Based on data gathered by PharmaDJ, 20 privately held Chinese drugmakers obtained financing in 2024. The total value of the financings was $407 million.
The leading funding recipient is D3 Bio, a biotechnology company focusing on innovartive cancer drugs. The company announced its closing of $62 million Series A+ financing round led by Medicxi, a leading European life sciences investment firm. D3 Bio's existing investors, Matrix Partners China and WuXi AppTec's Corporate Venture Fund also participated.
The funding will be allocated to expedite the development of D3 Bio's assets with focus on D3S-001, a new generation small molecule KRAS G12C inhibitor with BIC potential. D3S-001 is currently in phase 2 development in NSCLC, colorectal cancer and pancreatic cancer.
There were no initial public offerings for Chinese drug developers in April.
Danish biotech Genmab has agreed to buy clinical-stage novel antibody-drug conjugate (ADC) maker ProfoundBio for $1.8 billion in cash to bolster its pipeline of cancer. Based in Suzhou and US, ProfoundBio's portfolio includes Rina-S, a potentially best-in-class ADC. The drug is designed to target tumors that express a protein called folate receptor alpha and is currently in Phase 2 testing for ovarian cancer and certain other types of solid tumors.
Four licensing deals for Chinese drugmakers were disclosed, worth a total of $153 million, including $10 million in upfront payments.
Sino Biopharmaceutical Limited, a China-based Hang Seng Index company, has formed a partnership with German biopharma Boehringer Ingelheim. This collaboration encompasses several clinical-stage programs, notably brigimadlin, zongertinib, and BI 764532. Financial terms were not disclosed.
No out-licensing this month, and three licensing deals between Chinese companies.
China-based biotech Biocytogen and Gilead are entering an antibody deal to leverage the discovery and development of new antibody theraputics. The agreement gives Gilead a three-year nomination period to choose its targets of interest and assess the selected antibodies, with the option of acquiring selected antibodies for worldwide therapeutic development.
The notable drug approvals in China are as below.
