pharmaceuticals
  • Founding: September 2024
  • Funding: Undisclosed launch (via deal equity/stock)
  • Assets: From Jiangsu Hengrui Pharmaceuticals - HRS-1893: Selective cardiac myosin inhibitor for hypertrophic cardiomyopathy (HCM) and obstructive HCM (oHCM). Phase 2-ready in China; targets myosin ATPase to reduce cardiac contractility without off-target effects.
  • Deal Highlights: Upfront $65M ($32.5M cash + $32.5M stock) + up to $1.03B milestones + royalties; Exclusive global ex-China rights; NewCo debut.
  • Notes: Stealthy US startup (Delaware-based) led by ex-Hi-Bio CEO; Positions to challenge Bristol Myers Squibb's Camzyos in HCM market; Single-asset focus.
  • Founders: Travis Wager (CEO).

Verdiva Bio (UK-based)

  • Chinese Partner(s): Sciwind Biosciences
  • Founding: July 2024
  • Funding: $411M Series A
  • Assets: From Sciwind Biosciences - VRB-101: Oral weekly GLP-1 agonist for obesity; VRB-103: Oral weekly amylin agonist for obesity; VRB-102: Long-acting subcutaneous amylin agonist for obesity
  • Deal Highlights: Global ex-China/South Korea rights; Upfront + milestones/royalties; Obesity/cardiometabolic focus. Note: UK-based, not US.
  • Notes: Aligns with metabolic trend; UK base may shield from US-specific restrictions.
  • Founders: Khurem Farooq (CEO), Jane Hughes, Mohamed Eid.

Vignette Bio

  • Chinese Partner(s): EpimAb Biotherapeutics
  • Founding: April 2024
  • Funding: Undisclosed seed (Foresite Capital, Qiming Venture Partners USA, Samsara BioCapital, Mirae Asset)
  • Assets: From EpimAb Biotherapeutics - EMB-06: BCMAxCD3 T-cell engager for multiple myeloma
  • Deal Highlights: Upfront/equity $60M + up to $575M milestones + royalties; Preclinical/clinical; Ex-China rights; Acquired by Candid Therapeutics in 2024.
  • Notes: Early-stage oncology emphasis; Acquired by Candid Therapeutics in 2024.
  • Founders: Not publicly disclosed; incubated by Foresite Labs.

Expedition Therapeutics

  • Chinese Partner(s): Fosun Pharma
  • Founding: March 2024
  • Funding: Undisclosed seed (Venrock, BVF Partners, Lake Bleu Capital)
  • Assets: From Fosun Pharma - XH-S004: DPP1 inhibitor for bronchiectasis and other lung conditions
  • Deal Highlights: Upfront $17M + up to $628M milestones + royalties; Scout model for Chinese assets; Ex-China rights.
  • Notes: First deal focuses on respiratory diseases; Aims to source multiple assets.
  • Founders: Not publicly disclosed.

Avenzo Therapeutics

  • Chinese Partner(s): DualityBio; VelaVigo Bio
  • Founding: March 2024
  • Funding: $386M Series A/A-1 + $60M Series B (RA Capital, others)
  • Assets: From DualityBio - Undisclosed: EGFR-HER3 ADC for NSCLC/solid tumors; From VelaVigo - VBC103: Nectin4xTROP2 bispecific ADC for solid tumors; Additional oncology assets
  • Deal Highlights: From DualityBio: Upfront $50M + up to $1.15B milestones + royalties; From VelaVigo: Option up to $800M; Ex-China rights; Oncology NewCo.
  • Notes: Multi-partner scouting for ADCs/bispecifics.
  • Founders: Athena Countouriotis (CEO), Mohammad Hirmand.

Photys Therapeutics

  • Chinese Partner(s): Hangzhou Polymed Biopharmaceuticals
  • Founding: March 2024
  • Funding: Undisclosed Series A
  • Assets: From Hangzhou Polymed Biopharmaceuticals - Undisclosed: IRAK4 degrader for inflammatory/autoimmune diseases (Phase 1-ready)
  • Deal Highlights: Exclusive license; Upfront + milestones/royalties; Protein degradation focus.
  • Notes: Exclusive reliance on Chinese degrader technology.
  • Founders: Not publicly disclosed.

Kalexo Bio

  • Chinese Partner(s): Mabwell Bioscience
  • Founding: December 2023
  • Funding: Undisclosed (Aditum Bio)
  • Assets: From Mabwell Bioscience - 2MW-7141: Dual-target siRNA for dyslipidemia/cardiovascular disease
  • Deal Highlights: Upfront $12M + up to $1B milestones/royalties; Preclinical; Global ex-China rights.
  • Notes: Cardiovascular focus with novel siRNA.
  • Founders: Not publicly disclosed.

Aiolos Bio

  • Chinese Partner(s): Jiangsu Hengrui Pharmaceuticals
  • Founding: October 2023
  • Funding: $245M Series A (Atlas Venture, Bain Capital Life Sciences, Forbion, Sofinnova Investments, RA Capital)
  • Assets: From Jiangsu Hengrui Pharmaceuticals - AIO-001/SHR-1905: Ultra-long half-life anti-TSLP antibody for severe asthma
  • Deal Highlights: Phase 1/2-ready; Acquired by GSK for $1B upfront + $400M milestones; Ex-China rights.
  • Notes: Rapid acquisition post-launch highlights value of Chinese assets.
  • Founders: Khurem Farooq (CEO).

Ollin Biosciences

  • Chinese Partner(s): Innovent Biologics; VelaVigo Bio
  • Founding: 2023
  • Funding: $100M Series A (ARCH Venture Partners, Mubadala Capital, Monograph Capital)
  • Assets: From Innovent Biologics - OLN324/IBI324: VEGFxAng2 bispecific for wet AMD/DME; From VelaVigo Bio - OLN102/VBS-102: TSHRxIGF-1R bispecific for TED/Graves' disease
  • Deal Highlights: From VelaVigo: Up to $440M milestones + royalties; Ophthalmology focus; Clinical-stage; Ex-Greater China rights.
  • Notes: Recent launch (Sep 2025); Clinical-stage assets.
  • Founders: Jason Ehrlich (co-founder and CEO), Atul Dandekar (co-founder).

 

Analysis

  • Trends: The companies span oncology (Avenzo, Prolium, Vignette), immunology (Candid, Belenos, Ouro), metabolic (Kailera, Verdiva), respiratory (Windward, Aiolos, Expedition), cardiovascular (Kalexo, Braveheart), and ophthalmology (Ollin). Modalities include TCEs, ADCs, siRNAs, and GLP-1s, reflecting China's platform diversity.
  • Verdiva Note: Included despite UK base. Its $411M raise and obesity focus align with Kailera, but its non-US status is distinct.
  • One nuance: some NewCos (e.g., Candid) license from multiple Chinese sources — so not every asset is from a single Chinese partner, but the origin remains Chinese in those cases.

Risks and Outlook
Geopolitical tensions (export controls, tech restrictions, regulatory barriers) could dampen future cross‑border licensing by perhaps 20–30%. Still, China’s deep R&D pipeline and cost advantages (some say 20–50% lower R&D costs) support the sustained emergence of these NewCos. The inclusion of TRC‑2004 and Braveheart demonstrates that the NewCo model is evolving beyond metabolic or immunology into cardiovascular and hematology spaces.

Sources

Disclaimer

This article is for informational purposes only. It summarizes publicly available data on biotech business development and does not constitute investment, legal, or medical advice.

Read more

礼来因战略原因终止Bimagrumab肥胖症2b期临床试验

礼来公司取消了其通过19亿美元收购Versanis获得的bimagrumab的2b期临床试验，原因系“战略商业决策”，该试验尚未招募任何患者。该试验（NCT06901349）旨在评估bimagrumab（一种靶向activin和myostatin信号的抗体）单独及与tirzepatide（Mounjaro/Zepbound）联合使用，在180名肥胖或超重伴2型糖尿病患者中的效果，包含九个试验组以测试不同给药方案。ClinicalTrials.gov显示，该试验最初状态为“尚未招募”，2025年6月变更为“活跃但不招募”，并于2025年9月24日被撤回。此决定是在2025年6月美国糖尿病协会科学会议上公布的2期研究数据之后，该研究显示bimagrumab联合semaglutide（Ozempic/Wegovy）使脂肪特异性体重减轻比例超过90%，而单独使用semaglutide仅为72%。礼来试验采用皮下给药的bimagrumab和tirzepatide，与Versanis的静脉给药bimagrumab和semaglutide组合不同。目前，针对非糖尿病患者的另一项2期试验仍在招募中。礼