According to data from PharmaDJ, ten privately held Chinese drugmakers secured financing in August 2024. Nine of these disclosed funding, totaling $107 million. Compared to July, the number of deals and total funding raised decreased by 33% and 58%, respectively.
The financing amounts in August were modest, with none exceeding $3 billion. The leading recipients were Maiji Biotech and BioCity, both securing over $28 million.
Maiji Biotech, a Chinese company focused on antibody drug research and development, completed its Series B financing round, raising over $28 million. The company's key drug, MG-K10, designed to treat atopic dermatitis and asthma, has demonstrated efficacy in Phase 2 clinical trials and is now progressing to Phase 3.
Wuxi-based BioCity announced it had also received over $28 million in a Series A+ funding round, with participation from WuXi Biologics. BioCity is developing several innovative drugs for oncology and nephrology diseases. Its lead oncology product, BC3195, an ADC drug targeting CDH3, is currently in a Phase 1b dose expansion study in both the U.S. and China. The lead nephrology product, SC0062, a highly selective ETA small molecule antagonist, is nearing completion of the Phase 2 SUCCEED study.
There were no initial public offerings by Chinese drug developers in August, and no new biotech M&A deals were announced during the month.
15 licensing deals involving Chinese drugmakers were disclosed, amounting to a total of $5.7 billion, including $907 million in upfront payments—representing month-to-month increases of 46% and 2,243%, respectively.
There were two in-licensing deals with companies outside of China, totaling $996 million, including $6 million in upfront payments. In contrast, July saw only one in-licensing deal with no financial terms disclosed.
There were six out-licensing deals from China-based biopharma companies, totaling $4.1 billion, including $828 million in upfront payments. These figures represent month-to-month increases of 8% and 3,210%, respectively.
Seven additional licensing deals were made between Chinese drugmakers.
On August 8, Merck & Co. (MSD) announced plans to acquire CN201, a clinical-stage candidate, from the Chinese company Curon Biopharmaceutical, with an upfront cash payment of $700 million. Under the agreement, Curon is eligible to receive up to $600 million in developmental and regulatory milestone payments.
CN201 is a bispecific antibody that targets CD3 and CD19, designed to eliminate B cells. This novel candidate is currently being evaluated in a Phase 1 study for the treatment of relapsed or refractory B cell non-Hodgkin lymphoma (B-NHL) and a Phase 1b/2 study for the treatment of precursor B cell acute lymphoblastic leukemia (B-ALL).
The following are the notable drug approvals in China.
