Entering 2025, China's innovative anti-tumor drug sector continues to demonstrate strong financing vitality, showcasing exceptional technological innovation and capital attraction. Based on publicly disclosed financing events, as of June,The field has seen at least 46 companies receive support in different rounds, with a total amount exceeding 15 billion yuan., covering multiple stages from early research and development to later clinical phases. This trend not only highlights the significant role of cancer treatment in public health but also reflects investors' ongoing focus on differentiated technology platforms and promising targets.

Highlights to watch are as follows:

• Large-Scale Financing Frequent, 4 Companies Successfully IPO:Sixteen companies raised over 100 million yuan, four of which were at the IPO stage, including Hengrui Pharma, ImmuneOnco Biopharmaceuticals, Ascentage Pharma, and Pega Biopharma. The highest potential financing amount came from Hengrui Pharma's completed IPO worth 9.89 billion Hong Kong dollars.

• Cell and Gene Therapy (CGT) Takes the Lead:More than 40% of companies have laid out in the CGT field. Significant financing progress has been made by companies deeply engaged in the CGT sector, such as Beijing Yimiaoshenzhou Medical Techology Co., Ltd., Ruizhen Regenerative Medicine, imbioray, and iRegene, reflecting capital's long-term optimism towards breakthrough therapies for solid tumors.

• AI Deeply Empowers the Entire Chain of Drug R&D:Artificial Intelligence Extends from Target Discovery to Clinical Optimization. For example, Insilico Medicine raised $110 million in its E round of financing.Advance its AI-driven drug design platform; ShunJing Bio accelerates antibody drug discovery through the "X-Gen AI Platform"; Mainstream Bio applies AI for precise simulation of peptide drug and target interactions. AI is becoming a core engine for improving R&D efficiency.

• "Cross-Boundary Integration" Technology Emerges:Emergence of New Drug Types and Technology Platforms. Companies such as ConjuStar (protein-conjugated drugs), Bivision Pharmaceuticals (targeted radionuclide therapy), Truongxiang Pharmaceuticals (phase separation technology), and Degron Therapeutics (molecular glue degraders) are paving differentiated paths through interdisciplinary innovation. Their financing rounds are mostly concentrated between Pre-A and A+ stages, reflecting early-stage capital's focus on cutting-edge technologies.

On May 23, Hengrui Pharma officially listed on the Main Board of the Hong Kong Stock Exchange. The total number of H shares offered globally by Hengrui Pharma this time was 224,519,800 (before the over-allotment option was exercised), with an issue price of HKD 44.05, priced at the upper limit of the offering range. Cornerstone investors included well-known institutions such as GIC, Invesco, UBS Global Asset Management (UBS-GAM), Hillhouse Capital, and Boyu Capital. The anchor investor group participating in the international placement also brought together large investment institutions such as internationally renowned long-term funds and sovereign wealth funds.

Hengrui Pharma was founded in 1970 and listed on the Shanghai Stock Exchange in 2000.Business covers multiple fields such as oncology, metabolism and cardiovascular diseases, immunology and respiratory diseases, and neuroscience.The company has established technology platforms such as Proteolysis Targeting Chimeras (PROTAC), peptides, monoclonal antibodies, bispecific antibodies, multispecific antibodies, Antibody-Drug Conjugates (ADC), and radioligand therapy. It has received approval in China for the marketing of 20 New Molecular Entity drugs (Class 1 innovative drugs) and four other innovative drugs (Class 2 new drugs). More than 90 self-innovated products are currently in clinical development, with approximately 400 clinical trials being conducted internationally.

DualityBio:Cancer Antibody-Drug Conjugate Development Company

On April 15, Yingen Bio announced its official listing on the Main Board of the Hong Kong Stock Exchange. Yingen Bio's IPO introduced 15 cornerstone investors, including BioNTech, LAV Star, Lake Bleu Prime, Lake Bleu Innovation, TruMed, Fuguo Hong Kong, Fuguo Fund, E Fund, E Fund Hong Kong, China Universal Fund, Panjing Fund, MY Asian, EMHCP, WWHCP, and Suzhou Suchuang, collectively subscribing for $65 million (approximately HK$505 million). The company’s existing shareholders include Lilly Asia Ventures,楹联Healthcare Industry Fund, CICC AstraZeneca, Huagai Capital, Songhe Capital, Tasly International Capital, Hanco Capital, among others.

Mapping Biosciences was founded in 2019.Dedicated to developing innovative ADC therapies for patients with cancer and autoimmune diseasesAccording to the prospectus, the company has established a pipeline consisting of 12 self-developed ADC candidate drugs.Including two core R&D products, namely HER2-targeted ADC and B7-H3-targeted ADC. In addition, it has five other clinical-stage ADC products, multiple preclinical ADCs, and two bispecific ADC (BsADC) products.

Ascentage Pharma:Small Molecule Antitumor Therapy R&D Company

Ascentage Pharma announced that the company officially went public on the Nasdaq Global Market on the evening of January 24, with total proceeds expected to be approximately US$126.4 million.Ascentage Pharma is committed to developing innovative drugs in the field of oncology and other therapeutic areas to address unmet clinical needs of patients in oncology and other fields.Since its establishment, the company has benefited from its technical expertise in structure-based drug design and its new drug discovery engine. It is committed to developing inhibitors that target key proteins in apoptosis pathways such as Bcl-2 and MDM2-p53, as well as next-generation inhibitors addressing kinase mutants that arise in cancer treatment, aiming to meet unmet medical needs. Currently, Ascentage Pharma has 11 completed or ongoing U.S. and/or international registration studies.

Insilico Medicine:End-to-End AI-Driven Drug Discovery Company

On March 13, Insilico Medicine (Insilico Medicine) announced the completion of a $110 million Series E financing round led by a private equity fund under Value Partners Group, Pudong Venture Capital, Pufa Group, Xitu Innovation Capital, and Yixing State-owned Assets Control. The round also attracted participation from new investors specializing in industry and technology sectors and received support from existing investors. According to the press release, the proceeds will be used to advance clinical validation of Insilico Medicine’s core drug candidate for treating Idiopathic Pulmonary Fibrosis (IPF) and expedite exploration of other self-developed and collaboratively developed drug pipelines.Insilico Medicine focuses on unmet medical needs in the fields of cancer, fibrosis, immunology, central nervous system diseases, and aging-related diseases., ten candidate drugs have obtained clinical trial approvals.

TargetRx Bio:Small Molecule Targeted Anticancer Drug R&D Company

On January 22, Tajiri Bio announced the completion of its Series C financing round, raising US$50 million. The funds will be used to advance international clinical research for multiple innovative drugs. Tajiri was founded in 2014.Focus on the R&D of a New Generation of Small Molecule Targeted Anticancer DrugsAccording to the pipeline information on the TargetRx official website, the company has established a research pipeline including six products. The most advanced product is the third-generation ALK inhibitor TGRX-326, which is under development for the treatment of lung cancer and has now entered Phase 3 clinical trials in China. In September 2024, Simcere Pharma acquired the exclusive commercial rights for TGRX-326 in mainland China through a collaboration agreement with an upfront payment exceeding $20 million. Other products in TargetRx's pipeline include the Bcr-Abl allosteric inhibitor TGRX-678, which was previously granted Breakthrough Therapy designation by the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) and is intended for the treatment of accelerated-phase chronic myeloid leukemia (CML-AP).

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