According to PharmaDJ data, 20 privately held Chinese drugmakers secured financing in November 2024. Of these, 18 disclosed funding amounts totaling $271 million. Compared to October, the number of deals increased by 25%, while the total funding raised surged by 36%.
The top recipient was Allink Biotherapeutics, which completed a $42 million Series A financing round to advance the development of ALK201 (an FGFR2b-targeted ADC) and ALK202 (an EGFR/cMET dual-antibody ADC) through Phase I trials in the US, China, and Australia. The funding will also support the expansion of its oncology and immunology portfolio.
Zhejiang-based Jiuyuan Gene completed an IPO on November 28, 2024, raising HKD 564 million on the Hong Kong Stock Exchange. Its product portfolio includes eight marketed products, such as Guyoudao, China’s first recombinant human bone morphogenetic protein-2 (rhBMP-2) bone repair material. Additionally, the company is developing over ten product candidates, including JY29-2, the country’s first semaglutide biosimilar.
Two M&A deals involving Chinese biotech companies were announced in November.
German drugmaker BioNTech agreed to pay $800 million to acquire China-based Biotheus, securing full global rights to BNT327, a PD-L1 and VEGF bispecific antibody candidate with a similar design to the Keytruda-beating ivonescimab. The payment will be made “predominantly” in cash, with a small portion in American Depositary Shares. Biotheus shareholders are eligible for an additional $150 million based on milestone achievements.
Cullgen, a clinical-stage biopharma based in San Diego and Shanghai, announced its merger with Nasdaq-listed Pulmatrix. Founded in 2018, Cullgen is leveraging its proprietary uSMITE™ (ubiquitin-mediated small molecule-induced target elimination) platform to develop targeted protein degraders (TPDs). In 2023, Cullgen completed a Series C financing led by AstraZeneca-CICC Venture Capital Partnership and entered a strategic partnership with Astellas Pharma.
In November, 18 licensing deals involving Chinese drugmakers were disclosed, totaling $7.8 billion, with $758 million in upfront payments. These figures reflect month-over-month increases of 209% and 61%, respectively.
Only one in-licensing deal with an overseas company was recorded, featuring $1.5 million in upfront payments and $102 million in milestone payments. This matches the single in-licensing deal reported in October.
There were 11 out-licensing deals by Chinese biopharma companies, amounting to $7.6 billion, with $741 million in upfront payments—representing month-over-month increases of 206% and 58%, respectively.
Six additional licensing deals occurred between Chinese drugmakers.
Notably, Merck licensed LM-299, an early-stage PD-1/VEGF bispecific antibody, from China-based LaNova Medicines in a deal worth up to $3.3 billion. LM-299 is currently in a Phase I clinical trial enrolling patients in China. Under the agreement, LaNova will receive an upfront payment of $588 million and is eligible for up to $2.7 billion in milestone payments.
Below concludes with a summary of significant drug approvals, showcasing the ongoing advancements in the Chinese biopharma sector.
