Based on data gathered by PharmaDJ, 13 privately held Chinese drugmakers obtained financing in May 2024. 11 disclosed funding worth a total of $107 million.
The leading funding recipient is Beijing-based Pyrotech Therapeutics, which developers treatments for inflammation and tumors, has raised a Series A+ of several hundred millions RMB on May 24.
The raised funds will be utilized to support the clinical trials of the ALPK1 agonist PTT-936, advance the development of innate immune suppressors and cell necrosis inhibitors, and accelerate the progress of multiple preclinical projects.
In May, two Chinese biotechnology companies were listed on the Hong Kong Stock Exchange (HKEX) under Chapter 18A of the Hong Kong Listing Rules.
Qyuns Therapeutics (HKG:2509) raised approximately HK$239 million (US$30.5 million). Founded in 2015, Qyuns is a clinical-stage biotech company exclusively focused on biologic therapies for autoimmune and allergic diseases, with a self-developed drug pipeline and an established commercial-scale in-house manufacturing capability.
Sunho Biologics IPO is Hong Kong's largest pre-revenue biotech listing year to-date. Sunho is a clinical stage biopharmaceutical company that focuses on the discovery, development, and commercialisation of biologics for the treatment of cancers and autoimmune diseases. It has three developed in-house core products and has initiated Phase II clinical trials for biliary tract carcinoma and completed a colorectal cancer to date Phase I clinical trial for advanced solid tumours. The company has nine pipeline products. In addition to its core products, three of these pipeline products are in the clinical stage, also focusing on the treatment of cancer.
11 licensing deals for Chinese drugmakers were disclosed, worth a total of $4.6 billion, including $225 million in upfront payments.
In-licensing deals are only two, and no detail financial term disclosed.
Out-licensing deals are eight, worth a total of $4.6 billion, including $225 million in upfront payments.
Another one deal is between Chinese drugmakers.
Hengrui Pharmaceuticals, one of the largest pharmaceutical companies in China, on its licensing of global rights (excluding Greater China) for the development, production and commercialization of three of its proprietary glucagon-like peptide-1 (GLP-1) drugs to Hercules CM Newco, a newly established Delaware company. Hercules is funded by a $400 million investment from Bain Capital Life Sciences Fund, Atlas Venture, RTW Capital and Lyra Capital.
Under the agreement terms, Hengrui will receive an upfront payment of $100 million and a near-term tech transfer milestone payment of $10 million, totaling $110 million, with the potential for clinical development and regulatory milestone payments of up to $200 million, sales milestone payments of up to $5.725 billion, and sales royalties ranging from low single digits to low double digits. As a part of the consideration for the exclusive license, Hengrui will acquire a 19.9% equity stake in Hercules.
The notable drug approvals in China are as below.
