Biotech Values

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Cheaper Innovations:

Here are the number of ADC programs big pharma licensed in recent years and currently active:

MRK - Kelun 6
BNTX - Duality 3, MediLink 1
GSK - Hansoh 2, Duality 1
PFE - Habour BioMed 1, RemeGen 1
Roche - Innovent 1, MediLink 1
AZN - Keymed/Lepu 1
BMY - SystImmune 1
ONC - Duality 1
Merck Serono - Hengrui 1

Smaller Bios - Not complete list:

GMAB - ProfoundBio 5, acquired $1.8B
IDYA - Hengrui 1, Biocytogen 1
Avenzo - Duality 1

I only heard of RemeGen and Habour BioMed before 2022. As one can see pretty much most licensed programs are from top ADC biotech in China.

Top 10 Chinese ADC Biotech in 2025 According to DeepSeek-R1:

Biocytogen, ProfoundBio, Kelun, Hengrui, RemeGen, Innovent, MediLink, Duality, Hansoh, Wuxi XDC

More on Cheaper Innovation:

I tested DeepSeek-R1 over the weekend. Very impressed by the test results. Really like “thought process” feature before giving out answers and insights. Make interactions interesting and fun. It’s open source and can be downloaded to own computer to run locally.

Test on DeepSeek R1: drugs on revenue, investigational drugs on progress

Revenue: accurate plus additional info not asked like vials distributed & market share etc.
Investigational drugs: additional context, both direct and indirect insights, and next steps.

Note: revenue/financial more complete for US/EU bios while there are more gaps in Japanese bios. Switch to Japanese FY improved results but some gaps still exist likely due to fewer inferences as in US/EU bio cases.