State of China Life Science 2021

© Copyright 2018 ChinaBio LLC
1
State of China Life Science – 2021
Another Record Setting Year
Greg B. Scott, Founder
Special Report for Biotech Showcase
General Distribution © Copyright 2022 ChinaBio LLC

VC Fund Raising VC/PE Investment IPO
M&A Partnering
2 © Copyright 2022 ChinaBio LLC
2021 China Life Science Investment Overview:
All categories except M&A set new records in 2021
Total value raised up 55% over 2020
Source: ChinaBio® Consulting
Area 2021 2020
2021-
2020
1 Year
Trend
5 Year
Trend
New Funds Raised $105B $56.1B +87% 5X
VC/PE Investment $39.7B $28.5B +40% 7X
M&A $17.5B $9.7B +80% 0.8X
IPOs $24.8B $23.3B +6.5% 6X
Partnering $41.6B $30.5B +36% 10X

TIANJIN
BEIJING
Shenyang
LIAONING
SHANGHAI
JIANGSU
SHANDONG
Dalian
Nanjing
ZHEJIANG
Hangzhou
Suzhou
GUANGDONG
HONG KONG
Shenzhen
SHAANXI
Xi’an
Jinan
Qingdao
SICHUAN
Chengdu
CHONGQING
HUBEI
Wuhan
Taizhou
Shijiazhuang
HEBEI
Guangzhou
ChinaBio® has helped raise over $500M in funding for
western and China-based life science companies
Investment Activity

M&A Partnering
$20.2B
$39.8B
$42.8B
$23.3B
$56.1B
$105B
2016 2017 2018 2019 2020 2021
amount
VC/PE Funds Targeting China Healthcare
New VC/PE funds raised exploded to over $100B+
Average fund size reaches a record $1B
Average
2016 $614 M
2017 $653 M
2018 $764 M
2019 $590 M
2020 $812 M
2021 $1.0 B
New funds total value raised up nearly 90%
46 74 67 77
104
115
# of funds

M&A Partnering
New VC/PE Funds Raised: Deals of Note 2021 (1)
Financial Firm
Month
(2021)
Total Target
(USD)
Actual Raised
(USD)
Zhejiang Government Apr. $15.3B N/A
Hillhouse Feb. $13.0B N/A
Wuxi Government Apr. $9.2B $9.2B
Wuhan Government Dec. $4.7B N/A
Tigermed Jul. $3.1B N/A
China Life Jan. $3.1B $1.5B
GGV Capital Jan. $2.5B $2.5B
Henan Government Aug. $2.3B N/A
5Y Capital Apr. $1.7B $1.7B

M&A Partnering
New VC/PE Funds Raised: Deals of Note 2021 (2)
Financial Firm
Month
(2021)
Total Target
(USD)
Actual Raised
(USD)
ICBC Capital, ZhongOu AMC Nov. $1.6B $157M
9 City Government in Yangtze
River Delta Region
Nov. $1.6B N/A
Yingke PE May $1.6B $1.6B
Dongguan Financial Holdings May $1.6B N/A
Yantai Guofeng Investment Jul. $1.6B N/A
Chengdu Jiaozi Financial
Holding
Dec. $1.6B N/A
Suzhou Government, Sunshine
Insurance
Jul. $1.5B N/A
Aplus Capital, International
Development Group
Apr. $1.5B N/A
Kunming Government, CASVC Jan. $1.5B N/A
CBC Group, APG Dec. $1.5B $0.5B
Chengdu Jiaozi Financial
Holding
Dec. $1.6B N/A

M&A Partnering
$5.4B
$11.7B
$17.6B
$14.4B
$28.5B
$39.7B
2016 2017 2018 2019 2020 2021
amount
VC/PE Investment in China Healthcare
VC investment into life science companies posts
another record year for number (+50%) and amount (+40%)
Average
2016 $24 M
2017 $32 M
2018 $44 M
2019 $35 M
2020 $48 M
2021 $50 M
First time there more than 1000 rounds raised!
267
478
696
791
896
1328

M&A Partnering
US captures larger share of cross-border investments
but China-China domestic investments also increase
# of Deals
Cross-border VC/PE Life Science Investment
Domestic investments in China growing
19%
6%
75%
In-bound
Asia Pacific EU US
6%
13%
81%
Outbound
Asia Pacific EU US
Domestic
76%
In bound
15%
Out bound
9%
2021
Domestic
74%
In bound
13%
Out
bound
13%
2020
Investment by Region

M&A Partnering
Drug company investments growing, medical device
back to 2nd, pushing iHealth down to 3rd
VC Investment 2021 – by Sector
Drug
36%
Medical
Device
21%
iHealth
15%
Service
14%
Diagnostic
14%
# of Deals
Drug
34%
iHealth
22%
Device
19%
Diagnostic
14%
Service
11%
# of Deals
VC Investment 2020 – by Sector

M&A Partnering
Cross-border Deals
VC Investment: Deals of Note 2021 (1)
Company Type Region Investors
Month
(2021)
Amount
(USD)
Abogen Drug China
Temasek, Invesco, Hillhouse,
LAV, Loyal Valley,
YF Capital, Softbank, etc.
Aug./Nov.
$700M +
$300M
Miaoshou
Doctor
iHealth China
CITIC, CICC Capital,
OrbiMed, Qiming, etc.
Feb./Aug.
$465M +
$232M
Medlinker iHealth China Sino Biopharma Dec. $514M
XtalPI Service China
ObiMed, RRJ Capital, Sino
Biopharma, Sequoia, etc.
Aug. $400M
MediTrust
Health
iHealth China
Boyu, Janchor, LAV, Lake
Bleu, BOC, HIHC, etc.
Aug. $308M
YSBANG iHealth China
Green Pine, Baidu,
Sunshine Insurance, etc.
Jun. $270M
Insilico Service China
Warburg Pincus, CITIC,
Sequoia, LAV, Qiming, CPE,
OrbiMed, Sage, etc.
Jun. $255M
Thousand
OAKS
Service China
Goldstone, YTI Capital,
CDH, etc.
Dec. $235M

M&A Partnering
Cross-border Deals
Month
(2021)
Amount
(USD)
Clover
Biopharma
Drug China
GL Ventures, Temasek,
Oceanpine, OrbiMed
Feb. $230M
Dingdang
Health
iHealth China
OrbiMed, Redview Capital,
TPG, Valliance, etc.
Jun. $220M
Adamadle Drug China Vivo, Bain, Primavera, etc. Dec. $200M
Arrail-Dental Service China
Temasek, OrbiMed, CIB,
Ward Ferry, etc.
Apr. $200M
Esco
Lifesciences
Service Singapore
Vivo, CIC, EDB,
Novo Holding
May $200M
OrbusNeich Device China
Shenzhen Capital, CCB
International
Aug. $200M
Edge Medical
Robotics
Device China
Sequoia, Boyu, Temasek,
Sage, Octagon, etc.
Nov. $200M
Avistone Drug China Vivo, Bain, Primavera, etc. Nov. $200M

M&A Partnering
Cross-border Deals
Month
(2021)
Amount
(USD)
Chime
Biologics
Service China
VMS, Fidelity, Panacea
Venture
Mar. $190M
ABclonal Diag. China
Sequoia, Lucion, CMB
International, etc.
Dec. $188M
Ignis
Therapeutics
Drug China
6 Dimensions, Goldman
Sachs, WTT, HBM, etc.
Nov. $180M
StemiRna Drug China
China Merchants Group,
Sequoia, WuXi AppTec, etc.
May $185M
AffaMed
(EverInsight)
Drug China
Lake Bleu, Superstring,
Orion Science, CBC,
Fountainhead, etc.
Mar. $170M
Vaccitech Vaccine UK
M&G Investment, Tencent,
Gilead, etc.
Mar. $168M
SPH Health
Commerce
iHealth China
JICC, Sinocare, Jiaxing
Changying, etc.
Feb. $160M
DAC Biotech Drug China Hillhouse, CITIC May $155M

M&A Partnering
$21.5B $22.3B
$33.8B
$24.7B
$9.7B
$17.5B
2016 2017 2018 2019 2020 2021
M&A Activity in China Healthcare
Average
2016 $101 M
2017 $147 M
2018 $209 M
2019 $178 M
2020 $74 M
2021 $122 M
2021 M&A deal value doubled to $17.5B
Average deal size also bounced back to $100M+
Surge after a 2-year decline
241
184
218 207
216
224
# of deals

M&A Partnering
M&A: Deals of Note 2021 (1)
Acquirer Target Co. Type Month Description
Fountainvest
Capital
Zhendong
Langdi
Pharma
Drug Oct.
Fountainvest acquired Zhengdong
Langdi for $901M in chemical generics
Fosun
Chengdu
Antejin
Biotech
Vaccine Oct.
Fosun paid $628 Million for majority
stake in Antejin in vaccine R&D
Mindray HyTest Diag. Sep.
Mindray acquired HyTest for $617M in
IVD
Sorrento
ACEA
Therapeutics
Drug Apr.
Sorrento acquired ACEA for $488M in
novel cancer drug development
Guangdong
Shuanglin
Bio-Pharmacy
PAFC Drug Jan.
Shuanglin Bio-Pharmacy acquired
87% stake of PAFC in blood products
Cross-border Deals

M&A Partnering
M&A: Deals of Note 2021 (2)
Acquirer Target Co. Type Month Description
Venus Medtec
Cardiovalve
Ltd.
Device Dec.
Venus Medtec acquired Cardiovalve
for $300M in cardiac implants
Xinbang
Pharma
Kekai Medical Service Nov.
Xinbang acquired 79% stake of Kekai
Medical, a distributor in Guizhou
Province, for $272M
HYGEIA
Suzhou
Yongding
Hospital
Service Apr.
HYGEIA acquired 98% stake of
Yongding Hospital for $266M
Kangyue
Technology
Changjiangxi
ng Pharma
Drug Nov.
Kangyue acquired 53% stake of
Changjiangxing for $222M in API
production
Sino
Biopharm
Softhale Drug Mar.
SinoBio acquires 100% stake in
Belgium inhaler company Softhal for
$200M
Cross-border Deals

M&A Partnering
$4.3B $4.9B
$6.9B
$7.9B
$23.3B
$24.8B
2016 2017 2018 2019 2020 2021
amount
Number of IPOs up 25%, but average IPO size down
from 2020 record levels; 2/3rds of IPOs occurred in H2
IPOs in China Healthcare
Average
2016 $153 M
2017 $90 M
2018 $256 M
2019 $175 M
2020 $291 M
2021 $236 M
10th consecutive growth year in IPOs!
28
53
27
45
80
105
# of deals

M&A Partnering
Shanghai’s new STAR exchange holds #1 spot with
40% of IPOs in 2021; only 2 NASDAQ IPOs in H2
STAR, 42,
40%
HKEX, 32,
30%
SZE, 20,
19%
NASDAQ, 8,
8%
SSE, 2,
2%
NYSE, 1,
1%
IPOs in China Healthcare by Exchange
Largest IPOs in Hong Kong’s new biotech exchange
2020 2021
STAR, 31,
39%
HKEX,
23, 29%
NASDAQ,
6, 7%
SZE, 8,
10%
SSE, 10,
12%
Other, 2,
3%
# of Deals

M&A Partnering
Drug company IPOs declined but still largest
segment; devices and diagnostics grow
Drug
38%
Device
23%
Diagnostic
17%
Service
15%
iHealth
7%
2021
IPOs in China Healthcare by Company Type
iHealth smaller number of deals, but often higher value
# of Deals
Drug
56%
Device
18%
Diagnostic
10%
Service
10%
iHealth
6%
2020

M&A Partnering
IPO: Deals of Note 2021 (1)
Company Name Exchange
Stock
Ticker
Raised
(USD)
Market
Cap*(USD)
Company
Type
Month
(2021)
BeiGene STAR 688235 $3.5B $27.9B Drug Dec.
Asymchem HKEX 06821 $917M $9.6B Service Dec.
JOINN HKEX 06127 $811M $7.1B Service Feb.
Sino Biological SZE 301047 $772M $3.8B Service Aug.
Chengda
Biotechnology
STAR 688739 $712M $4.8B Drug Oct.
Cofoe Medical SZE 301087 $579M $2.0B Device Oct.
Hutchmed HKEX 00013 $537M $7.0B Drug Jun.
Yidu Cloud HKEX 02158 $503M $3.9B iHealth Jan.
Source: ChinaBio® Consulting *Market Cap as of 10th Sep, 2021

M&A Partnering
IPO: Deals of Note 2021 (2)
Company Name Exchange
Stock
Ticker
Raised
(USD)
Market
Cap*(USD)
Company
Type
Month
(2021)
KeyMed HKEX 02162 $460M $1.2B Drug Jul.
Guobang Pharma SSE 605507 $421M $2.4B Drug Aug.
CARsgen HKEX 02171 $400M $3.0B Drug Jun.
Brii HKEX 02137 $360M $2.9B Drug Jul.
Huiyu Pharma STAR 688553 $384M $2.2B Drug Oct.
WaterDrop NYSE WDH $360M $1.3B iHealth May
ACRO Biosystems SZE 301080 $350M $2.4B Service Oct.
Liferiver STAR 688317 $325M $1.5B Diagnostic Jan.
Source: ChinaBio® Consulting *Market Cap as of 10th Sep, 2021

TIANJIN
BEIJING
Shenyang
LIAONING
SHANGHAI
JIANGSU
SHANDONG
Dalian
Nanjing
ZHEJIANG
Hangzhou
Suzhou
GUANGDONG
HONG KONG
Shenzhen
SHAANXI
Xi’an
Jinan
Qingdao
SICHUAN
Chengdu
CHONGQING
HUBEI
Wuhan
Taizhou
Shijiazhuang
HEBEI
Guangzhou
Partnering Activity
ChinaBio® has identified over 1000 partnering, licensing and
acquisition candidates for western life science companies

M&A Partnering
$3.9B
$8.3B
$13.8B
$17.6B
$30.5B
$41.6B
2016 2017 2018 2019 2020 2021
amount
Partnering deal value grew over 30% with record deal
size, but number of deals slipped slightly from 2020
Partnering Deals in China Healthcare
Source: ChinaBio® Consulting All Partnering and JV deals
Average
2016 $83 M
2017 $118 M
2018 $118 M
2019 $221 M
2020 $237 M
2021 $281 M
Total deal value grows for 5 consecutive years!
157
209
369
504
684 658

M&A Partnering
Record number of pharma partnering deals but
cross-border deals down about 5%; 2/3rds of deals in H2
Cross-border & Domestic Pharma/Biotech Partnering Deals
China-China pharma partnering deals up 25%
282
Pharma/Biotech Partnering and JV deals
76
(85%)
96
(72%)
164
(75%)
184
(75%)
271
(75%)
257
(67%)
103 127
2016 2017 2018 2019 2020 2021
Cross-Border Domestic
89
218
245
144
61
54
374
38
12
384

M&A Partnering
US held ground as most desirable region for cross
border partnering; shift in in-bound to EU in H2
China
32%
US
32%
EU
19%
Asia Pacific
13%
Others
4%
Source: ChinaBio® Consulting Pharma Partnering and JV deals
19%
27%
49%
5%
In-bound
Asia Pacific EU US Other
20%
26%
51%
3%
Outbound
Asia Pacific EU US Other
Pharma Partnering by Region
China-China deals gain share over other region deals
# of Deals
China
26%
US
35%
EU
20%
Asia Pacific
13%
Others
6%
2021
2020

M&A Partnering
Discovery/Preclinical assets lose share but remain #1
target for partnering followed by Marketed and Phase 2
Discovery/
Preclinical
30%
Marketed
21%
Phase I
15%
Phase II
19%
Phase III
15%
Pharma Partnering by Clinical Stage
Phase 2 deals gain largest share in 2021
Pharma Partnering and JV deals
# of Deals
Discovery/
Preclinical
37%
Marketed
22%
Phase I
17%
Phase II
13%
Phase III
11%
2021
2020

M&A Partnering
Oncology still #1 indication for partnering followed by
Infectious Disease and CNS
Source: ChinaBio® Consulting Pharma Partnering and JV deals
Pharma Partnering by Indication
2020 2021
# of Deals
Oncology,
155 , 42%
Infectious Disease,
87 , 24%
CNS, 24 , 7%
Ophthalmolo
gy, 20 , 4%
Metabolic, 14 ,
4%
Cardio,
13 , 4%
Immunology,
12 , 3%
Other,
42 , 11%
Oncology,
163, 48%
Infectious Disease,
36, 11%
CNS, 29, 8%
Immunology,
20, 4%
Ophthalmology,
16, 5%
Respiratory,
10, 3%
Cardiovascular,
9, 3%
GI,
5, 1%
Other, 52 , 15%
44 COVID-19 deals in 2020, only 17 in 2021

M&A Partnering
Partnering: Deals of Note 2021 (1)
Company A Company B Type Month Description
Zai Lab argenx Drug Jan.
Zai Lab in-licensed China rights for
autoimmune disease treatment for
$175M
Chi-Med Inmagene Drug Jan.
Inmagene signs $920M agreement to
acquire four Chi-Med immunology
therapies
BeiGene Novartis Drug Jan.
BeiGene out-licenses rights for PD-1 to
Novartis in $2.2B deal
Elpiscience
TRIGR
Therapeutics
Drug Jan.
Elpiscience in-licensed VEGFxDLL4
BsAb in $117M deal
Junshi Coherus Drug Feb.
Junshi out-licensed US-Canada Rights
to PD-1 for $1.1B
Cross-border Deals

M&A Partnering
LianBio ReViral Drug Mar.
LianBio acquires China rights to
ReViral's RSV therapy in $119M deal
Bio-Thera Biogen Drug Apr.
Biogen acquired rights to Bio-Thera RA
biosimilar for $30M upfront
RemeGen Seagen Drug Jul.
RemeGen out-licenses HER-2
candidate to Seagen in $2.6B
agreement
InnoCare Biogen Drug Jul.
InnoCare out-licenses BTK inhibitor for
MS to Biogen for $937M
Hengrui
BeyondSprin
g
Drug Aug.
BeyondSpring signs $200m
commercialization deal with Hengrui
for a NSCLC treatment
Cross-border Deals

M&A Partnering
Everest Providence Drug Sep.
Everest in $500M Deal for in-licensing
mRNA products, including COVID-19
vaccine
Qilu Arbutus Drug Dec.
Qilu in-licensed a novel RNAi hepatitis
B therapy from Arbutus for $300M
BeiGene Novartis Drug Dec.
BeiGene out-licenses TIGIT inhibitor to
Novartis in $2.8B agreement
Ji Xing Cytokinetics Drug Dec.
Ji Xing in-licenses Cytokinetics’ heart
failure drug for $400M
HiFiBio FibroGen Drug Dec.
HiFiBio out-licensed CCR8 mAb to
FibroGen for $35M upfront
Cross-border Deals

ChinaBio® Introduction
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ChinaBio® is focused solely on helping life science companies and
investors in the US, EU and APAC achieve success in China

Learn More:
ChinaBio2022.com

Thank you! 谢谢你！
Contact information:
Greg Scott, Founder
ChinaBio® Group
Shanghai | San Diego | Silicon Valley | Basel | Singapore
Email: greg.scott@chinabio.com
Web: www.ChinaBio.com

State of China Life Science 2021

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