Daily, Mon 2 Nov: A Chinese cancer drug wins on survival, AI drug designers raise, a Korean licence

Full transcript, with sources

Numbers in [brackets] link to the sources at the end of the section or episode. Chinese names are given in characters with Hanyu Pinyin; on air, Ning says them in Mandarin.

Cold open and intro 0:05

Basil0:05 In a China trial, a Chinese cancer drug beats the standard treatment on survival. AI drug designers raise fresh money. And a Korean start-up signs a licensing deal ahead of its listing.

Basil0:17 I'm Basil Lui. I invest globally, backing growth-stage companies with an Asia angle, from Singapore. And this is The East-West Bio Brief. It's the daily edition for Monday, November second.

Ning0:34 And I'm Ning. A quick note before we start: our voices are AI-generated from our own; the views and research are ours. And this is not investment advice.

China 0:46

Basil0:46 Let's start in China. Ning, start with the money.

Funding rounds

Ning0:51 Last week we flagged two rounds without naming the companies. The Huntington's disease start-up is Libo Biotech, in Chinese 砺博生物 (Lìbó Shēngwù), from Hangzhou. It uses AI to design small-molecule drugs that target RNA. [1] [2] [3] [4] (Libo and NeuroXess were the unnamed rounds in the 31 Oct pilot.)

Ning1:06 Its Series A co-leads include 正心谷资本 (Zhèngxīngǔ Zīběn), Zhengxingu Capital [known in English as Loyal Valley Capital], and the US dollar fund of Sinovation Ventures. [1]

Ning1:14 And the brain-implant company is NeuroXess, in Chinese 脑虎科技 (Nǎohǔ Kējì), based in Shanghai. [2]

Ning1:21 One we haven't covered: BioGeometry, in Chinese 百奥几何 (Bǎi'ào Jǐhé), which designs proteins with generative AI. China Life's investment arm led its A-plus round, taking its Series A past a hundred million US dollars. [5]

Basil1:36 Three rounds, two themes. AI drug design, and brain tech. (Hosts' observation on items [1]–[5].)

Clinic: Akeso's ivonescimab in biliary tract cancer

Basil1:43 Next, the clinic.

Ning1:45 At the ESMO cancer congress, Akeso's ivonescimab plus chemo beat AstraZeneca's durvalumab plus chemo, in first-line biliary tract cancer. [6]

Ning1:59 Median overall survival was fourteen point nine months, versus twelve point one. The hazard ratio was zero point seven five. [6]

Basil2:08 That's a twenty-five percent cut in the risk of death. The trial ran only in China. A US registration study is due to start this quarter. [6]

Hong Kong: Hemay Pharma and the listing queue

Basil2:17 Our next stop is Hong Kong.

Ning2:19 Last week we flagged Hemay Pharma, in Chinese 和美药业 (Hémei Yàoyè). What's new: its books close this Wednesday, and Chinese financial press reports that its psoriasis pill, mufemilast, went on sale in China in July. [7] [8] [9] (Hemay's listing was covered in the 31 Oct pilot.)

Basil2:36 For context, the exchange had six hundred and eleven listing applications in process at the end of October. [10]

Wider Asia 2:44

Basil2:44 Let's head beyond China. We start in Korea.

Korea: Daewoong–Innovotherapeutics licence

Ning2:48 Daewoong Pharmaceutical licensed an inflammatory bowel disease drug candidate from start-up Innovotherapeutics, ahead of the start-up's planned KOSDAQ listing. [11]

Ning3:00 The deal is worth up to six hundred and sixty-two point five billion won, about four hundred and eighty million dollars. Six point five billion won of that is upfront. [11]

Basil3:15 So about one percent of the headline value is upfront cash. [11] (6.5 ÷ 662.5 = 0.98%.)

Rest of the world 3:20

Basil3:20 Now, the rest of the world. We start in Washington.

Washington: FDA approval for Inovio

Ning3:25 On Friday, the US Food and Drug Administration gave accelerated approval to Inovio's treatment for a rare airway disease, recurrent respiratory papillomatosis. The agency says it's the first plasmid DNA-based immunotherapy approved in the US. [12]

Deals: Ferring–Gameto vs Gilead–PepStar

Basil3:40 One update on deals.

Ning3:42 Ferring is buying fertility start-up Gameto for up to about one point four billion dollars. Ferring didn't disclose the upfront, only that payments are tied to milestones. [13]

Basil3:55 Compare Gilead's deal for PepStar's drug. That one was all cash, upfront. [14] [15] (Covered in the 31 Oct pilot.)

Market mood

Ning4:01 And the mood. The XBI biotech fund rose about four point three percent last week, while the S&P 500 slipped about zero point six. [16]

One thing to watch and sign-off 4:15

Basil4:15 My one thing to watch is the US registration study in biliary tract cancer. It's due to start this quarter. [6]

Ning4:23 That's today's brief. Every source is in the show notes. See you tomorrow.

Sources

1. 观点网 (Guandian), 30 Oct 2026 — 砺博生物 (Libo) closes a Series A of nearly RMB 100 million, co-led by 正心谷资本, 创新工场美元基金 (Sinovation Ventures' US dollar fund) and an industrial healthcare fund. https://www.guandian.cn/article/20261030/621400.html

2. 投资界 (PEdaily) deal database, 2026 healthcare — 砺博（杭州）: RNA-targeting small molecules, AI-enabled; 上海脑虎科技 (NeuroXess), Shanghai, implanted flexible brain-computer interface, Series B RMB 700 million. https://vc.pedaily.cn/invest/f2740-y2026

3. 动脉网 (VCBeat), 30 Oct 2026 — Libo's lead drug RP-0172 targets HTT mRNA in Huntington's disease and is in Phase 1. https://www.vbdata.cn/1519102417

4. 36Kr PitchHub — English legal name 'Libo (Hangzhou) Biotechnology Co., Ltd'. https://pitchhub.36kr.com/project/3226047353411970

5. 智通财经 (Zhitong Finance), 28 Oct 2026 — 百奥几何 (BioGeometry) A+ round led by 国寿资本 (China Life's investment arm); A-series total over US$100 million; generative-AI biomolecule models. https://www.zhitongcaijing.com/content/detail/1514186.html

6. Kilambi News, 31 Oct 2026 — HARMONi-GI1 at ESMO 2026: ivonescimab + chemotherapy vs AstraZeneca's durvalumab + chemotherapy, first-line biliary tract cancer; median OS 14.9 vs 12.1 months; HR 0.75, 'a 25 percent reduction in the risk of death'; single-region study in China; US registration-enabling Phase 2/3 study 'due to start in the fourth quarter of 2026' through Summit and ECOG-ACRIN. https://news.kilambi.com/stories/2026-10-31-akeso-ivonescimab-biliary-survival-benefit/

7. UOB Kay Hian (utrade) Hong Kong IPO calendar — 0054 和美醫藥: offer 30/10–04/11/2026 (closes Wednesday 4 Nov), listing 09/11/2026. https://www.utrade.com.hk/tc/Products/Latest-IPO

8. 同花顺 / 中国上市公司网, 26 Oct 2026 — 和美药业-B: Mufemilast approved for moderate-to-severe plaque psoriasis, '2026年7月开卖' (on sale from July 2026); no revenue in the track-record period. https://stock.10jqka.com.cn/20261026/c681090619.shtml

9. NMPA (China drug regulator), 13 Oct 2025 — approval of 莫米司特片 (mufemilast tablets) from Ganzhou Hemay for moderate-to-severe plaque psoriasis (supports 'pill'). https://www.nmpa.gov.cn/zhuanti/cxylqx/cxypxx/20251013084802179.html

10. HKEX, Report on IPO Applications, Delisting and Suspensions (October 2026), 30 Oct 2026 — 611 applications 'under processing' as at 30 October 2026. https://www.hkex.com.hk/News/Market-Communications/2026/261030news?sc_lang=en

11. IBTimes Korea, 30 Oct 2026 — Daewoong Pharmaceutical / Innovotherapeutics ('the startup') INV-008 for IBD; up to 662.5 billion won ($480 million), 6.5 billion won non-refundable upfront; Innovotherapeutics preparing a KOSDAQ listing. https://kr.ibtimes.com/daewoong-innovotherapeutics-ibd-drug-deal-105083

12. US FDA press release, 30 Oct 2026 (Friday) — accelerated approval of Voceryq, granted to Inovio Pharmaceuticals, for adults with recurrent respiratory papillomatosis, a rare disease causing growths in the airways; 'the first for a plasmid DNA-based immunotherapy in the U.S.' https://www.fda.gov/news-events/press-announcements/fda-approves-first-plasmid-dna-based-immunotherapy-adults-recurrent-respiratory-papillomatosis

13. BioPharma Dive, 27 Oct 2026 — Ferring to buy fertility treatment startup Gameto 'in a potentially $1.4 billion deal'; upfront not disclosed, 'only noting that the transaction involves payments tied to unspecified development, regulatory and sales milestones'. https://www.biopharmadive.com/news/ferring-gameto-acquire-ivf-fertilo-womens-health/872904/

14. Gilead press release, 22 Oct 2026 — acquires the HCXT-2001 program from PepStar for '$1.275 billion in upfront cash consideration, subject to customary adjustments, which is payable at closing'. https://investors.gilead.com/news/news-details/2026/Gilead-to-Acquire-Investigational-Oral-IL-23R-Inhibitor-HCXT-2001-Strengthening-Its-Inflammation-Pipeline-in-IBD/default.aspx

15. ClinicalTrials.gov NCT07792928 — HCXT-2001 sponsor 'Shanghai Peptidstar Therapeutics Limited' (PepStar is Shanghai-based). https://clinicaltrials.gov/study/NCT07792928

16. Trading Stocks Now, 31 Oct 2026 — week ending 30 Oct: XBI +4.3%, S&P 500 −0.6%. Used for these two figures only; we do not use or endorse the article's trading ideas. https://www.tradingstocksnow.com/2026/10/31/biotech-rose-4-3-the-week-software-fell-5-9/

All sources were re-fetched and checked against the transcript on Monday 2 November 2026 (SGT).