Zhangjiang Pharma Valley Monthly Report: August Sees $5.99B Mega-Deal, Multiple BD Transactions, and Nearly 10 Funding Rounds Announced
Fosun Diagnostics
In Vitro Diagnostics (IVD) Product Developer, Manufacturer, and Distributor
Innogen
Biologic Drug Developer for Diabetes and Metabolic Diseases
Skynor Medical
Vascular Minimally Invasive Intervention Product Developer
BeOne
Developer of Molecular Targeted and Immune Anti-Tumor Drugs
Hengrui Pharma
Innovative and High-Quality Pharmaceutical Developer
AstraZeneca
Pharmaceutical Technology Research and Development Provider
Dream chasers with aspirations for new drugs, armed with ideas and experience, have stepped out from research institutes and large multinational platforms to start from scratch in Zhangjiang Pharm Valley. Relying on "innovation," they have warmed up the once cold bench of China's innovative drug market. Zhangjiang Pharm Valley has turned China's innovative drug dream into reality.
As a companion for entrepreneurs in the pharmaceutical industry on their journey to pursue dreams, Yaogu Jun launches a fixed column "Monthly Industry Report" every month, reviewing the hot trends in the life science industry and Zhangjiang Yaogu enterprises over the past month, and witnessing every step of their development.
Policy Orientation
●"Several Measures of Shanghai Municipality to Support Enterprises in Strengthening Basic Research and Enhancing New Drivers for High-Quality Development"
In August, the General Office of the Municipal Government released the "Several Measures of Shanghai Municipality to Support Enterprises in Strengthening Basic Research and Enhancing New Drivers for High-Quality Development," aiming to accelerate the establishment of a diversified investment mechanism for basic research, further strengthen the position of enterprises as main innovators in science and technology, and guide leading technology enterprises to play the roles of “problem posers,” “evaluators,” and “solution providers.” The measures are oriented towards key industries and future industrial development in Shanghai, with the goal of enhancing enterprises' capabilities in basic research and original innovation.
●Shanghai Releases Implementation Plan for "One-Stop" Technology Transfer
To further deepen the reform of the science and technology system and mechanisms, promote the improvement and efficiency of government services, and achieve the "efficient handling of one thing" in the transformation of scientific and technological achievements, Shanghai has released the implementation plan for "One Thing" in the transformation of scientific and technological achievements.
Project Progress
Kangfang Global R&D Center (Shanghai)The main structure of the project has been fully topped out. The Kangfang Global R&D Center Project, located in the Zhangjiang Headquarters Park, represents a total investment of 850 million yuan, covers a total land area of approximately 14,000 square meters, and has a total construction area of about 67,000 square meters. Construction began in November 2023.
Market Progress
August 14,Fosun DiagnosticsAnnounced that the company's self-developed antigen test kit (colloidal gold method) for the new coronavirus (2019-nCoV), influenza A virus, and influenza B virus has been approved for marketing by NMPA.
August 25,Yinuo PharmaAnnounced that its self-developed Esupaglutide α (Yinuoqing®) has been approved for marketing in Macao.
August 26,Skynor MedicalAnnounced that its self-developed SkyRoad™ Support Catheter has been approved for marketing.
August 27,BeOne MedicinesIt was announced that the European Commission (EC) has approved the anti-PD-1 monoclonal antibody tislelizumab (BeOne Medicines' BeiGene's 百泽安®) in combination with platinum-based chemotherapy for neoadjuvant treatment of adult patients with resectable non-small cell lung cancer (NSCLC) at high risk of recurrence, followed by adjuvant treatment with tislelizumab monotherapy after surgery.
August 29,Boehringer IngelheimAnnounced that the HER2 tyrosine kinase inhibitor Aitinib Tablets has been approved for marketing by the NMPA.
August 29,Hengrui PharmaAnnounced that the EZH2 inhibitor Zemidustat tablets (Airejing) have been approved for marketing by the NMPA.
August,AstraZenecaAnnouncement: The company's Dabotumab Injection (Dazhuo You®，Datroway®) has been approved by the NMPA for the treatment of adult patients with unresectable or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+, or IHC 2+/ISH-) breast cancer who have previously received endocrine therapy and at least one line of chemotherapy in the advanced disease stage.
August,Guidance®HealthcareAnnounced that the company's independently developed new generation of targeted®Dual-Channel Tumor Cryoablation System Receives NMPA Approval for Marketing.
August,AstraZenecaAnnounced that the company's long-acting C5 complement inhibitor, Relitolizumab Injection, has been officially approved in China for the treatment of adult patients with neuromyelitis optica spectrum disorder (NMOSD) who are positive for anti-aquaporin-4 (AQP4) antibodies.
Enterprise Honors
On August 11, The Galien Foundation announced the list of nominees for the 2025 Prix Galien USA Awards.Zai LabAntibiotic Combination Therapy Ding You Le®Both KarXT (COBENFY™), an M1/M4 muscarinic acetylcholine receptor agonist, and Ding You Le have been nominated for the Best Medicine Award. Notably, this is the second consecutive year that Ding You Le has been shortlisted for the Galien Award.Nona BiologicsShortlisted for the 2025 Galien Award "Best Start-up" Candidate List.XtalPiIncubator company Signet Therapeutics has been successfully selected for the "Best Biotechnology Product Award" with SIGX1094R, the world's first targeted drug for diffuse gastric cancer, developed in collaboration with XtalPi.
August 15,Everest MedicinesAnnouncement of Etrumad (VELSIPITY)®Etrasimod has been included in the "2025 ACG Clinical Guidelines: Adult Ulcerative Colitis".
On August 26, the "2024 Shanghai Science and Technology Awards Conference" was grandly held in Shanghai.HutchmedThe Class 1 new drug Fruquintinib, developed by East China Normal University and Shanghai Bangyao Biotechnology Co., Ltd., has won the First Prize of the Shanghai Science and Technology Progress Award.YaoTang BioThe jointly applied research project "Development and Transformation Application of Key Technologies in Gene Editing and Cell Therapy" has been awarded the "First Prize of the 2024 Shanghai Science and Technology Progress Award".
On August 27, Sullivan released the Global Immune Cell Therapy Annual Enterprise Award.Gravel BiotechShortlisted.
In August, S&P Global, the world's authoritative rating agency, officially released the "Sustainability Yearbook (China Edition) 2025".HutchmedFirst-time inclusion in the "Yearbook".
In August, the international authoritative index firm Morgan Stanley Capital International (Chinese abbreviation "MSCI", English abbreviation "MSCI") announced the latest annual ESG (Environmental, Social and Governance) rating results.Hengrui PharmaThe rating jumped from "A" in 2024 to "AA", ranking among the top in the global pharmaceutical industry.
Capital Dynamics
August 1,Everest MedicinesAnnouncement of Strategic Increase in I-Mab Company Shares. Everest Medicines will invest $30.9 million (approximately HK$242.6 million) in I-Mab. Upon completion of the transaction, combined with the shares of I-Mab that Everest Medicines already holds, the company will own approximately 16.1% of I-Mab’s shares in total, becoming I-Mab's largest shareholder.
August 6,Ruoyi BiotechAnnounced the completion of a multi-million yuan Pre-A++ follow-up round investment by Shanghai Gaoqi Industrial Co., Ltd. The proceeds from this round will primarily be used for the industrialization of the third-generation botulinum toxin drug pipeline and the research and development of innovative botulinum toxin drug pipelines.
August 7,Nuclear Boat PharmaceuticalsAnnounced the completion of a multi-million dollar Series A financing round participated by well-known investment institutions in the industry. This round of financing will accelerate the development of NuCruise Pharma's pipeline, continuously upgrade its innovative radiopharmaceutical discovery platform, build an end-to-end radiopharmaceutical supply chain, and support the company’s rapid growth in the radiopharmaceutical field.
August 7,Minghui PharmaAnnounced the completion of a $131 million Pre-IPO financing round, led by the internationally renowned healthcare investment firm OrbiMed, with Qiming Venture Partners as co-lead investor. Existing shareholder TF Capital continues to provide support. The company has also brought in several high-quality institutional investors, including Boyuan Capital, 5Y Capital, Shizhen Capital, and Junyi Investment. Representatives from OrbiMed and Qiming Venture Partners will join the company's board of directors.
Recently,MethuselahAnnounced the completion of a Series B+ financing round exceeding 100 million yuan, led by industry investors Bailian Commerce Investment and Bailian Zhigao, with existing shareholders Henghui Fund and Hengsheng Capital continuing to increase their investments.
August,YiXuan BioAnnounced the completion of an angel round of financing worth tens of millions of yuan, led jointly by Fir Capital and Zhangjiang Sci-Tech Investment Ecosystem Fund, with participation from Zhangjiang Life Health Industry Incubation Angel Fund ("Zhangke He Miao Fund"). The funds raised in this round will accelerate the advancement of globally leading pan-nucleic acid drug research and development, focusing on breakthrough therapies for treating chronic diseases and age-related conditions.
August,Hantong MedicalAnnounced the completion of a Pre-A+ round of financing worth tens of millions of yuan, exclusively invested by Shuncheng Capital. The funds raised in this round will mainly be used for clinical research on the core product — the renal artery ultrasound ablation system — and the development of new products.
In August, Huitai Medical announced that it would jointly invest with related parties Cheng Zhenghui, Shanghai Huidong Venture Investment Center (Limited Partnership), and Shanghai Huizhen Venture Investment Center (Limited Partnership).Liliang MedicalMake investments, totaling 15 million yuan.
August,Yinuo PharmaOfficially listed on the Main Board of the Hong Kong Stock Exchange at an issue price of HK$18.68, with a market capitalization of HK$8.5 billion and funds raised amounting to HK$630 million. Silver诺 Pharma completed four rounds of financing before its IPO, accumulating a total financing of 1.514 billion yuan. Key investors included TC Capital, KIP, Lanting Capital, Centurium Capital, Guangzhou Industrial Investment, Boyuan Capital, You Mountain Capital, China Growth Capital, CICC Capital, and Source Star Capital.
August 25,Innovis BioH Shares IPO Application Approved. Since its establishment, the company has gone through multiple rounds of financing, including a US$33.72 million financing round completed in August 2025, with a post-investment valuation of US$306 million.
On August 26, the HKEX official website showed,Gifore PharmaHaving passed the main board hearing of the Hong Kong Stock Exchange, it is about to be listed. GenFleet Therapeutics has completed multiple rounds of investment, raising a total amount of approximately RMB 1.421 billion. Its investors include well-known funds and venture capital such as Hony Capital, Huagai Capital, and Asia Investment Capital.
August 31,Fucon PharmaThe Hong Kong IPO application has been accepted, and the prospectus has been officially disclosed. In March 2025, the company completed a C-round financing of 98 million yuan, with a post-investment valuation of 3.098 billion yuan. In August 2025, it completed a C2-round financing of 90 million yuan, with a post-investment valuation of 3.188 billion yuan.
Pharmaceutical Transactions
August 5,XtalPiAnnouncement: The company has completed a pipeline cooperation agreement with DoveTree, with a total order value of approximately 47 billion Hong Kong dollars (5.99 billion US dollars), and has received the initial payment of about 400 million Hong Kong dollars (51 million US dollars) as stipulated in the agreement. According to the terms of the agreement, XtalPi and DoveTree have reached a cooperation on multiple innovative drug assets at the preclinical stage, including both large and small molecules. They will also develop new drugs targeting a series of designated targets specified by DoveTree. DoveTree exclusively holds the global development and commercialization rights for the related drugs. In return, besides the initial payment, XtalPi is entitled to further payments of approximately 385 million Hong Kong dollars (49 million US dollars), as well as potential milestone payments and sales royalties amounting to about 46.2 billion Hong Kong dollars (5.89 billion US dollars).
August 11,Fosun PharmaAnnouncement: Fosun Pharma's controlled subsidiary, Fosun Pharmaceutical Industry, has signed a "License Agreement" with Expedition Therapeutics, Inc. to grant Expedition global rights (excluding mainland China, Hong Kong, and Macao) for the development, manufacturing, and commercialization of the small molecule oral dipeptidyl peptidase 1 (DPP-1) inhibitor XH-S004. Fosun Pharma will retain the rights for the development, manufacturing, and commercialization of XH-S004 in mainland China, Hong Kong, and Macao.
August 19,RemeGenIt was announced that the company has granted Santen Pharmaceutical the rights to VEGF/FGF fusion protein RC28-E in Greater China, South Korea, Thailand, Vietnam, Singapore, the Philippines, Indonesia, and Malaysia. According to the agreement, Rongchang Biopharmaceuticals received an upfront payment of 250 million yuan, 520 million yuan in development and regulatory milestones, 525 million yuan in sales milestones, and a high single-digit to double-digit percentage of sales royalties, with a total agreement value of 1.395 billion yuan.
August 26,BeOne MedicinesBeOne Medicines announced that it has reached an agreement with Royalty Pharma to sell the rights to receive royalties on global sales outside of China for Amgen's licensed collaborative product Tarlatamab (brand name: IMDELLTRA; generic name: tarlatamab), for a transaction amount of up to $950 million. Under the terms of the agreement, BeOne Medicines will receive an upfront payment of $885 million and has the right to sell the remaining royalty rights within 12 months, potentially receiving an additional payment of up to $65 million.
August 27,Fosun PharmaFosun Pharma Announces Licensing Agreement with Sitala Bio Ltd for FXS6837 and Related ProductsFosun Pharma announced that its holding subsidiary, Fosun Pharmaceutical Industry, has entered into a Licensing Agreement with Sitala Bio Ltd, a UK-based biotechnology company focused on developing innovative drugs for inflammatory and autoimmune diseases. Under the agreement, Fosun Pharmaceutical Industry will grant Sitala global development, production, and commercialization rights (excluding mainland China, Hong Kong, Macao, and Taiwan) for the small molecule inhibitor FXS6837 and products containing this active ingredient. The licensed fields include the diagnosis and treatment of human and animal diseases. According to the licensing agreement, Sitala will pay Fosun Pharmaceutical Industry up to $190 million in non-refundable upfront, development, and commercialization milestone payments. Additionally, Fosun Pharmaceutical Industry will receive shares in Sitala valued at $5 million at no cost. In the future, based on the annual net sales of the licensed products within the licensed territory, Sitala will pay Fosun Pharmaceutical Industry up to $480 million in sales milestone payments as stipulated in the agreement.
(Edited by the Pharm Valley team)
