Building on the China Pharmaceutical Innovation and Invention Index, which assesses the overall innovation strength of leading Chinese pharmaceutical companies, here we focus on the emerging innovators in the sector. These rising companies, driven by original innovation and underpinned by cutting-edge technology platforms, are becoming a key force in shifting China’s pharmaceutical innovation from quantity to quality.
Their value is mainly reflected in three areas:
- Technology: focus on advancing platforms such as bispecific antibodies (BsAbs), ADCs and PROTACs.
- R&D: target unmet clinical needs in major diseases such as cancer and autoimmune disorders.
- Business Models: improving innovation efficiency through open collaboration and platform out-licensing.
To systematically identify and assess this group, we have developed the Evaluation System for Emerging Innovative Pharmaceutical Enterprises in China based on the existing framework. Focusing on technological leadership, R&D sustainability, and financing and transaction potential, it aims to identify future innovation leaders and support the “second growth curve” of China’s pharmaceutical innovation.
We hope this tool and its results will help policymakers, investors and industry participants better locate the next wave of core innovators, channel resources more precisely to high-potential sources, and strengthen the long-term global competitiveness of China’s pharmaceutical industry.
Looking ahead, through the joint efforts of emerging innovators and traditional pharma companies, China is expected to move in the global innovation landscape from “follower” to “peer” and ultimately “leader,” bringing more breakthrough therapies to patients worldwide and showcasing Chinese wisdom and strength in pharmaceutical innovation.
China’s Emerging Pharmaceutical Innovation Stars 2025
Publicly Listed Companies:
Alphamab Oncology, Duality Biologics and Harbour BioMed
Private Companies:
Minghui Pharmaceutical and Virogin Biotech
Alphamab Oncology
In the field of emerging innovation, Alphamab Oncology is widely regarded as a steadily rising global player due to its strong track record in bispecific antibodies and ADCs, and especially its differentiated progress in the highly competitive “bispecific ADC” space. Adhering to a dual strategy of independent innovation and global collaboration, the company is moving from an R&D-driven biotech to an integrated pharmaceutical company with product launch and commercialization capabilities.
Before rolling out its full bispecific and ADC portfolio, Alphamab Oncology had already achieved global validation in the PD-L1 field. Its in-house product KN035 is the world’s first approved subcutaneous PD-L1 inhibitor, reshaping the dosing paradigm of immunotherapy. Compared with conventional intravenous infusion requiring 1–2 hours, KN035 reduces dosing time to under 30 seconds, greatly improving patient compliance and healthcare efficiency. In a pivotal study in patients with advanced MSI-H/dMMR solid tumors, KN035 achieved an ORR of 42.7% and a 12-month overall survival rate of 74.6%, delivering survival benefits comparable to or better than IV agents. Through an exclusive out-licensing deal with Glenmark, commercial rollout began in 2024 in India, Asia-Pacific and Latin America, demonstrating the company’s maturity in antibody engineering and global partnering, and laying a solid foundation for the internationalization of its bispecific and ADC products.
The company’s innovation is rooted in a series of proprietary underlying technologies, including the CRIB (Charge Repulsion Induced Bispecific) platform and a Glycan-specific conjugation platform. The CRIB platform uses refined charge engineering to address chain mis-pairing issues common in traditional bispecifics, significantly improving product purity and stability and supporting a globally competitive, diversified pipeline. Its core asset JSKN003, a HER2-targeted bispecific ADC, is a representative of this integrated approach: by applying sugar site-specific conjugation, it achieves homogeneous linkage between antibody and payload, with the aim of providing a wider therapeutic window in theory.
Alphamab Oncology entered a critical data inflection point in 2024. Phase I data for JSKN003 were presented in a poster at the 2024 ASCO Annual Meeting. Among 46 patients with advanced HER2-expressing solid tumors who had received multiple prior lines of therapy, no interstitial lung disease (ILD) events were reported a notable result in a field where HER2 ADCs are often constrained by ILD toxicity. Among 44 patients with at least one post-baseline tumor assessment, the ORR was 56.8%, and 39 patients experienced tumor shrinkage. Interim data from this study were also presented at the 2024 AACR Annual Meeting, further attracting global attention.
The company’s commercialization and global partnership strategy is pragmatic and forward-looking. Through its major collaboration with CSPC on JSKN003 in the China market, Alphamab Oncology has secured key development funding while leveraging CSPC’s established commercial network to support future market penetration. Its R&D system also shows strong synergy and continuity: beyond JSKN003, multiple other bispecific and ADC candidates derived from the same technology platforms are at various clinical stages, forming a well-structured pipeline. This virtuous cycle of “platform empowering pipeline, pipeline reinforcing platform” provides sustained momentum for long-term growth.
With its differentiated technology platforms, focused and efficient clinical development, and precise global collaborations, Alphamab Oncology is consolidating its position as a leading player in China’s bispecific and ADC space. As JSKN003 and other core assets advance into registrational stages, the company is expected over the next two to three years to realize the value of its first bispecific ADC product and become an important participant in the globalization wave of China’s innovative pharmaceutical industry.
Duality Biologics
In 2025, Duality Biologics was included for the first time among China’s emerging innovative pharma companies, recognized as a rising star for its rapid expansion in ADCs, clear pipeline progress from early- to late-stage development, and deepening global business partnerships. Driven by a “multi-platform + global clinical development + diversified BD” model, the company has built a differentiated competitive edge in ADCs and has become one of the fastest-growing biotech’s in recent years.
Duality Biologics’ innovation is anchored in four core ADC technology platforms (DITAC, DIBAC, DIMAC and DUPAC), enabling true upstream innovation in payloads, linkers, antibody engineering, and target biology. By the end of 2024, three new drug candidates had advanced from IND to NDA stages, with three clinical studies in China and eight overseas. Among its core assets, trastuzumab pamirtecan (DB-1303) is the most advanced HER2 ADC, currently in global Phase III trials for breast and endometrial cancer. The endometrial cancer indication has received Breakthrough Therapy designation in China and both Fast Track and Breakthrough Therapy designations from the FDA, and is poised to become the next globally competitive, China-developed HER2 ADC after T-DXd.
In addition, the TROP2 ADC DB-1305 has entered Phase II trials across multiple tumor types and shows a more balanced toxicity profile. Its ovarian epithelial cancer indication has been granted FDA Fast Track designation, further accelerating development. The B7-H3 ADC DB-1311 reported attractive Phase II ORR data at ESMO Asia 2024 and has also obtained an FDA fast-track pathway, making it one of the most closely watched B7-H3 ADC programs from China. Meanwhile, the DUPAC platform has advanced into clinical development in autoimmune diseases, positioning Duality Biologics as one of the few companies pursuing ADC innovation in both oncology and autoimmunity, with growing pipeline depth and differentiation.
On the intellectual property front, the company filed 11 Patent Cooperation Treaty (PCT) applications between 2020 and 2024, mainly around its proprietary ADC platform technologies such as DITAC, with comprehensive coverage of novel linkers, payloads and conjugation methods. Ten of these filings were made in the last three years (2022–2024), underscoring the continuity and intensity of its innovation engine and the robustness of its technology.
Duality Biologics stands out in international collaboration and has been one of China’s most active license-out biotechs over the past three years. By late 2024, it had signed two major global deals with BeiGene and GSK, including a B7-H4 ADC program (DB-1312/BG-C9074) with a total deal value of RMB 9.36 billion (USD $1.3 billion) and another a DB-1324 collaboration worth RMB 7.02 billion (USD $975 million). These transactions highlight its global competitiveness in ADC innovation, while BD-driven funding strengthens cash flow and accelerates late-stage clinical development.
By the end of 2024, Duality Biologics had conducted multicenter trials in 17 countries, enrolling more than 1,500 patients and building a truly global clinical network capable of supporting parallel registrations worldwide. On the manufacturing side, the company is establishing an integrated, self-controlled R&D and production system, anchored by a multifunctional center in Shanghai Lingang that combines R&D, commercial operations and manufacturing.
Overall, Duality Biologics has built a full innovation chain combining high-quality ADC platforms, rapidly advancing clinical programs, high-value BD deals and a steady output of patents. As DB-1303, DB-1305 and DB-1311 approach key registration milestones over the next two to three years, the company is expected to enter a phase of concentrated value realization. Leveraging its deep technology base, strong regulatory recognition and expanding global partnership network, Duality Biologics is evolving from a fast-growing emerging player into a globally competitive ADC platform company and an important driver of China’s ADC technology on the world stage.
Harbour BioMed
In 2025, Harbour BioMed has firmly joined the ranks of global innovative pharma companies, supported by its proprietary fully human antibody discovery platform, increasingly global pipeline, and differentiated breakthroughs in immunology and oncology. Following a “platform-driven R&D and global collaboration” strategy, the company is transforming from a biotech into a globally competitive innovation platform through technology out-licensing via its wholly owned subsidiary Nona Biosciences and the steady clinical advancement of its in-house pipeline.
Harbour BioMed’s innovation is built on its fully human HCAb platform and HBICE® multi-specific antibody platform, which together generate a steady stream of novel candidates. By the end of 2024, nine products in its diversified pipeline had reached the CTA stage, with strong coverage of tumor immunology and autoimmune diseases. Multiple Phase I programs are being advanced in a “China + ex-China” dual-track model, setting the stage for a wave of important data readouts in the next two to three years.
On the product side, the company emphasizes differentiation. Its core asset porustobart (HBM4003) is the world’s first anti-CTLA-4 therapy in a fully human heavy-chain antibody (HCAb) format to enter clinical development, showing promising signals in melanoma and other hard-to-treat solid tumors. In a Phase II study in MSS metastatic colorectal cancer, HBM4003 plus the anti-PD-1 antibody tislelizumab achieved an ORR of 34.8% and a DCR of 60.9% among 23 evaluable patients, with a median PFS of about 4.2 months and manageable safety without notable overlapping toxicity. These results are particularly meaningful in “immune-cold” tumors and support HBM4003’s potential as a next-generation backbone immunotherapy.
Another key asset is HBM1020, a first-in-class antibody targeting B7H7/HHLA2, a highly promising next-generation immuno-oncology target after PD-1/PD-L1. At ESMO 2024, Phase I data showed a favorable safety and tolerability profile, with no dose-limiting toxicities in 17 patients. Among 15 patients with post-treatment tumor assessments, 7 (46.7%) achieved stable disease and 2 showed tumor shrinkage of 11% and 25%, respectively, supporting its safety and preliminary activity across advanced solid tumors. HBM1020 has obtained U.S. FDA orphan drug designation and clinical trial approval in China, reinforcing Harbour BioMed’s global leadership on this frontier target.
Beyond its internal pipeline, Harbour BioMed is also one of China’s most active license-out innovators. From 2022 to 2024, it completed more than ten external collaborations or licensing deals, drawing strong interest from multinational pharma. In May 2024, Nona Biosciences signed a global license agreement with AstraZeneca worth up to RMB 4.14 billion (USD $575 million) (including USD $19 million upfront), bringing substantial cash inflow and validating the HCAb platform at the MNC level. A strategic partnership with Candid Therapeutics on next-generation T-cell engagers further extends the application of its technologies in both autoimmune and oncology indications.
This commercial value is underpinned by strong IP protection. Between 2020 and 2024, Harbour BioMed filed 16 PCT applications, 12 of them in the past three years, covering novel target biology and multi-specific antibody structures. This portfolio creates a solid global protection wall around its core technologies and secures its long-term competitive advantage.
Minghui Pharmaceutical
In 2025, Minghui Pharmaceutical was recognized as an “Emerging Innovation Star” for its strong focus on oncology and immune diseases, rapidly evolving into a late-stage, globally competitive biotech. In August 2025, the company completed a USD 131 million pre-IPO round to accelerate global development and registration of its late-stage assets, with priority on its PD-1/VEGF bispecific antibody and its combinations with ADCs, and to support registration and commercialization preparation of its topical JAK inhibitor in China, marking a key step toward becoming a “pre-commercial, globally oriented innovative pharma company.”
Minghui has built a diversified, globally competitive pipeline around oncology and autoimmune/ inflammatory diseases. Its topical JAK inhibitor for atopic dermatitis has been filed for approval in China; leveraging a proprietary penetration technology, it delivers high local exposure with low systemic exposure, achieving significant symptom improvement with a favorable safety profile. An IGF-1R antibody for moderate-to-severe thyroid eye disease has progressed from early development into Phase III, aiming for more convenient dosing and an improved benefit–risk balance. The PD-1/VEGF bispecific antibody, the centerpiece of its IO portfolio, is in Phase I/II trials and being explored in combination with ADCs. In addition, a B7-H3 ADC for relapsed or progressive extensive-stage small cell lung cancer has entered a registrational Phase III trial; early data suggest potential best-in-class features. With no B7-H3 targeted therapies approved globally, it is poised to become one of the first agents in its class to reach the market.
In oncology, the B7-H3-targeted ADC developed on Minghui’s proprietary SuperTopoi™ ADC platform is its flagship innovation. Combining a potent topoisomerase I inhibitor with an optimized linker, the platform delivers strong antitumor activity; to date, no interstitial lung disease signals have been observed and hematologic toxicities remain manageable, suggesting a favorable therapeutic window. In Phase I/II studies, the drug has shown promising efficacy and safety across multiple advanced solid tumors, with deep and durable responses in subgroups such as small cell lung cancer. In 2025, the company initiated a Phase III trial in China for extensive-stage SCLC, with overall survival as the primary endpoint and a planned enrollment of 450 patients, comparing a 2.0 mg/kg regimen with physician’s choice chemotherapy. This relatively low Phase III dose among B7-H3 ADCs reflects confidence in both potency and safety margin.
On the BD and globalization front, Minghui signed an exclusive licensing agreement with Qilu Pharmaceutical in May 2025 for B7-H3 ADC rights in Greater China. The deal is worth up to RMB 1.345 billion (USD $188 million), including upfront, milestone payments and sales-based royalties, while Minghui retains global rights outside Greater China. This partnership accelerates local commercialization of the core asset and sets a benchmark for future global out-licensing of its ADC portfolio.
Around the SuperTopoi™ platform, Minghui has built an ADC matrix targeting B7-H3, TROP2, PSMA and other antigens, aiming for next-generation improvements in efficacy, safety and dosing convenience. In autoimmune and inflammatory diseases, the topical JAK inhibitor and IGF-1R antibody form key growth pillars outside oncology.
Minghui is led by a management team with experience in both multinational pharma and leading domestic companies, bringing together global vision and strong local execution across multiple disease areas. With R&D and clinical centers in Shanghai, Hangzhou and overseas, the company follows a “deep local presence + global collaboration” model, complementing local partners and actively planning global multicenter trials and international partnerships.
Looking ahead, supported by fresh capital, a differentiated ADC platform, a diversified pipeline and an experienced team, Minghui is at a pivotal point in its transformation into a late-stage, globally facing innovative drug company. Its pre-IPO financing and landmark B7-H3 ADC deal not only underscore its leadership potential across multiple tracks, but also mirror the broader structural shift of China’s pharmaceutical industry toward source innovation and global co-creation.
Virogin Biotech
In 2025, Virogin Biotech was recognized as an “Emerging Innovative Enterprise” for its continued breakthroughs in oncolytic viruses and combination tumor immunotherapy, demonstrating strong innovation driven by its proprietary viral vector platforms. As one of China’s earliest biotechs dedicated to oncolytic viro-immunotherapy, the company has built a first-mover position in next-generation cancer immunotherapies worldwide through in-house programs such as VG161 and VG201.
The company’s lead asset VG161 is a multifunctional oncolytic virus based on HSV-1, with multiple designations in China and the US. In February 2023, VG161 received FDA Orphan Drug designation for intrahepatic cholangiocarcinoma; in September 2024 it was granted Breakthrough Therapy Designation by China’s CDE for advanced hepatocellular carcinoma after standard therapy failure, becoming the first oncolytic virus to receive BTD in this setting. Through genetic engineering, VG161 co-expresses IL-12, IL-15/IL-15RA and a PD-L1 blocking peptide, delivering a triple mechanism of “oncolysis + immune activation + checkpoint blockade.” In 2024, Phase II trials in advanced liver cancer and soft-tissue sarcoma in China showed that VG161 could induce robust T-cell infiltration even in immune-cold tumors, providing new evidence for the clinical value of oncolytic viruses in solid tumors. In March 2025, clinical data on VG161 were published in Nature, and the program advanced into pivotal stages.
At the platform level, Virogin Biotech has built the OncoViro™ viral vector platform, comprising two highly complementary modalities: an HSV-1 oncolytic virus platform and an mRNA oncology platform. The HSV-1 platform uses a first-in-class transcription-and-translation dual regulation (TTDR) backbone carrying multiple synergistic payloads to enhance oncolysis and remodel the tumor microenvironment. VG201, developed on this platform, is a first-in-class HSV-1 oncolytic virus currently in clinical studies via intratumoral and intravenous administration and is expected to become the first biomarker-driven, selectively replicating oncolytic virus. VG203, a second-generation, highly tumor-specific TTDR oncolytic virus optimized for urogenital cancers, has received clinical trial approvals in both China and the US.
The company has also designed an mRNA HPV tumor vaccine targeting patients with HPV-positive precancerous lesions, aiming to eradicate HPV-positive cells and prevent malignant transformation, thereby broadening its solid-tumor coverage. This product, M22H04, is a self-adjuvanted mRNA-LNP therapeutic vaccine developed in-house that can prevent and clear HPV-positive tumors and reduce recurrence risk. Its preclinical results were published in Immunology in 2024.
Internationally, the company follows a “China–US dual filing, global simultaneous development” strategy and has established clinical collaboration networks in the US, Canada and Australia. For industrialization, it is building a global manufacturing hub centered in Jiading, Shanghai, creating a dual-site “R&D + manufacturing” model embedded in the local precision-medicine cluster. Its two core modality platforms complement each other and cover the full value chain from technology translation to commercial production.
Looking ahead, as pivotal clinical data for VG161 emerge in China and the US and indications for VG201 and other next-generation products expand, Virogin Biotech’s position in oncolytic virotherapy will further strengthen. Its integrated strategy across viral immunology innovation, global registration pathways and industrialization capacity is turning the company into a key representative of China’s innovative drugs in the global tumor immunotherapy arena.
