NewCo Model
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.
NewCo Model
Chinese biotechs are increasingly spinning assets into offshore NewCos, blending licensing, equity, and VC/PE backing. Deals like Mabwell→Kalexo and Hengrui→Braveheart accelerate global development, unlock capital, and position China as a key exporter of early- and mid-stage biotech assets.
YolTech Therapeutics
YolTech Therapeutics has raised $45M in Series B funding to advance its in vivo CRISPR therapies. Lead candidate YOLT-101, for familial hypercholesterolemia, shows strong LDL-C reduction in early trials, with a Phase 3 study on the horizon—a milestone for Chinese gene editing.
Outbound Deals
Chinese biopharmas may reach ~$60B in outbound deals by end-2025, led by Hengrui–GSK, 3SBio–Pfizer, XtalPi–DoveTree, and Hansoh–Regeneron. Oncology, obesity, and AI fuel China’s rise as a global licensing powerhouse, with top deals and trends highlighted.
Phase III trials
From Aug 1–28, 2025, 10 new Phase III trials launched in China, including YP0322, DZD8586, MRG004A, TQB2868, QLS32015, TQC3721, SHR-A2015, MT1013, FCN-159, and HS-20094, spanning oncology, CNS, respiratory, and metabolic diseases.
Outbound Deals
Witness the new era of global biotech collaboration as China's top outbound deals inject billions into innovation. From 3SBio's $1.25B Pfizer licensing to BioNTech's acquisition of Biotheus, explore key themes in bispecifics, ADCs, and strategic partnerships.
Bispecific Antibodies
Bispecific antibodies are reshaping oncology and beyond. By 2025, 20 products are approved, with 2024 sales topping $126.5B led by Hemlibra and Vabysmo. China leads the pipeline with 35+ trials, two domestic approvals, and global partnerships.
global pricing gap
Ryzneuta® (efbemalenograstim alfa) highlights a 13–14× U.S.–China pricing gap, illustrating the challenges and opportunities for Chinese biologics in global markets.
China Pharma
China’s pharma industry transformed (2015–2024) into a global hub with 4,382 drug candidates, $9.26B in BsAb deals, and 2025 FDA approvals like Sunvozertinib, Taletrectinib, and Penpulimab. With $130.4B in PD-1/VEGF and other deals, plus CGT advances, it’s reshaping pharma.
FDA approvals
As of September 25, 2025, the FDA has approved 30 novel drugs, emphasizing precision medicine, rare disease advances, and a notable increase in China-origin therapies gaining U.S. approval. This analysis covers key drugs, modalities, and the evolving China biotech footprint.
Nuclear Medicine
China's nuclear medicine industry is growing fast due to innovation, policy support, and rising demand. This report compares key players—Yantai Dongcheng, CIRC, Grand Pharmaceutical, Shanghai Pharma—to global benchmarks like Novartis’ Pluvicto and Lutathera.
China Biotech
Outbound licensing surges as China’s biotech sector hits its stride. Key deals, IPOs, IND reform, GLP-1 momentum, and TCE/autoimmune advances.