Chinese biotech financing staged a strong rebound in July, with 25 private financings raising a combined $5.29 billion – a 56% jump from the $3.39 billion in June, according to PharmaDJ.
The largest round went to Nanjing Delova Biotech, which secured a roughly RMB 600 million Series C to advance its pain management pipeline. Stem stem cell therapy developer ZECUI Biotech followed with a $75 million Series A, backed by international investors, to fuel programs in oncology and endocrine-metabolic diseases.
AI-powered drug discovery remained a key focus. Seven AI-driven biotechs closed financing rounds in July. Byterna Therapeutics raised a tens-of-millions-yuan Pre-A round, with participation from Insilico Medicine, to develop circular mRNA and targeted delivery systems for next-generation immunotherapies. BEYANG Therapeutics pocketed RMB 200 million in Series A for its ExCEED discovery platform. MindRank secured $52 million in Series A to advance AI-assisted oral small-molecule obesity drugs. 3D-printed pharma company Triastek also completed a Series C round.
On the IPO front, no biotech listed in Hong Kong during July. However, Trinomab Biotech debuted on the SSE STAR Market, focusing on alternatives to blood-derived products, and closed its first trading day with a market cap exceeding RMB 20 billion.
In M&A, Kira Pharmaceuticals agreed on July 16 to be acquired by Jasper Therapeutics in an all-stock transaction. The combined entity will focus on advancing a consolidated pipeline of potential best-in-class therapies for immunologically driven disorders. Concurrently, Kira licensed its C5a/C5aR antibody KP-301 to Mirador Therapeutics in a separate deal that included a $12 million upfront payment.
Out-licensing activity also gained momentum, with 14 deals signed in July. AstraZeneca was particularly active, striking three agreements: a global rights deal for Dizal's Zegfrovy (sunvozertinib) with a $600 million upfront; an exclusive worldwide license for Sino Biopharm's PDE3/4 inhibitor TQC3721; and a discovery collaboration with CSPC Pharmaceuticals to develop preclinical siRNA candidates against two undisclosed targets.
