NewCo Model
The Rise of the “NewCo” Model in Chinese Biotech: Global Expansion via Spinouts (2024–2025)
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.