China’s pharma financing slump continues, with 94 drugmakers raising only $1.978 billion in the first half year of 2024. Compared to the same period in 2023, total funding raised is down 31%.
Five companies have broken the $100 million ceiling this year and only one happened in June. AI-driven drug delivery and discovery firm METiS Pharmaceuticals has secured $100 million in its Series C funding round led by CICC Capital on June 21.
Founded in 2020, METiS have built three technology platforms, AiLNP, AiRNA and AiTEM and a protfolio with more than ten small molecular and mRNA therapies. The small molecule candidate already start a Phase 3 trial in June 2023. The mRNA immunotherapy is expected to enter clinical trials this year.
The first half year demonstrated that licensing continues to be a lucrative business, with nine in-licensing deals worth a total of $337 million and 27 out-licensing deals worth a total of $13.7 billion were made.
Four deals‘ upfront payments have reached the $100 million threshold, with two of them occurring in June.
China’s FuntureGen Biopharmaceutical out-licensed a next-generation inflammatory bowel disesase (IBD) therapy, FG-M 701 to AbbVie. The asset acts on TL1A, currently in preclincial development phase. FutureGen stands to receive upfront and near-term milestone payment worth $150 million and entitled to $1.56 billion clinical development, regulatroy and commercial milestones payments.
Ascentage Pharma entered an option agreement with Takeda for olverembatinib, an oral, potentially best-in-class, third-generation BCR-ABL tyrosine kinase inhibitor (TKI), which is currently in development for chronic myeloid leukemia (CML) and other hematological cancers.
Under the terms of this agreement, Ascentage Pharma will receive an option payment of $100 million upon signing of the exclusive option to license Olverembatinib, with the exercise of the option being subject to customary regulatory approvals. Additionally, Ascentage Pharma will received a minority equity investment from Takeda.
The notable drug approvals in June are as below.
