Top 100 Seed Enterprises of China's Pharmaceutical Innovation ("Seed 100") is a sub-list launched by E-Pharm Manager based on the Top 100 Innovative Enterprises of China's Pharmaceutical Industry ("Innovation 100"). It focuses on enterprises representing the potential of China's pharmaceutical innovation, which are important reserve forces for the transformation and upgrading of China's pharmaceutical industry and the enhancement of industrial competitiveness.The "Top 100 Seeds" list continues the basic research framework of the "Top 100 Innovations," using innovation foundation, innovation process, and innovation outcomes as the main evaluation system, based on Clarivate's Cortellis competitive intelligence and clinical trial data, as well as Derwent Innovation patent data.Through statistical analysis of the number of authorized patents, total patent citations, ongoing clinical trials, and the number of approved and marketed new drugs, 100 companies were selected for the list.
As is known to all, in the second half of 2024, driven by a series of significant economic policies, the pharmaceuticals industry finally welcomed the recovery of the secondary market and moderate easing of IPO regulations. Many pharmaceutical companies seized the opportunity and initiated IPO applications one after another. Therefore, the 2025 Seed Top 100 has revised its previous approach of excluding Chinese pharmaceutical enterprises listed on any securities market globally (excluding the New Third Board), now including companies that have been listed for less than six months as of the observation end date (May 31, 2025) within the selection scope.Compared with the "Top 100 Innovators" with strong comprehensive strength, the "Top 100 Seeds" present three differentiated characteristics: focus on technical tracks; proactiveness in BD transactions; and activity in the capital market.The Technical Track Focus of the Top 100 SeedsMost of the top 100 seed companies have relatively short founding histories and belong to Biotechs in the early stages of growth, prior to the product market introduction phase. These companies are typically founded by scientists from academic institutions or experts with extensive experience in the medical and health fields. Relying on the founders’ (teams’) accumulation and discoveries in specific disease areas and cutting-edge technologies, they transform scientific research achievements into innovative drug products. This results in these companies focusing on technology tracks that the founders (teams) are proficient and familiar with during their early development stages.A notable characteristic of the 2025 Seed 100 technology track distribution is the clustering of numerous companies in the CGT track.This may be attributed to the close ties between this field and academia, the dual regulatory system for cell and gene therapy products, and the large number of IIT trials, which provide convenient conditions for scientists to start businesses.The CGT companies on the list include IASO Bio, PuriGen, BosinGene, UcarTherapy, Beigene Bio, Yimiao ShenZhou, Baiji Gene, BendGene, Wujiahe, and BinHui Bio. These companies have conducted extensive exploration in terms of targets, cell types, preparation technologies, and vector technologies.For the peptide drug track closely related to weight-loss medications, the 2025 Seed Top 100 includes companies such as Sciwind and Shengsi Bio, which respectively possess technology platforms like oral long-acting GLP-1 drugs and recombinant factor VIII.On the ADC track, there are Puzhong Discovery Pharmaceutical Technology(Shanghai) Co., Ltd., XinnovateBio, and Zicom Biotechnology, each possessing target discovery technology and linker modification technology, extensive experience in small molecule drug development across multiple fields, and a bidirectional translational medicine platform.The antiviral drug sector includes Ark Bio, Viva Biotech, Sinovent Pharmaceuticals, and Tanox Pharma. The first three companies have respectively developed treatments for RSV, coronavirus, and HBV infections, while Tanox Pharma uses the HitmAb technology platform to develop recombinant fully human monoclonal antibodies for the prevention of tetanus, RSV, VZV, and other viruses. Similar to Tanox Pharma's approach, Heryuan Biotechnology is also developing substitutes for blood products by utilizing rice endosperm cells to efficiently express recombinant human serum albumin.The BD Trading Activity of the Top 100 Seed CompaniesThe Top 100 Seeds, with their focus on technological tracks, have become a significant source of innovative projects in corresponding fields and have gained the capability to participate in BD transactions.Most companies are in the early stages of development and urgently need to improve cash flow through BD transactions beyond financing, thus showing积极性 for BD transactions.The 2025 Seed 100 Companies Have Been Involved in a Total of 174 Transfer, Cooperation, Acquisition (Project/Company), and Complex Transactions Since 2012, with Transaction Activity Significantly Increasing Since 2022 and Continuing to Grow.Figure 1. Changes in the Number of BD Deals Involving the Top 100 Seed CompaniesSource: PatSnap New Drug Intelligence Database, E Pharma Manager Institute (excluding licensing deals; as of October 16, 2025)Compared to the top 100 innovative companies, the BD deals of the top 100 seed companies generally have lower upfront payments and total amounts, but there are still a few standout transactions.A total of 23 transactions disclosed upfront payments, with only two exceeding 100 million US dollars: RuiGe Medical's sale of its next-generation CDK inhibitor portfolio to Genentech for an 850 million US dollar cash upfront payment in September 2024, and Sinovation's transfer of exclusive development and commercialization rights for XNW27011 (Claudin 18.2 ADC) outside of China to AstraZeneca for a 130 million US dollar upfront payment in May 2025.A total of 46 deals disclosed the total transaction value, with the highest reaching $2.47 billion, coming from Sciwind's grant of global development, manufacturing, and commercialization rights (excluding Greater China and South Korea) for one GLP-1 receptor agonist and two amylin receptor agonists to Verdiva in January 2025.Beyond traditional licensing deals, the Seed 100 are also actively embracing the NewCo model, including EpimAb Biotherapeutics, a leader in the TCE space.In August 2024, EpimAb Biotherapeutics granted the overseas rights of its TCE drug EMB-06 (BCMA/CD3) to Vignette Bio, receiving an upfront payment of $60 million in cash and Vignette equity. Subsequently, Vignette was acquired by Candid. Through these transactions, EpimAb Biotherapeutics gained significant profits, achieving its first annual profitability in 2024. According to the prospectus released in June 2025, the total value of license-out deals reached by the company since the end of 2023 exceeded $2.1 billion, ranking second globally in the TCE field.The BD deals reached by the top 100 seed companies are not only numerous but also serve as a benchmark for innovative R&D technologies.In October 2025, Puzhong Discovery Pharmaceutical Technology (Shanghai) Co., Ltd. entered into a global collaboration with Kite Pharma, a subsidiary of Gilead, in the field of in vivo CAR-T therapy. The company received an upfront payment of $120 million, potential milestone payments of up to $1.52 billion, and future royalties on net sales of the product. This deal represents the first license-out transaction in China regarding in vivo CAR-T. With advantages such as no need for ex vivo preparation, no preconditioning lymphodepletion, and potentially lower costs, this technology is expected to be key to addressing the scalability challenges of CAR-T applications.Capital Market Activity of the Top 100 SeedsIn 2025, Biotech ushered in the second wave of IPOs.In June 2025, PharmTarget Therapeutics went public on the Hong Kong Stock Exchange. Its core pipeline is a multi-kinase (MTK) inhibitor targeting three key pathways, which has the potential to treat various solid tumors.In July 2025, Leadmab went public on the Hong Kong Stock Exchange, triggering a subscription frenzy with its accumulation in the three major fields of IO 2.0, TCE, and ADC. In the same month, Hoyo Biotech was approved for listing on the STAR Market, marking the resumption of the fifth set of standards on the STAR Market.In August 2025, Bibite, which also adopts the fifth set of standards, was approved for listing on the STAR Market.In September 2025, Geforce Biomedicine, a leader in the KRAS field, was listed on the Hong Kong Stock Exchange.Notably, Hoyo Biotech's recombinant human albumin injection (rice) was approved for marketing in July, and Bebetter Pharma’s Epinostat Hydrochloride for Injection (HDAC/PI3Kα inhibitor) received conditional approval for marketing in the same month. Although these companies were listed as unprofitable entities under the fifth set of standards, the certainty of R&D translation into products and the market prospects of these products may serve as key references for regulators.Currently, 12 companies from the 2025 Seed Top 100 have applied for listing, including 9 on the Hong Kong Stock Exchange (Ark Bio, Ganzhou Hemei Pharmaceutical, EpimAb Biotherapeutics, Genelux Pharmaceuticals, Magpie Bio, NeoPharm, Bio-Ray Biotech, Viva Biotech, Sciwind), 2 on the STAR Market (Hengrui Dason, Tanox Pharma), and 1 on the Beijing Stock Exchange (Tian Guangshi). After going public, these companies are expected to gain more attention and greater support, thereby accelerating their development and contributing stronger momentum to China's pharmaceutical innovation.
"The Top 100 Seed Enterprises of China's Pharmaceutical Innovation" are profoundly demonstrating the strong reserve forces of China's innovative drug industry.For more details about "Seed 100", please followThe 17th China Pharmaceutical Entrepreneurs, Scientists, and Investors Conference (hereinafter referred to as "Qisi Conference") will be held in Beijing from November 24 to 26, 2025.At that time, entrepreneurs, scientists, and investors will focus on the "structural inflection point" currently being experienced by China's pharmaceuticals industry. Through a series of high-level dialogues and in-depth discussions, they will explore strategies to break through future competition and find the key to unlocking the next decade of China's pharmaceuticals industry.Scan to Register
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Contact Number: 18811130861To implement the spirit of the State Council and the CPC Central Committee regarding innovation-driven development across the entire biopharmaceutical industry chain, and to propel China's biopharmaceuticals sector toward the medium-to-high end of the global value chain while achieving high-level technological self-reliance and strength, an important initiative has been launched. The 17th China Pharmaceutical Entrepreneurs, Scientists, and Investors Conference 2025 has specially organized the "14th Five-Year Plan" series of events for outstanding suppliers in China’s pharmaceuticals industry, inviting relevant enterprises.【Free Participation】Contact Number: 13716707405
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