January 8, 2026: Next, we review biotech deals in the U.S. market for 2025.

【Answer 1】 We begin today with AbbVie. AbbVie’s spin-off from Abbott—the company best known for infant formula—occurred relatively late, with the separation completed only in 2013. AbbVie’s headquarters is in Chicago; even during strong market conditions, recruiting talent proved difficult. It maintains a small branch in Massachusetts focused primarily on antibody–drug conjugates (ADCs). Key deals AbbVie struck this year include: 1. March 3, 2025: AbbVie/Cubra — $350M upfront. This deal relates to obesity therapeutics and involves acquiring GUB014295, an early-stage (Phase I) amylin mimic. AbbVie is thus entering the weight-loss drug space—though Novo Nordisk and Eli Lilly’s amylin mimics are already well advanced in clinical development. Cubra is a Danish company specializing in mimetics of various proteins. 2. May 14, 2025: AbbVie/ADARx — $355M upfront. An early-stage R&D collaboration focused on siRNA-based therapeutics, with no disease-area restrictions. ADARx was founded in 2019 by a team formerly at Arrowhead Pharmaceuticals—all Chinese nationals with outstanding academic credentials. Though the company has raised capital, its financing rounds have not been particularly notable. 3. June 10, 2025: AbbVie/IGI — $700M upfront. AbbVie acquired ISB2001, a trispecific antibody that recently completed Phase I, for oncology indications. IGI’s predecessor was a generic drug company. A side note: antibody development, frankly, lacks substantial technological depth. Next, Roche/Genentech: Genentech, founded in the U.S., was the first biotechnology company ever established—and has long enjoyed stellar reputation. Prior to Roche’s 2009 acquisition, Roche maintained a U.S. R&D team in New Jersey; post-acquisition, it eliminated that entire team. Genentech’s biologics division hires principal investigators (PIs) to standards comparable to those of the top 20 U.S. universities. Its chemistry division was initially less prestigious but became highly selective after the Roche acquisition. Notable Roche/Genentech deals this year include: 1. May 21, 2025: Genentech/Orionis Biosciences — $105M upfront. An early-stage R&D collaboration targeting molecular glues for oncology—no specific target disclosed. Orionis was founded in 2015; while its fundraising history is unremarkable, its Head of Chemistry boasts an exceptionally impressive academic background.

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【Answer 2】 A renewed wave of innovative Chinese biopharma companies filing for IPOs in Hong Kong has emerged recently, with Dizal Pharmaceuticals, Pule Pharmaceutical, and Nuolingsheng Biotech among those submitting applications in rapid succession. Notably, most of these firms remain in the early commercialization phase and are still unprofitable—facing rigorous market scrutiny. Take Dizal Pharmaceuticals as an example: although its revenue is growing rapidly and its core assets have demonstrated global value, high R&D expenditures continue to drive losses; strategically, the company has shifted focus toward converting innovation into commercial value. Pule Pharmaceutical generates virtually no revenue; though its first antimicrobial peptide drug has received approval, its other lead candidates remain in early development stages and are unlikely to contribute meaningfully to near-term performance. Similarly, Nuolingsheng Biotech remains unprofitable despite revenue growth, with net income still negative. This trend signals that unprofitable biotech firms are collectively attempting to clear the Hong Kong IPO hurdle—shifting their central challenge from pure R&D innovation to the sustained conversion of foundational innovation into stable, global commercial value. Capital markets are now placing higher demands on their commercialization capabilities. 4. Twelve Key Projects in the Pharmaceutical and Health Industry Announced The 2026 International Beijing Forum on Biopharmaceutical Innovation unveiled twelve key projects in the pharmaceutical and health industry, eight of which will be based in Beijing’s Economic-Technological Development Area (BDA). These high-caliber initiatives span innovative drug development—including UCB’s China Medical Innovation Center, Concordia’s R&D base, Hansoh Pharmaceutical’s wholly owned subsidiary, and Junshi Biosciences’ strategic headquarters—as well as high-end medical devices and services, such as Zimmer Biomet’s first Asia-Pacific Innovation Center and IQVIA’s Joint Center for Data and AI. Several projects carry the distinction of being the “first in Asia-Pacific” or “first in China.” Most are located within the International Pharmaceutical Innovation Park—a hub hosting nearly 550 enterprises—aiming to strengthen Beijing’s role as a global innovation cooperation nexus. Additionally, the forum reported progress on the National Artificial Intelligence Application Pilot Base for Healthcare: since its launch in 2025, it has engaged over 500 medical institutions. The implementation of these projects will amplify industrial agglomeration effects, complete the full industrial chain—from innovative drugs to high-end equipment—and support Beijing’s ambition to become a globally influential biopharmaceutical industry cluster, further enhancing regional industrial ecosystem collaboration and internationalization. 5. $8.1 Billion BD Backing Fuels IPO Bid by Nucleic Acid Startup Founded by Peking & Tsinghua Alumni In September 2026, ADARx—a cutting-edge nucleic acid therapeutics startup founded by scientists with backgrounds from Peking University and Tsinghua University—officially filed its S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), aiming for a Nasdaq IPO. Co-founders Dr. Zhen Li and Dr. Rui Zhu previously worked together at Arrowhead Pharmaceuticals and deeply understand that delivery systems represent the critical bottleneck for RNAi therapies expanding beyond the liver. ADARx is committed to pushing technological boundaries—specifically focusing on innovations in extrahepatic delivery. It currently holds multiple proprietary pipeline candidates already in clinical development. Last May, the company entered a landmark partnership with AbbVie, securing an upfront payment of $335 million and a potential total transaction value exceeding $8.1 billion. Under this agreement, both parties will jointly develop novel targets across neurology, immunology, and oncology—though the collaboration excludes ADARx’s core proprietary pipeline. Backed by its unique expertise in extrahepatic delivery and supported by prominent investors including Orbimed and Lilly Asia Ventures, ADARx is tackling therapeutic challenges in historically underserved ‘no-man’s-land’ tissues—including the heart, skeletal muscle, and central nervous system—expanding the reach of nucleic acid drugs beyond hepatic targeting into broader tissue territories. This positions the company for significant commercial potential and technological leadership.

ADARx Pharmaceuticals targets $1.74 billion valuation in US IPO

Sep 21, 2026

ADARx Pharmaceuticals seeks a $1.74 billion valuation in its U.S. IPO, aiming to raise $371.9 million while AbbVie secures a 4.9% stake through a concurrent private placement ahead of its Nasdaq listing.

reuters

2026-09-21

ADARx Pharmaceuticals targets $1.74 billion valuation in US IPO

ADARx Pharmaceuticals targets $1.74 billion valuation in US IPO

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