Seven Chinese Biopharma Firms Named as Potential Unicorns by Hurun; Several Advance Toward IPO

Recently, the Hurun Research Institute released the "Hurun China Future Unicorns 2019Q2" report. This marks the second time the institute has published its list of "Future Unicorns," aiming to identify high-growth companies most likely to reach a valuation of $1 billion within three years.

According to the Hurun Research Institute, 13 new potential unicorns were identified in China in the second quarter of this year, bringing the total number on the list to 79. Among them, the number of potential unicorns founded less than three years ago increased by three from the previous quarter to reach 16, including Antengene Corporation, Harbour BioMed, Brii Biosciences, Dinghang Pharmaceutical, and EpimAb Biotherapeutics. Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Report, stated, “We have identified 79 gazelle companies in China, which are currently the most likely to break through a valuation of US$1 billion within two to three years.”

In terms of regional distribution, Shanghai has surpassed Beijing to become the city with the largest number of potential unicorn companies. Twenty-six companies made it onto the potential unicorn list, an increase of six from the previous quarter, accounting for 33% of the total listed companies; followed by Beijing, with 23 companies on the potential unicorn list, representing 29% of the total.

In terms of industry distribution, the healthcare sector accounts for the largest number of newly identified potential unicorn companies, with three firms: EpimAb Biotherapeutics, Dinghang Pharmaceutical, and New Horizon Health. Shanghai hosts the highest number of these companies, with seven; Guangdong and Zhejiang are tied for second place, each with two.

In addition, four companies exited the list in the second quarter after achieving unicorn status through new rounds of financing: Dewu, Miaoshou Doctor, Shuidi Mutual Aid, and Zuoye Hezi.

Notably, 15 companies in the healthcare sector were recognized as “high-growth enterprises most likely to reach a valuation of $1 billion within three years.” Among them, seven companies dedicated to the research and development of biologics—EpimAb Biotherapeutics, Antengene Corporation, Dinghang Pharmaceutical, Haihe Biopharma, Harbour BioMed, Shanghai Cell Therapy Group, and Brii Biosciences—were prominently featured.

Source: Hurun Research Institute

EpimAb Biotherapeutics

EpimAb Biotherapeutics is an innovative, international biotechnology company headquartered in Zhangjiang Science City. It focuses on the research and development of novel biologics leveraging its proprietary bispecific antibody technology platform, FIT-Ig®. The FIT-Ig® platform employs molecular biology techniques to fuse two monoclonal antibody sequences into a unique bispecific antibody structure. It is the world’s only bispecific antibody technology that requires neither amino acid mutations nor linker peptides or any non-antibody sequences, offering high druggability and industrialization efficiency. Based on the FIT-Ig® platform, EpimAb is developing a pipeline of original bispecific antibody products targeting oncology immunotherapy and other areas with significant unmet clinical needs. Currently, the company has over 20 independently developed first-in-class biologic drug candidates, with seven having entered the development stage.

Among these, the most advanced candidate is EMB-01, a bispecific antibody targeting both EGFR and c-Met. By leveraging synergistic effects, EMB-01 effectively inhibits tumor growth and holds promise for addressing the common issue of acquired resistance to first-line targeted therapies. The program has been rapidly advanced into clinical development, with Phase I/II human clinical trials currently underway in both the United States and China. According to Dr. Bin Peng, Chief Medical Officer of EpimAb Biotherapeutics, if clinical development proceeds smoothly, the company aims to pursue simultaneous market approval in both the U.S. and China.

ANTENGENE CORPORATION

Antengene Corporation, established in 2017, is an innovative biopharmaceutical company focused on the development of novel clinical drugs. Based in China and the Asia-Pacific region, Antengene brings cutting-edge innovative therapies to patients by developing its clinical pipeline from early to late stages and introducing globally marketed mature products. The Antengene team possesses extensive experience in clinical R&D, new drug regulation, and commercialization within the Asia-Pacific region. The company collaborates with academic and research institutions as well as leading biopharmaceutical enterprises worldwide, focusing on disease areas with high incidence rates and urgent unmet medical needs in Asia-Pacific countries and regions.

In January this year, Antengene Corporation announced the completion of a $120 million (approximately RMB 830 million) Series B financing round. The round was co-led by Boyu Capital and FountainVest Partners, with participation from Celgene Corporation, WuXi AppTec Venture Fund, and Taikang Insurance Group. Existing investors, including Qiming Venture Partners and Tafei Capital, continued to participate in the follow-on investment. Currently, the company has five products in clinical development, including ATG-010 (which is at the NDA submission stage for multiple myeloma (MM) and in Phase II/III clinical trials for diffuse large B-cell lymphoma (DLBCL) and various solid tumors), as well as ATG-016 and ATG-019 (undergoing clinical studies for the treatment of multiple cancer types, including myelodysplastic syndrome (MDS), colorectal cancer, and prostate cancer).

Dinghang Pharma

Dinghang Pharma is an innovative pharmaceutical company focused on combination immuno-oncology therapies, with multiple products covering various solid tumor indications, including liver cancer, gastric cancer, and melanoma. Capitalizing on the momentum of combination immunotherapy, Dinghang Pharma has committed to advancing global frontier technologies, gradually evolving into an internationally competitive innovator with clinical progress ranking among the global leaders. Its current pipeline candidates include first-in-class drugs with novel mechanisms of action and best-in-class drugs designed to improve upon existing therapies, all of which are undergoing global clinical trials.

In June this year, Dinghang Pharma (Oncologie) completed its Series B financing, raising up to $80 million. It is reported that the funds from this round will primarily be used to advance two Phase II clinical trials of its investigational innovative drug, Drug B (a pan-TIM and TAM family immunomodulatory antibody), for the treatment of liver cancer and gastric cancer. The funds will also support the Phase 1b clinical trial of another innovative drug developed by the company, Drug L (a potent TLR9 agonist), for the treatment of melanoma.

In early August, Dinghang Pharma announced a global clinical strategic collaboration with Merck & Co., Inc. (known as MSD outside the United States and Canada). The two parties will jointly evaluate the efficacy of combining Bavituximab, an innovative monoclonal antibody targeting phosphatidylserine (PS) under development by Dinghang, with Merck’s flagship anti-PD-1 drug Keytruda for the treatment of patients with advanced gastric cancer or gastroesophageal junction cancer. Furthermore, Dinghang Pharma stated that if the ongoing global Phase 2 clinical study progresses smoothly, larger-scale, multicenter Phase 3 clinical trials will be initiated in China and the United States at an appropriate time.

Haihe Biopharma

Haihe Biopharma (Hong Kong) Co., Ltd. focuses on the discovery, development, and commercialization of innovative anti-tumor drugs. Through a strategic partnership with the Shanghai Institute of Materia Medica, Chinese Academy of Sciences, it seeks to pave the way for the international development of original and innovative drugs from China. Led by a management team headed by an academician of the Chinese Academy of Engineering, the company emphasizes innovation and leverages extensive experience to establish a "biomarker-guided" precision medicine platform. It possesses advanced, standardized, and internationally aligned preclinical evaluation and clinical research systems for new drugs, covering integrated units such as drug development, CMC studies, biomarker discovery and validation, medical strategy planning, and clinical trials. Reportedly, Haihe Biopharma currently has 10 compounds in clinical development and 6 in preclinical stages, among which 9 are original innovative drugs.

On August 19, Haihe Biopharma, the Shanghai Institute of Materia Medica (SIMM) of the Chinese Academy of Sciences, and Jinan University jointly announced a collaboration regarding JND30134, an AXL/FLT3-targeted inhibitor co-developed by SIMM and Jinan University. Under the agreement, Haihe Biopharma will acquire exclusive global rights for the research, development, manufacturing, and commercialization of JND30134. Early data on JND30134 have demonstrated significant antitumor activity both in vitro and in vivo. Its activity against emerging targets such as AXL and FLT3 reveals broad potential across various tumor types. This acquisition represents a significant expansion of Haihe Biopharma’s existing oncology pipeline and contributes to addressing unmet clinical needs.

On August 27, Haihe Biopharma announced that it had entered into a clinical collaboration with Shanghai Junshi Biosciences Co., Ltd. (“Junshi Biosciences”). The two parties will jointly explore the safety, tolerability, and efficacy of the combination therapy of Haihe Biopharma’s highly selective c-Met inhibitor, glumetinib, and Junshi Biosciences’ toripalimab in various solid tumors.

Harbour BioMed

Harbour BioMed, established in late 2016, is a global biopharmaceutical company focused on immune-mediated diseases, including autoimmunity and tumor immunology. Currently, multiple innovative drug candidates have entered clinical development, with the most advanced candidate in Phase II clinical trials. The Company leverages its two fully human antibody transgenic mouse platforms (HarbourMice™), which are protected by global patents, to develop breakthrough innovative therapies for cancer and immune-mediated diseases. Harbour BioMed also rapidly expands its novel drug development pipeline through diversified collaborations with business partners.

In May this year, Harbour BioMed and Chia Tai Tianqing jointly announced that they had officially signed a strategic cooperation agreement for product development. The two parties will collaborate on the development and commercialization of innovative antibody drugs in the fields of tumor immunity and immune-related diseases. According to this strategic cooperation agreement, both sides will leverage their respective capabilities in antibody development, including utilizing Harbour BioMed’s proprietary fully human transgenic mouse platform and Chia Tai Tianqing’s extensive resources in preclinical drug development, to jointly advance the discovery of innovative fully human antibody drugs.

Shanghai Cell Therapy Group

Shanghai Cell Therapy Group is a full-industry-chain company integrating antibody R&D, cell production, cell storage, cell therapy, and terminal hospitals. In 2016, it proposed the "Baize Plan": within the next 10 years, to achieve regression in 60% of advanced-stage tumors and make this latest anticancer therapy affordable for 60% of the Chinese population; over the next thirty years, to enable people to live healthily and happily to their natural lifespan.

On January 10 this year, Shanghai Cell Therapy Group’s BZ019 CAR-T cell therapy injection was the first to have its Investigational New Drug (IND) application accepted, marking the first IND acceptance in China for a non-viral vector-based CAR-T cell therapy product. On April 11, the company’s investigational new drug application for “Non-viral Vector CD19 CAR-T Cell Injection (BZ019),” a CAR-T cell therapy targeting CD19, received approval from the National Medical Products Administration (NMPA) to commence clinical trials. This makes it the first non-viral vector-based CAR-T cell therapy product approved for clinical development in China. Reportedly, compared with traditionally manufactured CAR-T cell products, BZ019 offers advantages including lower cancer recurrence rates after effective treatment, reduced manufacturing costs, and an improved safety profile.

Brii Biosciences

Brii Biosciences, established in May 2018, is dedicated to addressing patient needs and enhancing the level of public healthcare in China. Our mission is to accelerate the development and market launch of innovative drugs in China through strategic partnerships, leveraging first-class R&D technologies, disruptive digital and data applications, and a sincere and open public health collaboration platform. We aim to help Chinese patients gain faster access to more affordable innovative medicines.

In May 2018, Brii Biosciences also announced the completion of a $260 million financing round. The round was led by ARCH Venture Partners, WuXi AppTec’s WT Capital Management, Boyu Capital, Sequoia Capital China, Yunfeng Capital, and Blue Pool Capital. Meanwhile, Brii Biosciences announced that it had entered into strategic collaborations with multiple companies. Through these partnerships, the company aims to accelerate the development and commercialization of innovative drugs in China, leveraging its world-class R&D capabilities and disruptive digital and data applications.

Source: Hurun Research Institute

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