Fulian Pharma to Acquire Focus-X Therapeutics for $245M, Expanding Its Radiopharmaceutical Pipeline with Proprietary Peptide Technology

VCBeat learned that on November 29, Full-Life Technologies Limited (“Full-Life”), a global radiopharmaceutical company, announced the acquisition of Focus-X Therapeutics (“Focus-X”), a New Jersey-based company developing targeted radiopharmaceuticals for cancer treatment using its proprietary peptide engineering technology, for $245 million. The acquisition is expected to be completed in the first quarter of 2023.

Full-Life Technologies, established in 2021, has successively secured a $10 million seed financing round co-led by Chengwei Capital and Geding Ventures, as well as an RMB 250 million Series A financing round led by Sequoia China, with participation from Yinglian Health Fund, Jiachen Capital, Chende Capital, and Kunlun Capital.

Since its inception, Full-Life Technologies has pursued an international strategy and vision. Beyond its home market, the company has established a strong presence in Europe, experiencing rapid growth in this region characterized by the most comprehensive nuclear medicine policies and the most mature industrial chain. In just 14 months since its establishment, Full-Life Technologies has built a complete team covering early-stage research, procurement, logistics, and clinical development, while strategically laying out its global R&D, clinical operations, and supply chain networks.

This young, globalized radiopharmaceutical company is systematically breaking down the “high barriers” in the field; the acquisition of Focus-X marks another milestone for Full-Life Technologies.How to Partner with Focus-X? What Does This Deal Bring to Full-Life Technologies? How Should an International Nuclear Medicine Ecosystem Be Built?VCBeat interviewed Mr. Sun Peiqi, Co-founder, Chairman of the Board, and CEO of Full-Life Technologies.

VCBeat New Medicine: Which aspects of Focus-X attracted the attention of Full-Life Technologies?

Sun Peiqi:Prior to acquiring Focus-X, we evaluated numerous peptide R&D companies in China, Europe, and the United States, ultimately selecting Focus-X. This decision was not influenced by regional considerations but was based entirely on scientific research capabilities. Focus-X is a company with top-tier expertise in peptide research. Its founder, Dr. Liu Fa, has been deeply engaged in peptide drug development for many years. Leveraging its Peptide-Drug Conjugate (PDC) platform, the company can conjugate peptides with payload molecules such as radionuclides, achieving targeted and precise killing of tumor cells. The barriers to peptide design are extremely high, and individuals and companies with extensive peptide R&D experience are scarce globally. Dr. Liu Fa is also a founder I greatly admire; he has developed highly significant products despite limited resources.

VBInsight: Did this blockbuster acquisition proceed smoothly? How long did the two parties communicate, and from what dimensions were discussions conducted?

Sun Peiqi:We first made contact in April of this year, and formal acquisition discussions lasted approximately four to five months. In the pharmaceutical industry, data is paramount; thus, the progress of negotiations primarily hinged on the generation of phased data results. Meanwhile, as Full-Life Technologies had been established for a relatively short period, Focus-X gained insights into our capabilities and team dynamics during our interactions. In particular, they recognized the value of our accelerator technology, which replaces nuclear fission reactors—a technological barrier currently among the highest in the field of radioisotope production. Through this process, mutual trust was gradually built between both parties, ultimately leading to a successful partnership.

VCBeat New Medicine: What Can This Acquisition Bring to Full-Life Technologies?

Sun Peiqi:This acquisition enhances Full-Life Technologies’ technological platform and product pipeline in the peptide field, specifically adding two products: a prostate-specific membrane antigen (PSMA)-targeting peptide for the treatment of metastatic castration-resistant prostate cancer, and a neurotensin receptor 1 (NTSR-1)-targeting peptide with potential for treating pancreatic cancer. Following the acquisition, we will pursue regulatory submissions in China, the United States, Japan, and Europe.

VCBeat: Why Close the Deal at This Point in Time?

Sun Peiqi:First, the core competitiveness of radiopharmaceutical companies lies in their innovation capabilities and therapeutic efficacy, rather than market conditions. Second, from an operational perspective, we prefer “bear market” periods over “bull markets”; indeed, the strongest companies often emerge from bear markets. In the current market, significant “discounts” are available across various dimensions, including suppliers, talent, and acquisition targets, making it easier to execute initiatives such as partnerships, recruitment, and mergers and acquisitions.

VCBeat: Following this deal with a U.S. company, what moves will be made in China?

Sun Peiqi:Rather than describing this as a “regional strategy” in the United States, I would characterize it as our strategic footprint in the peptide field. Full-Life Technologies seeks partners based solely on scientific and technological expertise, without geographic distinctions; from the outset, we have been sourcing the best technologies globally. China’s innovation capabilities in nanobodies, antibodies, and small molecules are world-leading, and we are highly eager to explore collaborations with enterprises and experts in these domains. Our platform is designed to be open to leading pharmaceutical design experts from around the world.

VCBeat New Medicine: Following this acquisition, where will Full-Life Technologies focus its next steps?

Sun Peiqi:The next key priority is to advance clinical development. Full-Life Technologies’ Chief Medical Officer (CMO) will assume office next month and lead the clinical development efforts of our overseas team. At that time, we will accelerate the clinical development of our products, bringing greater hope to patients worldwide.

VBInsight: Which aspects of Focus-X attracted Full-Life Technologies’ attention?

Sun Peiqi:Prior to acquiring Focus-X, we evaluated numerous peptide R&D companies in China, Europe, and the United States, ultimately selecting Focus-X. This decision was not influenced by regional considerations but was based entirely on scientific research capabilities. Focus-X is a company with top-tier expertise in peptide research. Its founder, Dr. Liu Fa, has been deeply engaged in peptide drug development for many years. Leveraging its Peptide-Drug Conjugate (PDC) platform, the company can conjugate peptides with payload molecules such as radionuclides, enabling targeted and precise killing of tumor cells. The barriers to peptide design are extremely high, and individuals and companies with extensive peptide R&D experience are scarce globally. Dr. Liu Fa is also a founder I greatly admire, having created highly significant products despite limited resources.

VCBeat New Medicine: Has this major acquisition proceeded smoothly? How long did the two parties communicate, and from what dimensions were discussions conducted?

Sun Peiqi:We first made contact in April of this year, and formal acquisition discussions lasted approximately four to five months. In the pharmaceutical industry, data is paramount; thus, the progress of negotiations primarily hinged on the generation of phased data results. Meanwhile, as Full-Life Technologies is a relatively young company, Focus-X gained insights into our capabilities and team dynamics during our interactions. In particular, they recognized the value of our accelerator technology, which replaces nuclear fission reactors—a technological approach that currently represents one of the highest barriers to entry in the field of radioisotope production. Through this process, mutual trust was gradually established between the two parties, ultimately leading to a highly successful collaboration.

VCBeat: What Can This Acquisition Bring to Full-Life Technologies?

Sun Peiqi:This acquisition bolsters Full-Life Technologies’ technological platform and product pipeline in the peptide field, specifically adding two products: one is a prostate-specific membrane antigen (PSMA)-targeting peptide for the treatment of metastatic castration-resistant prostate cancer; the other is a neurotensin receptor 1 (NTSR-1)-targeting peptide with potential utility in treating pancreatic cancer. Furthermore, following the acquisition, we will pursue regulatory submissions in China, the United States, Japan, and Europe.

VCBeat New Healthcare: Why Choose to Close the Deal at This Point in Time?

Sun Peiqi:First, the core of a radiopharmaceutical company lies in its innovation and drug efficacy capabilities, rather than market conditions. Second, from an operator’s perspective, we prefer “bear markets” over “bull markets”; indeed, the strongest companies often emerge during bear markets. In the current market, significant “discounts” are available across the board—whether regarding suppliers, talent, or acquisition targets—making it easier to execute activities such as partnerships, recruitment, and mergers and acquisitions.

Artery New Medicine: Following the transaction with a U.S. company, what are the subsequent moves in China?

Sun Peiqi:Rather than describing this as a “regional layout” in the United States, I would prefer to characterize it as our strategic footprint in the peptide field. At Full-Life Technologies, we seek partners based solely on scientific and technological expertise, without geographic distinctions; from the outset, we have been sourcing the best technologies worldwide. China’s innovation capabilities in nanobodies, antibodies, and small molecules are globally leading, and we are highly eager to explore collaborations with enterprises and experts in these areas. Our platform is designed to be open to leading pharmaceutical design experts from all countries.

VCBeat: Following this acquisition, what will be Full-Life Technologies' next key focus?

Sun Peiqi:The next key priority is to advance clinical development. The Chief Medical Officer (CMO) of Full-Life Technologies will assume office next month, leading the clinical development efforts of our overseas team. At that time, we will accelerate the clinical development of our products, bringing greater hope to patients worldwide.