Over the past decade, China’s life science industry has rapidly transformed from a domestically focused market into a global innovation powerhouse. The sector continues to attract strong investment across biotechnology, pharmaceuticals, and healthcare services, supported by robust expanding clinical capacity, and increasing cross-border collaboration. This momentum is clearly reflected in Biotechgate’s 2025 data, which highlights steady financing activity and a growing number of public listings, mergers, and global licensing partnerships involving Chinese firms.
There are currently 4,891 Chinese life science companies with active profiles in Biotechgate, of which 2,105 operate specifically in the biotechnology sector. Financing activity continues at a strong pace: as of Q3 2025, 240 financing rounds have been recorded for Chinese companies, representing a combined value of approximately USD 4.1 billion.
IPOs in 2025
Public listings have also been steady, below are five selected Chinese biotech companies that have gone public in 2025 so far.
- Ascentage Pharma Group International – An oncology-focused company known for its apoptosis-targeting small-molecule therapies. The company successfully listed in 2025 to fund expansion of its late-stage pipeline targeting hematologic malignancies and solid tumors.
- Duality Biotherapeutics – A leading developer of antibody-drug conjugates (ADCs) and immuno-oncology assets. Duality completed its IPO to accelerate global clinical trials and strengthen manufacturing capabilities.
- Guangzhou Innogen Pharmaceutical Group – Specializes in innovative biologics and biosimilars. The company debuted on the domestic market to support the development of antibody and protein-based therapeutics.
- Nanjing TransThera Biosciences Co., Ltd. – Operates a diversified pipeline spanning oncology and inflammatory diseases. TransThera went public to advance its precision small-molecule programs and expand international partnerships.
- PegBio Co., Ltd. – Focused on metabolic and endocrine disorders, including diabetes and obesity. PegBio completed its IPO to scale production and fund next-generation peptide therapies.
Together, these 2025 listings underscore the continued maturation of China’s biotech ecosystem, where robust private financing is increasingly complemented by successful transitions to public markets — reflecting strong investor confidence.
Notable Licensing Deals in 2025
The following selection highlights some of the most significant licensing agreements recorded in the Biotechgate database for 2025. These transactions were chosen for their strategic scale, international scope, and focus on cutting-edge therapeutic areas such as oncology, metabolic disorders, and AI-enabled drug discovery. Together, they illustrate how Chinese biopharma companies are increasingly partnering with global leaders to co-develop next-generation medicines while retaining strong domestic innovation capabilities.
Jiangsu Hengrui Pharma (Lianyungang, Jiangsu, China) → GSK
In July 2025, GSK plc, entered into agreements with Hengrui Pharma to develop up to 12 medicines. The agreements include an exclusive worldwide license (excluding mainland China, Hong Kong, Macau and Taiwan) for a potential PDE3/4 inhibitor (HRS-9821) in clinical development for the treatment of chronic obstructive pulmonary disease (COPD) as an add-on maintenance treatment, irrespective of background therapy.
Total Deal Amount: Up to USD 12.0 billion (~USD 500 million in upfront fees + success-based development, regulatory & commercial milestone payments, plus royalties on product net sales)
CSPC Pharmaceuticals Group Limited (Shijiazhuang, Hebei) → AstraZeneca
In June 2025, AstraZeneca entered a strategic research collaboration with Shijiazhuang City-based CSPC Pharmaceuticals Group Limited. The agreement aims to advance the discovery and development of novel oral candidates, with the potential to treat diseases across multiple indications. The research will use CSPCs AI-driven, dual-engine efficient drug discovery platform.
Total Deal Amount: Up to USD 5.2 billion (~USD 110 million upfront + development/sales milestones)
Harbour BioMed (Shanghai / Hong Kong) → AstraZeneca
Global strategic collaboration granting AstraZeneca options to license two preclinical immunology programs and the right to nominate additional targets for next-generation multi-specific antibody discovery. The partnership also includes joint R&D efforts and the establishment of an innovation center in Beijing, China. License agreement territory gives global rights including China (multi-specific antibody discovery and co-development collaboration)
Total Deal Amount: Up to USD 4.58 billion (USD 175 million in upfront, equity and near-term payments + up to USD 4.4 billion in development and commercial milestones, plus tiered royalties on sales)
CSPC Pharmaceutical Group Limited (Shijiazhuang, Hebei) → Madrigal Pharmaceuticals
CSPC granted Madrigal an exclusive global license to develop, manufacture, and commercialize SYH2086, a preclinical oral GLP-1 receptor agonist (orforglipron derivative). Madrigal will lead clinical development beginning in H1 2026. CSPC retains some conditional rights to develop or commercialize other oral GLP-1 agonists in China under specified conditions.
Total Deal Amount: Up to USD 2.12 billion (USD 120 million upfront + up to USD 2.0 billion in milestone payments + royalties on net sales)
United Laboratories / United Biotech (China) → Novo Nordisk
In March 2025, Novo Nordisk entered into an exclusive licensing agreement with United Biotech for UBT251, a next-generation GLP-1–based metabolic and obesity therapy. The deal grants Novo Nordisk global rights outside Greater China while United Biotech retains commercialization rights within China. The collaboration strengthens Novo Nordisk’s leadership in metabolic diseases and highlights the increasing international interest in Chinese-developed obesity drug candidates.
Total Deal Amount: Up to USD 2.0 billion (USD 200 million upfront + USD 1.8 billion milestones)
Notable M&A Activity in 2025
The M&A transactions, which can be found in more detail in the Biotechgate database, underscore China’s growing influence in global biopharma M&A activities, with significant investments in oncology, AI-driven drug discovery, and cell therapies. Below two selected transactions that took place in summer 2025.
Acquisition of LaNova Medicines by Sino Biopharmaceutical
On July 15, 2025, Hong Kong-listed Sino Biopharmaceutical Ltd. announced an agreement to acquire the remaining 95.09 % stake in Shanghai-based LaNova Medicines for up to USD 950.92 million. LaNova, founded in 2019, is a cancer-focused biotech with a pipeline of antibody and bispecific programs; prior to the deal it had existing licensing relationships with Merck and AstraZeneca. With the transaction, LaNova becomes an indirect wholly owned subsidiary of Sino, bolstering Sino’s oncology innovation capabilities and consolidating Chinese biotech within national players.
Sale of FibroGen China to AstraZeneca
In August 2025, U.S.-based FibroGen, Inc. completed the sale of its FibroGen China subsidiary to AstraZeneca for a total consideration of approximately USD 220 million. The deal, initially announced in February for ~USD 160 million, was later increased by USD 60 million due to stronger cash and operational performance in China. The sale includes USD 85 million in enterprise value and around USD 135 million in net cash held by the Chinese entity at close. According to FibroGen, the deal allowed them to repay ~USD 81 million of term loan debt, extend their cash runway into 2028, and unlock flexibility to advance core clinical assets outside China.
What’s Next?
The Biotechgate database confirms that 2025 is already a breakthrough year for the Chinese life science industry, especially in oncology licensing and strategic acquisitions. If you want to explore more deeply which companies are active, get additional financial data, track M&As, or compare pipeline by modality, sign up for a free trial or demo of the Biotechgate platform here.