<div id="readability-page-1">China’s biopharmaceutical sector is seeing an uptick in deal-making, with sovereign wealth funds from Singapore and the United Arab Emirates joining Chinese state-backed investors to back next-generation drug developers. Shanghai-based Everest Medicines agreed to spend US$250 million to acquire a Singapore company holding rights to 14 chronic-disease treatments across the Asia-Pacific region, according to a stock exchange filing on Wednesday. Its Singapore unit will acquire 100 per cent of Hasten Biopharmaceuticals and assume a US$148.8 million shareholder loan from the target’s parent. An independent valuation placed Hasten’s equity value at about US$320 million as of March 31, implying Everest is buying the business at a roughly 22 per cent discount. Hasten brings a 120-strong team focused on cardiovascular, renal and metabolic diseases. Everest said the acquisition would support the expansion of its commercialised drugs beyond mainland China. The deal comes amid a broader influx of global capital into Chinese biotech. Cross-border out-licensing by Chinese drugmakers reached a record US$60 billion in the first three months of the year, driven by rising demand from multinational pharmaceutical companies for early-stage assets, according to the National Medical Products Administration. One indicator of that shift is Syneron Bio, an emerging biotech firm developing macrocyclic peptide drugs using an artificial intelligence-driven discovery platform. The company raised US$150 million in a series B round on March 31, it said in a statement. The funding round was led by an unnamed international life sciences investor, with co-lead participation from Decheng Capital and CDH VGC.  New backers included the Abu Dhabi Investment Authority and Temasek, Singapore’s state-owned investment firm, while existing investors such as AstraZeneca, Biotech Development Fund and Lenovo Capital also participated. Syneron said the proceeds would accelerate development of its Synova platform – which integrates AI and data analytics to optimise macrocyclic peptide design – and support the advancement of its clinical pipeline. Such molecules were seen as promising candidates for treating cancers, autoimmune disorders and infectious diseases where traditional small-molecule drugs and antibodies have struggled, according to a review published last year by Chemical &amp; Engineering News. Founded in 2021 with operations in China and the US, Syneron had raised a total of US$250 million across four funding rounds, according to data from the online investment-tracking platform Crunchbase. Momentum is also building in cell therapies. XellSmart Biopharmaceutical (Suzhou), which focuses on treatments for central nervous system diseases, said it had secured 500 million yuan (US$69 million) in combined series C and C+ funding, according to a company statement published on April 2. The round drew a mix of state-backed and industrial investors, including China Reform Venture Capital Fund and Suzhou Industrial Investment Social Security Fund. XellSmart, founded in 2021 in Suzhou by Li Xiang – a graduate of Peking University and the University of Wisconsin-Madison – also operates in the US. Its therapies are being evaluated in a phase 1 trial involving four separate injections targeting Parkinson’s disease, spinal cord injury and sclerosis. </div>

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<p>Everest Medicines is set to acquire Hasten Biopharmaceuticals for US$250 million, gaining rights to 14 chronic-disease treatments in the Asia-Pacific region. This acquisition, which includes a US$148.8 million shareholder loan, reflects a growing trend of global investment in China's biopharmaceutical sector. The deal comes as cross-border out-licensing by Chinese drugmakers reached a record US$60 billion in Q1 2023, driven by demand for early-stage assets. Additionally, Syneron Bio raised US$150 million to advance its AI-driven drug development platform, highlighting the increasing interest in innovative biotech solutions.</p>

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Everest’s US$250 million buy signals rising global appetite for China biotech