On January 7, 2024,  San Francisco, CA, became the epicenter of the biopharmaceutical universe as Jones Day & MSQ Ventures proudly co-hosted a symposium that fosters constructive discussions among biopharma industry leaders. With the esteemed support of BioCentury Inc., The BayHelix Group,, and BioAroundWorld, this event offers a dynamic agenda with esteemed panels, inspiring company presentations, and unparalleled networking opportunities. 

The symposium not only is an exploration of the present research development of biopharma but also a glimpse into the strategic road ahead. 

A special thank you to Michael Houghton, Nobel Laureate in Medicine, for gracing our event with his presence. Your attendance contributed to the success of the occasion, and we sincerely appreciate your active engagement and enthusiasm. 

Panel 1: Navigating 2024 Capital Access, Strategic Partnerships and Cross-Border Collaboration Opportunities 

Navigating Cross-Border Innovation: Insights and Optimism on the Biotech Sector 

James Huang, Founder & Managing Partner, Panacea Venture, expresses gratitude to Kleiner Perkins for support during a spin-off and highlights successful fund raises in 2022, indicating global confidence in the cross-border biotech model. Despite recent challenges, Huang remains optimistic about the biotech sector in 2024, anticipating a positive shift with decreasing interest rates and renewed investor interest. 

Navigating Success in Pivotal Trials: Insights on Overland Pharma's Strategic Approach in China 

Ed Zhang, Co-Founder, CEO, Overland Pharmaceuticals, discusses Overland Pharma's successful pivotal trial approach in China, emphasizing factors like assembling a skilled team, strong collaboration through joint ventures, and the importance of local knowledge and relationships with Key Opinion Leaders (KOLs). Overland, as a platform company, contributes to seamless trial execution through cross-border transactions and connections. 

Navigating Challenges and Finding Success: Marietta Wu on Fundraising Strategies for Private Biotech Companies 

Marietta Wu, Managing Director, Quan Capital, acknowledges fundraising challenges but highlights successes, including Eluminex Biosciences's $50 million raise based on broad market potential. Luminex's success is attributed to early and late-stage development with a strong IND capability. Another inflammation-focused company secured over $100 million in a global trial, emphasizing strategic partnerships and diverse therapeutic focuses for investment in challenging times. 

Navigating Biotech Investment Challenges: Darren Cai on Sherpa Healthcare's Success Stories and Entrepreneurial Resilience 

Darren Cai, Managing Partner of Sherpa Healthcare Partners, shared success stories of startups like Belief Bio, both initiated with two people and supported by Sherpa. Cai highlighted Sherpa's extensive experience with over 150 investments in China over 12 years. He expressed optimism about Chinese entrepreneurs' progress in healthcare but cautioned about budget management in 2024, advising wise spending amid potential lower interest rates. Despite challenges, Cai encouraged entrepreneurs to stay focused, work hard, and adapt to the evolving investment landscape. 

Fosun Pharma’s Global Vision: Navigating Innovation and Collaboration in the Evolving Biotech Landscape 

Rong Yang, CEO, Fosun Pharma USA Inc., Managing Partner of Fosun Pharma USA, discusses Fosun Pharma's global vision, emphasizing the maturation of the Chinese biotech sector and their involvement in late-stage clinical trials, particularly for a PD1 asset in small cell lung cancer. Yang stresses the importance of Chinese companies expanding globally, outlines Fosun's expertise in late-stage clinical development, and expresses confidence in the scientific landscape, inviting potential collaborators to reach out. 

Adapting Biotech Strategies: Navigating Trends and Valuations in China 

James Huang notes a shift in Chinese biotech trends towards avoiding packaging assets for public listing and advocates for exploring overseas options. 

Marietta Wu emphasizes licensing as reflective of China's rising R&D capabilities, promoting the strategy of conducting global-purpose R&D in China. She highlights obtaining global rights for products in late-stage development. 

Ed Zhang acknowledges continued interest in licensing in China, emphasizing its value for local pharma companies seeking pipeline assets, with an emphasis on adapting to market changes and accelerating development. 

Navigating Capital Access in the Evolving Market Cycle: Assessing Current Position and Anticipating Acceleration in 2024 

Darren Cai Expresses optimism for the biotech sector in 2024, citing fund accumulation and strategic moves. He notes existing companies de-risking and progressing, making them attractive for investment despite external factors. 

Rong Yang anticipates successful out-licensing or selling to big pharma in 2024-2025. He emphasizes major pharmaceutical companies' need to replenish pipelines, driving interest in strategic partnerships and urges nuanced approaches like co-development or equity positions. 

Insights into Value Opportunities, FOMO Influence, and Emerging Trends for 2024  

Marietta Wu emphasizes the crucial role of data in driving biotech financing and momentum in the market. As a representative of a global fund, Wu underlines the importance of having insights into potential study data and milestones. Her fund considers the global landscape, and investments made in China are expected to be globally competitive. Leveraging China's R&D capabilities, these investments aim to contribute to the global market. Wu's approach aligns with a global investment strategy, highlighting the significance of comprehensive data and the integration of China's R&D strengths in the broader biotech financing landscape. 

Diverse Perspectives on the Biotech Market's Outlook in 2024 

Ed Zhang Anticipates a positive shift in China's biotech market in 2024, notes increased activity in the second half of the year, attributes it to heightened interest in innovation and bio-pharmaceuticals. Acknowledges concerns about high valuations, observes a market adjustment, predicts a modest improvement in the IPO market, and expects valuations to ease. 

James Huang Provides a positive outlook for the biotech market, projects a significant rebound in 2024. Emphasizes the role of M&As and deals in driving market recovery. Anticipates a substantial resurgence in the public market, advises caution in navigating geopolitical uncertainties, and confidently asserts a resurgence in private and public investments in 2024, with a promising outlook for 2025. 

Marietta Wu Expresses cautious optimism for the biotech market's recovery in 2024, drawing on positive indications from the end of 2023. Emphasizes the potential impact of interest rate control on market dynamics, acknowledges the challenges of predicting market reactions, and remains hopeful for a market upswing in 2024. Highlights portfolio companies preparing for IPOs. 

Darren Cai Holds excitement for 2024, aligning with his peer panel member. Stresses the importance of prudent financial management and not solely relying on external factors. Encourages saving resources before witnessing improvement in the market. 

Rong Yang Emphasizes the importance of hard work and operational efficiency in the pharmaceutical industry. Highlights the enduring focus on science and patient needs regardless of market fluctuations. Advises on preserving funds, concentrating on meaningful data creation, and recognizing the enduring payoff of good science in operations. 

Panel 2: Lessons Learned from the 2023 Cross Border Deal Making Landscape: Positioning for 2024 

Navigating Success and Challenges: Insights from Key Biotech Deals in 2023  

John Zhu, CEO, Duality Biologics, discussed the Merck KGAA deal, navigating challenges in a competitive space with over 50 competitors. The success of the deal brought financial gains and positioned Hengrui as an active participant in global collaborations through business development. 

Su Zhang, VP, Global Head of BD, Jiangsu Hengrui Pharmaceuticals Co., Ltd., highlighted the pivotal strategic partnership with BeiGene, emphasizing efficiency in attracting collaborations and the crucial role of a diverse team in his young biotech company's success. 

Nikhil Mutyal, Executive Director, BD&L, Merck, outlined the significance of the Daiichi Sankyo deal, focusing on Merck's success in convincing a company ready for independent development by showcasing strengths in global clinical development and regulatory filings. 

Harm-Jan Borgeld, Global Head, Asia Partnering, Roche, discussed the achievement with Zion's HER-2 inhibitor, emphasizing the importance of careful consideration, validation in the deal-making process, and the crucial role of relationship building in the fast-paced landscape of the evolving biotech ecosystem. 

Evolving Trends in Cross-Border Pharmaceutical Deals: Perspectives from Industry Experts 

Nikhil Mutyal discusses the evolving landscape of cross-border pharmaceutical transactions, noting a shift towards licensing first-in-class medicines from China and anticipating continued growth in deals, with an emphasis on novel science-driven companies. 

Su Zhang observes a significant shift in China's deal space towards therapy, highlighting larger and more economically significant deals since around 2019. She echoes observations about the increasing focus on therapy, larger deal sizes, and interest in areas beyond oncology in cross-border pharmaceutical deals. 

Harm-Jan Borgeld focuses on pharmaceutical industry dynamics, emphasizing Daiichi Sankyo's prominence in ADCs and the challenges faced by biotechs in competing for deals. He notes a cautious trend among venture capitalists in China but highlights a healthy global trend with increased total payments for deals. Borgeld underscores the importance of upfront payments as an investment in future research and long-term partnerships. 

John Zhu emphasizes key trends in the pharmaceutical industry, highlighting the increasing use of upfront payments in transactions and suggesting that co-development partnerships may become more common. He stresses the importance of trust in business development partnerships, citing the significance of execution, early FDA approvals, and strategic partnerships in maximizing the potential of pharmaceutical assets. Zhu also discusses the extension of upfront payments and the impact of acquisitions, citing GraCell as an example. 

Evolution and Strategies in Chinese Biotech: Navigating Global Markets, Innovations, and Data Collaborations 

Harm-Jan shared that in 2021, many Chinese biotech companies focused on PD-1 drugs for IPO success, but pricing concerns led to a rapid shift towards global strategies, diverse offerings, and partnerships. By 2023, results were evident, with a broader focus on modalities like CAR-Ts and gene therapies, especially in neurology. The speaker hopes for recognition of opportunities in these areas. 

Nikhil Mutyal emphasizes the Chinese biotech's agility in adopting trends stems from staying informed, likely through conference participation. Mutyal attributes China's success to a hardworking culture, access to capital, and investor involvement. He contrasts this with markets undervaluing innovation, pointing out China's trend of innovation and substantial pharmaceutical in-licensing activities.  

Su Zhang simplifies innovation to capital, talent, and a supportive ecosystem, which China possesses. Emphasizing education and government policies, she acknowledges challenges like lower healthcare spending but highlights companies like Hengrui engaging in global deals, contributing to China's innovative landscape. Zhang identifies key elements driving China's success in innovation and its global pharmaceutical role. 

John Zhu underscores data's critical role in Chinese biotech, crucial for partnerships, clinical studies, and transparent collaboration. He highlights partnerships with BeiGene and BioNTech, emphasizing data's global origin. Zhu discusses data consistency, transparency, and the industry's commitment to credibility, emphasizing data's importance in successful collaborations. 

Strategic Insights and Trends in the Evolving Landscape of Pharmaceutical Partnerships 

Nikhil Mutyal discusses the strategic aspects of the pharmaceutical industry, focusing on target selection challenges and the significance of data and relationship-building in partnerships. He highlights differentiation in target selection, the impact of generic competition on pricing decisions, and stresses the gradual development of credibility and relationships for success. 

Su Zhang anticipates key trends in 2024, emphasizing substantial transactions and creative deal structures in the pharmaceutical industry. She supports multi-dimensional partnerships and underscores the role of Chinese companies in leveraging China's capabilities for global partnerships, emphasizing speed, scale, and quality. 

Harm-Jan Borgeld shared the unpredictable nature of the pharmaceutical industry, noting the rise of ADC deals in China and changes in the biotech landscape. He anticipates increased M&A activities, both with foreign companies acquiring Chinese biotechs and domestic mergers. Borgeld expresses optimism about Chinese manufacturing capabilities and the evolving trust in Chinese biotech. 

John Zhu suggests diversifying deal structures beyond upfront payments in the pharmaceutical industry. He speculates on a trend toward earlier-stage partnerships, particularly in pre-clinical stages, using examples like Duality Bio. Zhu emphasizes the importance of validating payload platforms and gathering patient data for successful clinical outcomes in partnerships.

Panel 3: R&D Drive for Innovation in Pursuit of First & Best-in-Class Personalized Medicine  

In our recent discussion, Wei Wu, Principal, Venture Investments, Johnson & Johnson Innovation-JJDC shared perspectives on the collaborative venture with LegoChem, emphasizing its suitability for advancing into the ADC space, and offered predictions for the ADC sector from an equity investment standpoint.   

For the field of gene therapy, Joan Shen, CEO, NeuShen Therapeutics, explored the challenges and opportunities in CNS applications, reflecting on the transformative impact of CRISPR-based gene therapy post its milestone approval in 2023, along with insights into the recent acquisitions of Cerevel and Karuna.   

In terms of breakthroughs, Ping Cao, Sr VP & CBO, Henlius | 复宏汉霖 , shared compelling journey from a biosimilars franchise to an industry player, providing insights into the transformational strategies employed to pursue best-in-class drugs.   

Finally, Shengfang Jin, Board of Director, President and CEO, Ensem Therapeutics, shared experiences and advice on overcoming challenges in showcasing differentiation for preclinical assets, drawing from Ensem's partnership with Beigene on CDK2 inhibitors.  

We also grateful to have these biotech executives featured in our event which shares their latest clinical and strategic development with our guests. 

Tom Shepherd, CEO, Captor Therapeutics SA, Luke Li, CBO, Neurophth Therapeutics, Tod White, CFO & CBO, Alamar Biosciences, Inc., Belichard Pierre, CEO, Enterome, Masato Ishiwata, CBO, Tsubota Laboratory, Inc., Leah Fung, CEO, Biotheryx, Inc., Gayle Mills, CBO, BerGenBio ASA, Dewan Zheng, CEO, Innoforce Pharmaceuticals, Emily Tan, CEO, Unixell Biotechnology, Oliver Schlueter, CFO & Co-Founder, Dermaliq Therapeutics, Inc. 

All in all, the Jones Day – MSQ Global Biopharma Symposium & Networking Event went beyond industry boundaries to facilitate cross-border collaboration, innovation, and strategic insights. With engaging panels covering topics from capital access to scientific through to provide a comprehensive exploration of the current state and future trends in biopharma. Such diverse perspectives shared underscored the dynamic nature of the industry, emphasizing adaptability, strategic partnerships, and a global outlook, and these invaluable sharing would be the catalyst for continued advancements in the biopharmaceutical industry throughout 2024 and beyond.