Shenzhen Shiyu Investment Management Co.,Ltd.(SHIYU or the Company )is a professional equity investment and asset management institution, focusing on equity investment in pharmaceutical and healthcare industry, asset allocation and wealth management.

Shiyu Capital

Shenzhen Oriental Fortune Capital Co Ltd. is a venture capital firm specializing investment in early venture, mid venture, late venture, emerging growth, Pre-IPO, mature, growth capital stage, mezzanine and new third board investments. The firm typically invests in financial services, telecommunication, new energy, consumer goods, medical treatment and healthcare, life sciences, internet plus healthy lifestyle industry, logistics, energy technology, information technology, mobile innovation, media, movies and television, culture, pharmaceutical, biological medicine, renewable energy, retail, environmental protection business, consumption, new materials, new agriculture, advanced manufacturing, equipment manufacturing, culture, entertainment, and services. It seeks to invest in China focusing on Shenzhen, Shanghai, Beijing, Xi’an, and Wuhu. The firm also invests in Pearl River Delta region, Yangtze River Delta region, and Circum-Bohai-Sea region. For Pearl River Delta, it covers Guangzhou, Shenzhen, Foshan, Dongguan, Zhongshan, Zhuhai, Huizhou, Jiangmen, and Zhaoqing cities in China. For Yangtze River Delta, the firm covers Shanghai, Nanjing, Wuxi, Changzhou, Suzhou, Nantong, Yancheng, Yangzhou, Zhenjiang, Taizhou, Hangzhou, Ningbo, Jiaxing, Huzhou, Shaoxing, Jinhua, Zhoushan, Taizhou, Hefei, Wuhu, Ma’anshan, Tongling, Anqing, Chuzhou, Chizhou, and Xuancheng cities in China. For the Circum-Bohai-Sea region, it covers Beijing, Tianjin, Shenyang, Dalian, Qingdao, Dandong, Yingkou, Panjin, Fuxin, Huludao, Chaoyang, Shijiazhuang, Baoding, Tangshan, Qinhuangdao, Cangzhou, Langfang, Chengde, Zhangjiakou, Handan, Xingtai, Dongying, Yantai, Weifang, Weihai, Rizhao, and Binzhou cities in China. The firm prefers to invest 20% of its portfolio to early stage, 40% to expansion stage, and 40% to Pre-IPO stage. Shenzhen Oriental Fortune Capital Co Ltd. was formed in November 2007 and is based in Shenzhen, China with offices in Shanghai, China; Beijing, China; and Wuhu, China.

Oriental Fortune Capital

Founder H Fund Co. Ltd., a wholly-owned subsidiary of Founder Securities Co. Ltd., is a professional financial investment management institution that has been committed to providing direct investment services. It is approved by the China Securities Regulatory Commission, and ranks among the Top 10 PE Subsidized by Securities Companies in China. The core team has more than 10 years’ experience in equity investments, mergers and acquisitions, cross-border investments and mezzanine investments in the capital market. Founder H Fund strives to maximize the competitive edge of its team, promote industrial upgrading in China and help companies achieve sustainable development.

Founder H Fund

Sincere Capital, which was founded by senior investment specialists and had completed all the necessary regulatory registration procedures with Asset Management Association of China, mainly engages in investing in the fields of technology innovation and State-Owned Enterprises (SOE) reforms.

Sincere Capital

Winfast Holding is a fund-management & investment group.

Winfast Holding

Huarong Rongde Asset Management specializes in special asset investment, fixed- income investment and private equity.

Huarong Rongde Asset Management

Haitong Leading Capital Management Co., Ltd. is the fund manager of the Shanghai Culture Industrial Investment Fund., is headquartered in Shanghai with a registered capital of RMB 120 million, The company is a wholly-owned subsidiary of Haitong Capital Investment Co., Ltd. Its business scope covers private equity investment fund management, investment consulting, and establishment of investment funds.

Haitong Leading Capital Management

Loyal Valley Capital (LVC) is a thematic, research-driven private equity firm with strong entrepreneurial culture that invests in middle market companies positioned to benefit from the secular industry transformations in China. With over US$1.6 billion of assets under management, LVC mainly focuses on the following segments: Consumer (TMT, Internet, and Education), Healthcare, and Advanced Manufacturing. Our investment process is characterized by in-depth top-down and bottom-up fundamental research to uncover secular themes and utilize extensive industry mapping to deploy capital in a high conviction and disciplined approach. We pride ourselves as a trusted influential shareholder relentlessly focused on active value creation and accelerating growth via strategic initiatives through our extensive network of business leaders in China. LVC manages capital on behalf of international institutional investors such as sovereign wealth funds, funds of funds, private banks, and family offices, as well as elite entrepreneurs and founders of China’s Fortune 500 enterprises. LVC was founded in 2015 by Andy Lin, an experienced investor and accomplished entrepreneur. He is the founder of China Universal Asset Management (“CUAM”), one of China’s largest equity investor and asset manager with over US$100B in AUM, known for its industry leading research and award-winning investment records.

Loyal Valley Capital

Huajin Capital engages in equity investment, asset management, physical, and incubator.

Huajin Capital

Mabwell Biotech

Mabwell Biotech is a Chinese innovative biopharmaceutical company based in Shanghai Zhangjiang Hi-Tech Park. Since its establishment in 2017, it has absorbed and newly established nine biopharmaceutical R&D and production enterprises. At present, the company focuses on the development and manufacturing of macromolecular drugs such as therapeutic monoclonal antibodies and long-acting recombinant proteins. There are more than thirty varieties of drugs at different stages of development covering tumor, autoimmunity, anti-infection and ophthalmic diseases. Among them, six of them have entered the clinical stage, and three of them are in Phase III clinical trials.

Mabwell biotech is a biopharmaceutical company based in Shanghai, China. Founded in 2017, the company focuses on developing antibody-based biotherapeutics. Mabwell operates in the biotech sector with a focus on antibody therapeutics. In August 2021, Mabwell biotech raised a significant funding round of USD 278.5 million. This substantial investment indicates strong investor interest in the company's potential and capabilities in the antibody therapeutics space.

Top 235 Biotechnology Startups in 2024

Bringing Life-Saving Biologics to More Patients

Biosimilars

Mabwell biotech is a biopharmaceutical business based in China. Founded in 2017, the company focuses on developing innovative antibody-based medicines. Mabwell leverages advanced antibody engineering and screening technologies to generate therapeutic antibody candidates against difficult targets.

Top 40 Biopharma Startups in 2024

Top 179 Startups in Shanghai in 2024

Targeting complex diseases with complex molecules

Large-molecule Therapeutics

Shiyu leads $276m round for China's Mabwell Biotech

Mabwell biotech is a biopharmaceutical company based in Shanghai, China. Founded in 2017, the company focuses on developing antibody-based biotherapeutics. Mabwell operates in the biotech sector with a focus on antibody therapeutics. In August 2021, Mabwell biotech raised a significant funding round of USD 278.5 million. This substantial investment indicates strong investor interest in the company's potential and capabilities in the antibody therapeutics space.
Key customers and partnerships
The company's funding round in 2021 involved multiple investors, including Oriental Fortune Capital, Loyal Valley Capital, Shiyu Capital, Sincere Capital, and Founder H Fund. However, these are financial backers rather than customers or partners in the traditional sense.

Coherus BioSciences is a commercial-stage biopharmaceutical company focused on developing and commercializing innovative immunotherapies for cancer treatment. The company's strategy revolves around building a leading immuno-oncology franchise funded by cash generated from its portfolio of FDA-approved therapeutics. Coherus markets several biosimilar products in the US, including UDENYCA (pegfilgrastim-cbqv), a biosimilar of Neulasta, CIMERLI (ranibizumab-eqrn), a biosimilar of Lucentis, and YUSIMRY (adalimumab-aqvh), a biosimilar of Humira.
In July 2023, Coherus launched YUSIMRY at a list price of USD 995 per carton for two 40 mg/0.8 mL autoinjectors, representing a discount of more than 85% compared to Humira. This pricing strategy aims to improve patient access to adalimumab treatment by offering significant cost savings. YUSIMRY is indicated for various autoimmune conditions, including rheumatoid arthritis, psoriatic arthritis, and Crohn's disease.
Coherus is also developing toripalimab, an anti-PD-1 antibody, for the US and Canadian markets through a licensing agreement with Shanghai Junshi Biosciences Ltd. A Biologics License Application (BLA) for toripalimab in combination with chemotherapy for treating recurrent or metastatic nasopharyngeal carcinoma was under FDA review.
In March 2024, Coherus reported net revenue of USD 91.5 million for Q4 2023 and USD 257.2 million for the full year 2023, driven by sales of UDENYCA and CIMERLI. However, the company faced challenges, including a net loss of USD 79.7 million in Q4 and USD 237.9 million for the full year 2023. To address these challenges, Coherus initiated a workforce reduction of 30% to streamline operations and focus on oncology.

Coherus Biosciences

Custom Biologics is a Canadian contract research organization (CRO) specializing in bioanalytical services for biopharmaceuticals, vaccines, and cell and gene therapy products. With over 20 years of experience, the company focuses on designing and validating regulatory compliant assays for functional characterization, potency/bioactivity assessments, clinical pharmacokinetics, and immunogenicity of biotherapeutic drugs. Custom Biologics' genomics group develops molecular genetic assays for gene and genome analysis, measuring genetic inserts and transgenes in gene therapy vectors, oncolytic viruses, and nucleic acid-based vaccines. The company has also developed a proprietary isothermal nucleic acid amplification technology called DASL-RAPID for rapid identification of human and food-borne pathogens. Custom Biologics maintains a Health Canada cGMP Drug Establishment License and operates under a quality system based on FDA and EMEA GLP guidelines. The company's services are utilized in preclinical research and development programs, as well as for validated GMP-compliant assays suitable for stability analysis, clinical analysis, and clinical/market lot release testing. Custom Biologics employs state-of-the-art bioanalytical laboratory equipment and sophisticated statistical software to generate data for submissions to regulatory agencies worldwide.

Custom Biologics

CuriRx, Inc., founded in 2012, is a contract development and manufacturing organization (CDMO) based in Wilmington, Massachusetts. The company specializes in providing end-to-end support for biotherapeutic drug developers, focusing on complex molecules such as recombinant proteins, monoclonal antibodies, bispecific antibodies, vaccines, antibody drug conjugates, oligonucleotides, and gene therapy products. CuriRx's services encompass upstream and downstream process development, optimization, characterization, scale-up and scale-down, analytical development, formulation development, and lyophilization.
In January 2022, CuriRx launched its Advanced Bioprocessing and Analytical Center, which combines state-of-the-art bioprocessing laboratories with the CuriLytics Platform's high-resolution analytical instrumentation. This center aims to accelerate biotherapeutic drug development by leveraging the team's extensive bioprocessing experience and employing the latest methods in upstream and downstream process development. The CuriLytics Platform utilizes high-resolution mass spectrometry and various orthogonal characterization methods to further de-risk drug development.
CuriRx has the capacity to produce non-GMP vials for animal studies and non-GMP stability support studies. The company's key personnel have been involved in successful development projects for notable drugs such as HUMIRA, SYNAGIS, BLINCYTO, and GATTEX. In September 2013, CuriRx was awarded a five-year contract by the National Cancer Institute for the development and production of oncology products, demonstrating its expertise in the field.

CuriRx

Paras Biopharmaceuticals Finland Oy is a biopharmaceutical technology development company based in Oulu, Finland. Founded in 2012, the company specializes in the development and manufacturing of complex biologics and biosimilars using microbial expression systems. Paras Biopharmaceuticals operates a state-of-the-art 25,000 square foot biologics production facility in Finland, which includes 4,300 square feet of classified cleanroom space. The facility is equipped for media and buffer preparation, fermentation, harvest and extraction, purification, final filtration, and freeze-drying.
The company's core activities are divided into two main divisions: Paras Biopharma, which focuses on biologics Contract Development and Manufacturing Organization (CDMO) services, and Paras Biologics, which handles biosimilar development and licensing. Paras Biopharmaceuticals has developed proprietary technology platforms including Biomultifold, Noblecleav, and Cytofold StructQuant to achieve high productivity and quality in biologics manufacturing. These technologies enable the company to produce complex proteins and biosimilars cost-effectively at scale.
As of December 2022, Paras Biopharmaceuticals reported achieving success with "Continuous Biomanufacturing" for high-value onco-immunology and urology biosimilars. The company has also made advancements in maximizing recombinant protein expression in microbial systems, reporting expression levels of up to 12g/L or more of fully folded, biologically active protein in fermentation broth as of July 2023.

Paras Biopharmaceuticals

Kashiv Biosciences, LLC is a fully integrated biopharmaceutical company focused on developing biosimilars and specialty biopharmaceutical products. The company has global research and development, clinical, regulatory, and manufacturing capabilities. Kashiv utilizes its MayaBio reactor technology to develop biosimilars. The company's product portfolio includes biosimilars targeting conditions such as asthma, chronic idiopathic urticaria, and neutropenia. Kashiv's lead biosimilar candidate, ADL018, is a proposed biosimilar to Xolair (omalizumab) currently in Phase III clinical trials for chronic spontaneous urticaria. In March 2022, Kashiv received FDA approval for its first biosimilar RELEUKO (filgrastim-ayow), a biosimilar referencing Neupogen. The company has a robust pipeline of seven biosimilars and multiple 505(b)(2) and complex peptide generic products in development. Kashiv operates FDA-approved GMP manufacturing facilities in Chicago, Illinois and has state-of-the-art R&D infrastructure in Ahmedabad, India. The company is headquartered in Piscataway, New Jersey.
Key customers and partnerships
Kashiv has established strategic partnerships to commercialize its products globally. In October 2023, Kashiv entered into an exclusive licensing agreement with Alvotech for the development and commercialization of ADL018 in Europe, the UK, Australia, Canada, and New Zealand. In July 2024, Kashiv signed an exclusive licensing agreement with Amneal Pharmaceuticals for the commercialization of ADL018 in the US. Kashiv has also collaborated with Amneal on the development and commercialization of other biosimilars, including RELEUKO and FYLNETRA. These partnerships allow Kashiv to leverage its partners' commercial expertise and global reach to bring its biosimilar products to market.

Kashiv Biosciences

Biotechnology companies that focus on the research, development, production, and commercialization of prescription drugs including biosimilars.

Biotechnology companies that focus on the research, development, production, and commercialization of biosimilars based on original biological medicine.

Companies offering R&D capabilities and production facilities to biosimilar companies on contracts or partnerships.

Biopharmaceutical technology development and support service companies that offer specialized solutions to biosimilar companies.

Companies offering testing solutions to support the biological characterization, comparability, and other clinical assessments required in the biosimilar development process.

AI/ML-driven technology platforms support drug design and development process and integration of drug substance development

Mabwell biotech is a biopharmaceutical business based in China. Founded in 2017, the company focuses on developing innovative antibody-based medicines. Mabwell leverages advanced antibody engineering and screening technologies to generate therapeutic antibody candidates against difficult targets.
In January 2023, Mabwell raised USD 278.5 million in a Series A funding round, one of the largest ever Series A financings for a China-based biotech company. The financing was led by Oriental Fortune Capital, Loyal Valley Capital, Shiyu Capital, Sincere Capital and Founder H Fund. With this substantial capital, Mabwell aims to accelerate its proprietary pipeline of novel antibody therapeutics.
Mabwell has established integrated in-house capabilities spanning from target exploration and antibody discovery to IND-enabling studies. The company's pipeline is focused on addressing significant unmet needs in oncology, autoimmune disorders, and other therapeutic areas.

Innovent Biologics is a leading biopharmaceutical company founded in 2011 with the mission to develop and commercialize innovative and affordable medicines. The company focuses on oncology, cardiovascular and metabolic diseases, autoimmune disorders, and ophthalmology. As of March 2024, Innovent has ten approved products in the Chinese market, including TYVYT (sintilimab injection), BYVASDA (bevacizumab injection), SULINNO (adalimumab injection), and others. The company's core product, TYVYT, is an anti-PD-1 monoclonal antibody approved across seven indications, making it the most widely approved PD-1 inhibitor in China.
Innovent has a robust pipeline with three new drug applications under review, four assets in Phase III or pivotal trials, and 19 molecules in early clinical development. The company's innovative pipeline spans various modalities, including bispecific antibodies, antibody-drug conjugates (ADCs), and RNA therapeutics. In oncology, Innovent is advancing the next-generation immunotherapy combinations with ADCs, such as the CLDN18.2 ADC (IBI343) and the EGFR/B7H3 bispecific ADC (IBI3001). The company's metabolic pipeline includes mazdutide, a first-in-class GLP-1R/GCGR dual agonist in late-stage development for weight management.
Innovent has a strong emphasis on global innovation, with its Innovent Academy delivering eight novel molecules into IND-enabling stage in 2023. The company has established large-scale manufacturing facilities in Suzhou and Hangzhou to support global supply. Innovent collaborates with over 30 global healthcare leaders, reinforcing its commitment to advancing biopharmaceutical innovation worldwide.

Innovent Biologics

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 ADC Therapeutics is a clinical-stage biotechnology company focused on developing and commercializing next-generation antibody-drug conjugates (ADCs) for treating cancer. The company's ADCs leverage highly potent and targeted pyrrolobenzodiazepine (PBD) dimer technology, which causes the ADCs' antibodies to bind to specific tumor cell surface antigens. Once internalized, the potent PBD dimer is released inside the cell, creating covalent cross-links between the DNA strands, disrupting cell division without triggering DNA repair mechanisms.
 
 
 
 
 ADC Therapeutics' lead product candidate, Zynlonta, received FDA approval in April 2021 for treating adult patients with relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. The company is also advancing a deep pipeline of other PBD-based ADCs targeting hematologic malignancies and solid tumors. As of May 2021, ADC Therapeutics reported revenues of USD 38.2 million, reflecting initial sales of Zynlonta.
 
 
 
 
 In March 2022, ADC Therapeutics acquired US commercial rights to Overrkey Biological's anti-HER2 ADC Overena, broadening its cancer treatment portfolio. The acquisition aligned with the company's strategic focus on expanding globally with its PBD-based ADC technology.
 
</div>

ADC Therapeutics

Sirnaomics is a biopharmaceutical company engaged in the discovery and development of RNA therapeutics. The company focuses on innovative drugs for indications with unmet medical needs and large market opportunities. Sirnaomics utilizes two proprietary delivery platforms: the Polypeptide Nanoparticle Formulation (PNP) and the second generation of GalNAc conjugates called GalAhead.
Sirnaomics has established a robust pipeline of drug candidates, with several products in clinical and preclinical stages. The company's lead clinical product, STP705, has demonstrated positive results in Phase II clinical trials for the treatment of squamous cell carcinoma in situ (isSCC) and basal cell carcinoma (BCC). Additionally, STP705 is being explored for focal fat reduction in the medical aesthetics field. Another promising candidate, STP707, is a PNP formulation consisting of two siRNAs targeting TGF-β1 and COX-2 for intravenous treatment of solid tumors. STP707 has shown promising results in a Phase I basket clinical study, exhibiting stable disease response in 74% of evaluable patients.
Sirnaomics achieved a significant milestone by advancing STP122G, the first candidate utilizing the GalAhead technology, into clinical development. STP122G targets Factor XI for anticoagulation therapeutics and is currently undergoing Phase I clinical trials.
In March 2023, Sirnaomics' subsidiary, RNAimmune, received IND clearance from the FDA to initiate a Phase I clinical trial for RV-1770, an mRNA vaccine targeting respiratory syncytial virus (RSV). Additionally, RNAimmune obtained FDA clearance for a SARS-CoV-2 vaccine booster candidate, RV-1730.
Sirnaomics has established its manufacturing facility in China, enabling the transition from a biotech company to a biopharmaceutical corporation. The facility has successfully produced a full GMP batch of STP707 for human injection and is expected to support the company's clinical pipeline.
In July 2024, Sirnaomics announced the completion of IND-enabling studies for STP125G, an siRNA therapeutic targeting Apolipoprotein C3 (ApoC3) for the treatment of cardiovascular diseases. The positive results from non-human primate studies support the filing of an IND with the FDA.

Sirnaomics

Sesen Bio is a late-stage clinical company that previously focused on developing targeted fusion protein therapeutics for cancer treatment. Its lead product candidate, Vicineum, is a locally administered targeted fusion protein composed of an anti-epithelial cell adhesion molecule (EpCAM) antibody fragment tethered to a truncated form of Pseudomonas exotoxin A for the treatment of non-muscle invasive bladder cancer (NMIBC).
In February 2021, the FDA accepted Sesen Bio's Biologics License Application (BLA) for Vicineum to treat BCG-unresponsive NMIBC, granting Priority Review. However, in August 2021, the company received a Complete Response Letter from the FDA, requiring an additional Phase 3 clinical trial for potential resubmission. Following discussions with the FDA in March 2022, Sesen Bio aligned on most elements for the trial design and planned to meet again in mid-2022 to finalize outstanding items.
On July 15, 2022, Sesen Bio made the strategic decision to voluntarily pause further development of Vicineum in the US due to the incremental timeline and costs associated with the additional Phase 3 trial. The company shifted its primary focus to consummating a strategic transaction to maximize shareholder value while seeking a partner for Vicineum's further development.
In September 2022, Sesen Bio announced a pending merger with Carisma Therapeutics, a clinical-stage biopharmaceutical company developing immunotherapies based on engineered macrophages. This merger was approved by Sesen Bio's stockholders in March 2023, with the combined company operating under the name Carisma Therapeutics Inc. and trading on the Nasdaq under the ticker "CARM".
Upon closing the merger in March 2023, Sesen Bio declared a special cash dividend of USD 75 million (around USD 0.36 per share) to its stockholders and issued them Contingent Value Rights (CVRs) entitling them to potential proceeds from the sale of Vicineum and other assets, as well as a USD 30 million milestone payment under the Roche Asset Purchase Agreement.

Sesen Bio

ACELYRIN, INC. is a late-stage clinical biopharmaceutical company focused on developing transformative medicines for immunology and inflammatory diseases. The company's lead product candidate is izokibep, a next-generation inhibitor of interleukin-17A (IL-17A) designed to overcome limitations of monoclonal antibodies. Izokibep is being evaluated in multiple late-stage trials for moderate-to-severe hidradenitis suppurativa (HS), psoriatic arthritis (PsA), and noninfectious uveitis.
In March 2024, ACELYRIN reported positive top line data from a global Phase 2 billion/3 clinical trial of izokibep in PsA, meeting the primary endpoint of ACR50 at 16 weeks with high statistical significance. The trial also demonstrated robust clinical responses for higher hurdle endpoints like ACR70, PASI100, and composite measures, indicating izokibep's potential to provide clinically meaningful benefits. Additionally, ACELYRIN announced differentiated long-term 32-week data from a global Phase 2 billion trial of izokibep in HS, showing rapid, dose-ordered improvement across multiple disease manifestations, including HiSCR100 achieved earlier than reported by other IL-17 inhibitors.
ACELYRIN's other late-stage asset is lonigutamab, a subcutaneously delivered monoclonal antibody targeting IGF-1R being investigated for the treatment of thyroid eye disease (TED). In March 2024, ACELYRIN announced positive proof-of-concept data from a Phase 1/2 trial, demonstrating rapid improvements in proptosis and clinical activity score within three weeks after the first dose.
As of December 31, 2023, ACELYRIN had cash, cash equivalents, and short-term marketable securities totaling USD 721.3 million, providing a runway to support key late-stage data milestones and registrational studies across multiple indications. In January 2023, ACELYRIN acquired ValenzaBio, adding lonigutamab and other immunology assets to its pipeline.

ACELYRIN

Companies that develop engineered proteins that can target specific proteins or cells in the body

Companies that develop large molecules that can be used to target specific RNA molecules in the body, either to silence or replace them

Companies that develop large molecules that combine the targeting ability of monoclonal antibodies with the cytotoxic effects of chemotherapy drugs

Companies that develop large molecules that can be used to replace or supplement deficient or malfunctioning proteins in the body

Companies specializing in peptide-based treatments leverage short amino acid chains, known as peptides, to target and modulate various biological processes for therapeutic applications

AL/ML used to identify potential drug targets, and support protein engineering and optimization

Mabwell Biotech

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