VB Salon Series 41: 'Radiopharmaceuticals – Igniting the Inner Core Power' Files IPO Prospectus

In 1901, Henri Alexandre Danlos and Eugene Bloch utilized radium for the treatment of cutaneous tuberculosis; over the past century, radiopharmaceuticals have established their irreplaceable position.

According to Medraysintell data, the global radiopharmaceutical market was valued at approximately $6 billion in 2019, dominated by diagnostic agents. With the increasing market entry of therapeutic radiopharmaceuticals (including companion diagnostics), the global market is projected to reach around $30 billion by 2030. According to Frost & Sullivan, China’s radiopharmaceutical market size was RMB 4 billion in 2018, with a compound annual growth rate of 20%.

The 2019 report “Current Status and Prospects of Radiopharmaceutical Preparation in China” pointed out that China lags significantly behind developed countries in Europe and the United States, both in the variety of medical radionuclides and in the number of approved marketable products. In 2017, Europe and the United States accounted for nearly 60% of global nuclear medicine sales, while China accounted for less than 8%.

With policy support for the configuration of medical equipment, the rapid development of nuclear medicine departments, and the release in 2021 of China’s first programmatic document targeting the application of nuclear technology in healthcare—the Medium- and Long-Term Development Plan for Medical Radioisotopes (2021–2035)—the macro-level foundation for industry growth has been progressively established.

Due to the unique nature of “nuclear” technologies, the industry remains in its pre-explosion phase, characterized by heavy reliance on imported upstream raw materials and high barriers to midstream production and distribution infrastructure. Meanwhile, the growth of innovative startups and the external expansion of established enterprises are injecting new “core momentum” into the sector, unlocking greater potential in the development of diverse medical isotope applications, the exploration of integrated theranostics, and targeted tumor therapies.

VCBeat New Medicine, in partnership with iCampus, invites representative companies and investment institutions from the sector to present “The Core Strength of Radiopharmaceuticals’ Launch” from diverse perspectives.

Other invitees by special invitation are from:

Legend Capital, Honghui Capital, Hankang Capital, Taifu Capital, Yantai Blue Valley of Medicine, Frost & Sullivan, etc.

Huang Hao | Principal, AstraZeneca CICC Healthcare Industry Fund

A founding member of the AstraZeneca AZ-CICC Fund, Huang Hao currently serves as a Principal at the fund, where he is primarily responsible for investing in innovative pharmaceutical companies. A graduate of the University of Chicago, Mr. Huang previously worked as an antibody drug R&D scientist and project leader at Roche and Jiangsu Hengrui Medicine. He also helped incubate biopharmaceutical startups such as Arctic Vision and NeuroFront through the Pivotal Bioventure fund under the Nan Fung Group.

Liu Zhibo | CTO, WuXi Biologics

Ph.D. Supervisor; Distinguished Researcher, College of Chemistry and Molecular Engineering, Peking University; Investigator, Peking-Tsinghua Center for Life Sciences; Boya Young Scholar, Peking University; Deputy Chair, Department of Applied Chemistry, Peking University. Editorial Board Member of the European Journal of Nuclear Medicine and Molecular Imaging (EJNMMI), a leading international journal in nuclear medicine and molecular imaging. Has published more than 50 papers in top-tier international journals, including Nature, JACS, Angewandte Chemie, and EJNMMI. Recipient of the 2020 Chinese Chemical Society Youth Chemistry Award, the International Society for Neutron Capture Therapy Fairchild Award, the First Prize in the Peking University Young Faculty Teaching Competition, and the WuXi AppTec Life Chemistry Award, among others. Named to the Society of Nuclear Medicine and Molecular Imaging (SNMMI) “Ones to Watch” list in 2021, becoming the first individual from China to be selected.

Xu Tao | Founder and CEO of Zhihe Biotech

Ph.D. in Biology from Southeast University; Recognized as a Leading Scientific and Technological Talent in Suzhou Industrial Park. Previously worked at the South China Center of the Chinese National Human Genome Center and Suzhou Alphamab Therapeutics Co., Ltd. Multiple protein-engineered therapeutics involved in his development efforts have been marketed or are in clinical stages. Founded Suzhou Panomics Biotechnology Co., Ltd. and served as CEO. Established Suzhou Zhihe Biopharma in late 2015, serving as Chairman and CEO, where he built unique platforms for single-domain antibody screening and radiopharmaceutical R&D, with multiple pipeline candidates currently in clinical trials.

Wu Yixia | CFO, Full-life Pharma

With over two decades of experience in the pharmaceutical industry, she has held leadership positions at globally renowned organizations, including Novartis, Abbott, and Citibank, accumulating extensive expertise in consulting, investment banking, operations, and business development. During her more than six-year tenure at Novartis Pharmaceuticals, she served as the Head of Strategic Planning and Business Development. In this role, she led out-licensing partnerships for innovative respiratory products and oversaw the divestiture of multiple mature products, with total transaction values reaching $447 million. Ms. Wu has also held leadership roles at innovative drug R&D companies, where she was responsible for financing, external collaborations, and preparations for initial public offerings (IPOs). Ms. Wu holds an MBA from the Wharton School of the University of Pennsylvania, a master’s degree from the University of Illinois, and a bachelor’s degree from Tsinghua University.

Jian Hongxi | Co-founder of Aisotuopu

He received his Bachelor’s degree from the Hong Kong University of Science and Technology in 2006, his Master’s degree from the University of Waterloo in Canada in 2009, and his Ph.D. from the University of Calgary in Canada in 2014. He subsequently conducted postdoctoral and visiting scholar research at institutions including the University of Texas and Lawrence Berkeley National Laboratory in the United States. In 2015, he joined the Institute of High Energy Physics, Chinese Academy of Sciences, as an Associate Professor recruited through a talent introduction program, where he also serves as a Master’s supervisor. In August 2021, he co-founded Suzhou Isotope Intelligent Technology Co., Ltd., and was honored with the title of “2021 Kunshan Innovation and Entrepreneurship Talent.”

Xie Zhiqian | Dongcheng Pharmaceutical, Business Director

Bachelor of Science in Traditional Chinese Pharmacy from China Pharmaceutical University; Master of Science in Medicinal Chemistry from Shanghai Institute of Pharmaceutical Industry. With 10 years of experience in pharmaceutical strategy, consulting, and business development (BD), currently serves as Director of BD Projects at Dongcheng Group, responsible for the introduction, evaluation, negotiation, and implementation of the company’s BD projects. Prior to joining Dongcheng Group, held positions including Strategy Director and Overseas Market Director at Fosun Pharma.

Wang Hua | General Manager, Guangzhou Pinjing

Ph.D. in Pharmacy from China Pharmaceutical University; completed postdoctoral research at the National Research Council Canada. Specializes in cross-border transactions and business services for pharmaceutical projects. Has long been engaged in the R&D and translation of new drug projects, leading the development of one Class 1 chemical new drug, one Class 5 traditional Chinese medicine (TCM) project, and one Class 6 TCM project, and completing the technology introduction for 12 projects. Prior to founding Pinjing Bio, served successively as Director of the New Drug Research Institute at Yangtze River Pharmaceutical Group, Project Leader for New Drugs at the South China Center for Innovative Pharmaceuticals, Head of the Southern Region for Huaya Biopharma (USA), and Deputy General Manager of Guangzhou Lingsheng Business Co., Ltd. Additionally, serves as Vice Chairman of the 10th Committee of the Pharmaceutical Engineering Professional Committee under the Guangdong Pharmaceutical Association, Youth Committee Member of the Pharmaceutical Engineering Professional Committee under the Chinese Pharmaceutical Association, and Expert Reviewer for Biotechnology Industry Projects in Songshan Lake, Dongguan.

Chen Kai | Director, Digital and Commercial Innovation Department, AstraZeneca China

Chen Kai holds a Bachelor’s degree in International Economics and Trade from China Foreign Affairs University and an MBA from CEIBS. He oversees the seven iCampus (International Life Science Innovation Parks) projects across China. As AstraZeneca’s public-private partnership incubation and acceleration platform, iCampus connects and introduces innovative life and health enterprises from both domestic and international markets, providing end-to-end empowerment from initial incubation to commercial acceleration. It offers an open innovation collaboration platform for upstream and downstream partners, fostering a more vibrant and high-quality AstraZeneca ecosystem. Chen Kai’s earlier career focused on management consulting, venture capital, and entrepreneurship within the life and health sectors.

AstraZeneca CICC Medical Industry Fund is a private equity fund jointly initiated by AstraZeneca and CICC Capital, focusing on investments in the healthcare industry. By integrating AstraZeneca’s global industrial strengths with CICC Capital’s extensive experience in capital operations, the fund concentrates on investment areas such as biopharmaceuticals, medical devices, diagnostic services, and digital health. It is committed to pooling industrial and financial resources to provide enterprises with full-cycle empowerment from research and development to commercialization, jointly fostering innovative development in China’s healthcare industry.

WuXi Biopharma is a next-generation nuclear medicine company focused on the research and development of globally leading radiopharmaceuticals, with original innovation capabilities.

Zhihe Bio is a nuclear medicine company dedicated to its mission of “bringing new hope to patients through the most innovative nuclear medicine diagnostic and therapeutic products.” It boasts a radiopharmaceutical R&D platform for precision diagnosis and therapy, built upon its “unique and leading single-domain antibody development technology.” Since its inception, the company has secured four rounds of venture capital financing, totaling nearly RMB 300 million. Zhihe Bio maintains a robust product pipeline; notably, its recombinant human thyroid-stimulating hormone (rhTSH) drug, designed as an adjunct to radioactive iodine therapy for thyroid cancer, has completed Phase III clinical trials and is poised for marketing approval, with the potential to fill a domestic gap in China. Additionally, the company possesses multiple globally leading product pipelines covering tumor immunology, as well as imaging and therapy for solid tumors.

Shanghai Fulian Pharmaceutical Technology Co., Ltd. is a fully integrated, international radiopharmaceutical company headquartered in Shanghai, with business operations extending across Europe. Its mission is: "Unleashing the Power of Half-Life to Bring Hope for Complete Lives to Patients Worldwide!" We seek full-value-chain solutions encompassing the production, research, development, and commercialization of radioligands, thereby delivering greater clinical benefits to patients. Our team comprises seasoned entrepreneurs and scientists with proven track records in building biopharmaceutical companies and advancing radioisotope research and clinical development.

Suzhou Isotope Intelligent Technology Co., Ltd., established in August 2021, is dedicated to becoming a leading supplier of medical radioisotopes and related equipment in China. The company’s core business focuses on key equipment for the production of medical radioisotopes, including target fabrication systems, high-temperature target irradiation and cooling equipment, target transfer systems, chemical separation and purification systems for isotope extraction, target material recovery equipment, and quality inspection systems for isotope products. Additionally, the company provides core technical services such as process design, material formulation, precision machining of critical components, and automated system integration for radioisotope production.

Dongcheng Pharmaceutical was established in 1998. Since its initial public offering in May 2012, the company has undergone more than two decades of development and has grown into a large-scale pharmaceutical enterprise integrating drug research and development, manufacturing, and sales, with a business portfolio spanning four major sectors: biochemical active pharmaceutical ingredients (APIs), chemical drugs, traditional Chinese medicine (TCM) proprietary formulas, and radiopharmaceuticals. In 2014, Dongcheng Pharmaceutical entered the nuclear medicine industry—a sector characterized by high technical barriers and strong growth potential—from a high starting point. It successively acquired Chengdu Yunke Pharmaceutical, Shanghai Yitai, and GMS (China), thereby completing its full industrial chain layout from diagnostic to therapeutic radiopharmaceuticals. In 2017, the company acquired 100% equity interest in Nanjing Andike Positron Research and Development Co., Ltd., becoming a leading provider of comprehensive radiopharmaceutical solutions in the Chinese market.

Guangzhou Pinjing Biopharmaceutical Co., Ltd. is a service-oriented enterprise integrating technical consulting and project commercialization, with its core team hailing from renowned domestic pharmaceutical companies. Focusing on the commercialization of pharmaceutical projects, the company provides clients with comprehensive, end-to-end services, including project commercialization and investment and financing support. Since mid-2021, Pinjing Biopharma has operated the WeChat official account “Hua You Yao Shuo,” which regularly introduces innovative biopharmaceutical projects from both China and overseas. The account has published nine issues to date, with multiple projects achieving milestone business development (BD) progress.

Shanghai International Life Science Innovation Park is a life science innovation incubation platform jointly established by the Jing’an District People’s Government of Shanghai and AstraZeneca. By building an open innovation ecosystem and focusing on pharmaceutical R&D innovation and medical artificial intelligence, the park provides domestic and international innovative enterprises with a one-stop innovation enablement platform covering project implementation, innovation incubation, commercial acceleration, and scaling. With multi-party support from government, industry, academia, research institutions, healthcare providers, and investors, the Innovation Park will collaborate with the AstraZeneca Global R&D China Center to empower the development of pharmaceutical R&D innovation and the medical AI industry.

VB Think Tank is one of VCBeat’s flagship events, serving as a face-to-face platform centered on exploring solutions in the pharmaceutical and healthcare sectors, with the mission to “focus on practical challenges and discuss industry trends.” The event conducts in-depth discussions, analyses, and exchanges around the current development status of core themes, addressing encountered difficulties, pain points, and barriers. Meanwhile, it gains a thorough understanding of the resource endowments of participating enterprises, fostering practical collaborations through intellectual exchange. “Each session features one theme, one vehicle, and one ecosystem.”