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? Copyright 2018 ChinaBio LLC
1
State of China Life Science �C 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 �C 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 �C 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
Your trusted partner in China life science ?
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! лл�㣡
Contact information:
Greg Scott, Founder
ChinaBio? Group
Shanghai | San Diego | Silicon Valley | Basel | Singapore
Email: greg.scott@chinabio.com
Web: www.ChinaBio.com

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