China Biotech Funding and Licensing Monthly

This monthly tracks China biotech funding and licensing activity. Overall sector funding recovered in September, driven by a rebound in licensing upfront payments, even as public funding fell and private funding stayed roughly flat. Upfront payments rose sharply from August's low and accounted for a much larger share of total sector funding. Key transactions included Evopoint Bio's STAR IPO following several large out-licensing deals during the month. Out-licensing headline deal value rebounded strongly both MoM and YoY, led by Innocare/Lilly's R&D platform collaboration, Hengrui/Novo's weekly oral GLP-1/GIP agonist, SciBrunch/Merck's oral KRAS G12D inhibitor, Simcere/Roche's CD79a/CD19/CD3 tri-specific TCE and Hutchmed/GSK's KRAS-EGFR ATTC collaboration. The team maintains an Attractive industry view on China Healthcare.