1、2021 Annual BD Deals Report for China Pharmaceutical Industry MyBioCapitalDeclarations&Data Source Data source:data and info officially disclosed to publicData analysis:the data may be not complete,the analysis only based on the available statisticsFor purpose of reference only.For commercial purpos

2、e is not allowedThis report does not constitute any investment advice目录目录CONTENTS Cross-boarder BD Deals OverviewCross-boarder License-in Deals -Increasing trend of cross-boarder License-in deals -Top 10 cross-boarder License-in deals -Change on clinical phases for recent 10 years License-in deals -

3、Change on therapeutic fields for recent 10 years License-in deals -Therapeutic categories overview on 2021 cross-boarder License-in deals -Dealers Analysis on 2021 Cross-boarder License-in DealsCross-boarder License-out Deals -Increasing trend of cross-boarder License-out deals -Top 10 cross-boarder

4、 License-out deals -Change on clinical phases for recent 10 years License-out deals -Change on therapeutic fields for recent 10 years License-out deals -Dealers Analysis on 2021 Cross-boarder License-in DealsDeals Between Chinese BiosSummaryBased on PharmaGo database statistics，83 new drugs have bee

5、n approved by NMPA in 2021，among which 51 from China and 32 from overseas.From therapeutic category aspects,38 chemical drugs,33 biologicals(including antibodies,recombinant proteins,ADCs,vaccines,cell therapies,allergenic products,etc.),12 Traditional Chinese Medicines have been approved in 2021.Ac

6、cording to Informa latest statistics,60 new drugs have been approved by FDA in 2021,with approval no.ranged from 57 to 66 in recent 5 years.Look back to the 10 years data,2021 has been among one of the top 3 numbers.3927453506800220001920202021F

7、DA Approved New Drugs during 2012-2021 Novel CDER ApprovalsNovel CBER Biologics380203040Small MoleculesAntibodyTraditional Chinese Vaccines Recombinant proteinCell therapyADCAllergenic raw NMPA Approved New Drugs In 20212021 New Drug Approval No./FDA-60,NMPA-83Cross-boarder BD deals incre

8、asing YOY,High no.in 2021,Deals available in each monthWith fast development and improvement of the Chinese pharmaceutical market,the BD deals by Chinese Bios have jumped from very junior phase into now rapid growing stage.The license-in deal numbers have been in continuous increase since 2016.Licen

9、se-out deal numbers also increased significantly since 2019.The no.of License-in and License-out deals in 2021 is 133 and 41,respectively.Both License-in and License-out deals are available in each month of the year,*20172020 data based on Pharmacodia report，2021 data based on MyBio statistics131014

10、8904544221823JanFebMarAprMayJuneJulyAugSeptOctNovDecBD Licenses by Chinese Bios in Each Month of 2021License inLicense Out08284280001920202021BD Licenses by Chinese Bios in Last 10 years License inLicense OutRank

11、ing on No.of Licenses in 2021 by Chinese Bios(Table 1/3)RankingChinese BiosCross-boarder License-in Cross-boarder License-outLicense-in Between Chinese BiosLicense-out Between Chinese BiosTotal1Fosun Pharma34292Innovent Bio312393Beigene32384Zai Lab7185Hengrui Pharma2576Huadong Medicine5277XtalPi Inc

12、.778Bio-Thera14169CSPC Pharma14510Hansoh Pharma311511JingXin Pharma23512Junshi Biosciences1211513Kintor Pharmaceutical122514LianBio5515Luye Pharma32516Sino Biopharmaceutical1121517HitGen Inc.112418Antengene Corp.22419Genetron Holdings4420Sinopharm Group4421Haisco Pharmaceutical211422Cstone Pharmaceu

13、ticals13423Shanghai Pharmaceutical4424Asieris13425Biocytogen33Ranking on No.of Licenses in 2021 by Chinese BiosNote:the data may be not so complete,for reference onlyData source:MyBio dataData collected till:Dec-31-2021742939118In Licenses In ChinaOut Licenses In China Licenses between Ch

14、inese Company 1.The 281 deals include 174 cross-boarder licenses and 107 licenses between Chinese bios.2.The 174 cross-boarder licenses include 133 License-in deals and 41 License-out deals.3.Therere totally 107 licenses between Chinese bios.Co-development has been the major collaboration model.1334

15、1107According to MyBio data statistics,totally 281 BD licensing deals occurred in 2021 in China pharmaceutical industry.Ranking on No.of Licenses in 2021 by Chinese Bios(Table 2/3)RankingCompanyCross-boarder License-in Cross-boarder License-outLicense-in Between Chinese BiosLicense-out Between Chine

16、se BiosTotal26CANbridge Pharma3327BrightGene12328Inmagene Bio21329Nhwa Pharma3330Henlius Pharma12331JI XING Pharma3332Arctic Vision3333Alphamab Oncology3334China Medical System3335Sperogenix12336StoneWise3337Winhealth Pharma3338Simcere Pharma3339EVEREST MEDICINES21340Fukang Pharma3341Allist Pharma11

17、242Thousand Oaks Bio2243Baidu11244Boan Biotech11245Tennorx11246TOT BIOPHARM2247HiFiBiO2248Ascletis Pharma11249STA Pharmaceutical2250Hutchison Pharma112Ranking on No.of Licenses in 2021 by Chinese Bios(Table 3/3)RankingCompanyCross-boarder License-in Cross-boarder License-outLicense-in Between Chines

18、e BiosLicense-out Between Chinese BiosTotal51Abbisko Therapeutics2252Prophetgenomics2253CR-DOUBLE CRANE2254Jemincare11255Jacobio Pharmaeuticals11256GenFleet Therapeutics2257Keymed Biosciences2258Luoxin Pharma2259InnoCare Pharma11260OcuMension2261Qilu Pharma2262Burning Rock Dx11263SciNeuro Pharmaceut

19、icals2264SciClone Pharmaceuticals11265Sunshine Guojian Pharma11266SHANGHAI PHARMA11267Trinomab Biotechnology2268IMAB Biopharma2269Walvax Biotechnology11270NeoCura Bio-Medical11271Xuanzhu Biopharm2272Ascentage Pharma11273BioNova Pharma2274Yipinhong Pharma2275ImmuneOnco11276IMPACT Therapeutics2277Nuan

20、ce Pharma2278Grandpharma2279Maxinovel Pharmaceuticals2280Zelgen Biopharmaceuticals22Ranking on No.of Licenses in 2021 by Chinese BiosNote:the data may be not so complete,for reference onlyData source:MyBio dataData collected till:Dec-31-2021Asia2820%North America7154%Europe34 26%2021 License-in Geog

21、raphical Distribution North America and Europe have been the major geographies for 2021 License-in deals.The deals are shifting gradually from same language or nearby regions,to the cradle areas of pharmaceutical innovation.In-house Dev.“Following”Model New Era of“License-in+In-house Dev.”1741329490

22、520459017-2021年许可交易数量年许可交易数量202182017 Totally 542 Licensing deals occurred in recent 5 years(as per disclosed).174 deals happened in 2021,which accounted 32.2%of the total number.Data source:public dataData collected till:Dec-31-2021目录目录CONTENTSCross-boarder BD Deals Overview C

23、ross-boarder License-in Deals -Increasing trend of cross-boarder License-in deals -Top 10 cross-boarder License-in deals -Change on clinical phases for recent 10 years License-in deals -Change on therapeutic fields for recent 10 years License-in deals -Therapeutic categories overview on 2021 cross-b

24、oarder License-in deals -Dealers Analysis on 2021 Cross-boarder License-in DealsCross-boarder License-out Deals -Increasing trend of cross-boarder License-out deals -Top 10 cross-boarder License-out deals -Change on clinical phases for recent 10 years License-out deals -Change on therapeutic fields

25、for recent 10 years License-out deals -Dealers Analysis on 2021 Cross-boarder License-in DealsDeals Between Chinese BiosSummaryIncreasing Trend of Cross-boarder License-in Deals50828410813329.31.8582.32110.3139.080.35.70.105.140.175.200202021Amounts*Total（USD 100mn）*The deal values are fr

26、om public data disclosed.Deal values not disclosed are not included.887200211000 Million dollarsThe total deal values have been in continuous increase in recent 5 years.In 2021,the total deal value has reached amount of 13.9 billion USD.The incr

27、ease on deal numbers,and rise on deal value for a single deal,have resulted in the increase of the total deal value.Therere 2 deals with deal value expanding one Billion USD.Majority of the deal values have been ranged between 100 Million USD and 300 Million USD.No.TimeLicenserLicenseeProjectsTotal

28、Deal Value(Million USD)Upfront(Million USD)Indication12021-Nov-9MacrogenicsZai Lab4 bispecific antibodies（CD3,etc.）1,40055Oncology22021-Mar-31Silence TherapeuticsHansoh Pharma3 siRNA drugs based on mRNAi GOLD platform1,31616Liver Diseases32021-Dec-27ITM Isotope Technologies Munich SEGrandpharma3 RDC

29、 drugs:TOCscan,ITM-11,ITM-41591NAOncology42021-Nov-9Blue print MedicinesZai LabBLU-945,BLU-70159025NSCLC52021-Jun-29Vivoryon TherapeuticsSimcereVaroglutamstat,PBD-C06565not disclosedAD62021-Feb-8LogicBio TherapeuticsCANbridgeAAV sL65,LB-00156410Gene editing72021-Aug-17 ImmuneOncia Therapeutics3D Med

30、icinesIMC-002(CD47)4628Oncology82021-Mar-31OliX PharmaceuticalsHansoh PharmasiRNA4566.5CVD,metabolism and others92021-Feb-18TWI BiotechInmagene BioAC-1101(JAK)421NADermatology102021-Oct-25Providence TherapeuticsEVEREST MEDICINESmRNA COVID vaccine candidate+mRNA technical platform500100mRNA vaccine(C

31、OVID）Top 10 Cross-boarder License-in Deals in 202115%24%27%24%29%26%40%31%21%27%17%11%14%13%22%15%8%3%17%8%19%29%30%23%27%33%24%31%21%8%18%20%14%23%12%7%16%14%8%15%30%17%15%18%10%19%12%21%33%42%2020012Clinical Phases of License-in Projects by Chinese Bios in Last 10

32、YearsPre-clinicalPhase IPhase IIPhase IIIpost-marketingChange on Clinical Phases for Recent 10 Years License-in Deals Compared with 2020,the number of deals on post-marketing projects has increased significantly in 2021.In comparison with last years,clinical phases of deals in 2021 presented balance

33、d distribution,and deals are active in each phase from pre-clinical to phase stage.Change on Therapeutic Fields for Recent 10 Years License-in Deals19%38%27%58%52%44%42%44%51%34%19%29%30%12%3%22%8%8%15%4%10%7%6%2%13%2%6%11%6%5%11%8%6%10%10%3%10%6%2%4%3%5%6%2%3%6%2%4%4%9%8%6%3%3%5%7%2%1%6%6%3%3%10%6%

34、5%10%4%3%2%2%2%2%8%3%10%7%3%3%6%3%20%13%4%13%9%17%10%15%6%2000021OncotherapyInfectedCardiocerebral vascular diseaseEndorine and metabolismNeuropsychicAutoimmunityOphthalmologyRespiratoryDigestiveUrinaryElse Overview with the change on therapeutic fields for recent 10

35、 years License-in deals,oncology has always been the most heated field for the deals.Besides oncology in continuous heat,deals are active in the other therapeutic fields as well in 2021,and the deal numbers are balanced in different fields.Deal number in CNS field has significantly increased.COVID r

36、elated deals has been active.GI,Autoimmune,CVD,Ophthalmology all are in heat trend.Deals begin arising in Urology and Endocrinology as well.Therapeutic Categories Overview on 2021 Cross-boarder License-in DealsADC/RDC4%siRNA/RNA6%Protein/Peptide5%Gene therapy2%Technology platform17%Antibody15%Oncoly

37、tic virus1%Micro therapeutic1%Cell therapy2%Small Molecule40%Medical Instruments2%Vaccine3%Else2%Small molecules,as the major deal projects,have amounted 40%among all of the deals.The deal number has maintained in 1st place.The deal number of antibodies has been in the 2nd just behind small molecule

38、s.Number of deals on technology platforms has been increasing.There appears a trend that the Chinese bios not only license in a single project,but also begin licensing in technology platforms with several projects for one deal.Deals begin arising in cell therapy,gene therapy,siRNA/RNA as well.Buyers

39、 RankingCompanyBioPharmaBiotechPharmaTotalZai Lab77Huadong Medicine55LianBio55Beigene33CANbridge33Nhwa Pharma33Fosun Pharma33Hansoh Pharma33JI XING Pharma33Arctic Vision33Winhealth Pharma33Simcere Pharma33Innovent Bio33Inmagene Bio22Antengene22Haisco Pharmaceutical22Hengrui Pharma22CR-DOUBLE CRANE22

40、JingXin Pharma22Luoxin Pharma22OcuMension22Qilu Pharma22SciNeuro Pharmaceuticals22Xuanzhu Biopharm22Yipinhong Pharma22Nuance Pharma22Grandpharma22EVEREST MEDICINES22Dealers Analysis on 2021 Cross-boarder License-in Deals3442561Buyers Company TypesBioPharmaBiotechPharmaOthersData source:MyBio analysi

41、sData collected till:Dec-31-2021目录目录CONTENTSCross-boarder BD Deals OverviewCross-boarder License-in Deals -Increasing trend of cross-boarder License-in deals -Top 10 cross-boarder License-in deals -Change on clinical phases for recent 10 years License-in deals -Change on therapeutic fields for recen

42、t 10 years License-in deals -Therapeutic categories overview on 2021 cross-boarder License-in deals -Dealers Analysis on 2021 Cross-boarder License-in Deals Cross-boarder License-out Deals -Increasing trend of cross-boarder License-out deals -Top 10 cross-boarder License-out deals -Change on clinica

43、l phases for recent 10 years License-out deals -Change on therapeutic fields for recent 10 years License-out deals -Dealers Analysis on 2021 Cross-boarder License-in DealsDeals Between Chinese BiosSummaryGlobal14%Outside of Mainland China25%China or Partial China8%Aisa20%North America19%Europe8%Afri

44、ca3%Russia and other CIS Countries,0.0323Increasing Trend of Cross-boarder License-out DealsThe License-out deal numbers have been increasing in each year in recent 5 years.The total License-out deal value has reached amount of 15.4 Billion USD.569244116.57.76.8110.3154.30.40.80.120.160.200.20172018

45、201920202021AmountsTotal（USD 100mn）2021 License-out Geographical Distribution The deals License-out to regions outside Greater China have the most number for 2021.Deals in Asia Pacific region are active,and North American region is in next.Deals are also available in regions of Africa,Europe,Russia,

46、etc.2021 License-out Deal Numbers&Total ValuesTop 10 Cross-boarder License-out Deals in 2021总金额No.TimeLicenserLicenseeProjectsIndicationPhaseTotal Deal Value(Million USD)Upfront(Million USD)1Dec-2BeigeneNovartisOciperlimab(TIGIT)OncologyNA2,9003002Aug-8RemeGenSeagenDisitamab VedotinOncologyApproved2

47、,6002003Jan-12BeigeneNovartisTislelizumab(PD1)OncologyApproved2,2006504Dec-10Nuance PharmaEli LillyResearch collaboration and patent licensingMetabolic diseasesNA1.500505Feb-1Junshi BiosciencesCoherus BioSciencesToripalimab(PD-1)+JS006+JS018-1OncologyBLA Application1,1001506Jun-17HiFiBiO Therapeutic

48、sFibroGenGalectin-9,CXCR5,CCR8Tumor immunologyNA1,100257Jul-13InnoCare PharmaBiogenOrelabrutinib（BTKi）AutoimmuneApproved9381258Jun-3Allist PharmaArriVentFurmonertinibOncologyApproved765409Aug-17NovaRock BiotherapeuticsFlame BiosciencesNBL-015(Claudin 18.2)OncologyNA6007.510Feb-24Sino Biopharmaceutic

49、alGraviton Bioscience CorporationTDI01Pulmonary fibrosisPhase 1578NATop 10 Cross-boarder License-out Deals in 2020 and 2019 Top 10 License-out Deals in 2019Top 10 License-out Deals in 2020TimeLicenserLicenseeProjectsIndicationTotal Deal Value(Million USD)Upfront(Million USD)2020-Sep-4I-MABAbbvieLemz

50、oparlimab(TJC4)(CD47)Oncology2,9001802020-Jun-9Innovent BioRocheBispecific antibodiesOncology2,000NA2020-Oct-27Cstone PharmaEQRxCS1001;CS1003 PD-L1;PD-1Oncology1,3001502020-Aug-18Innovent BioLillySintilimab(PD-1)Oncology1,000NA2020-Jun-1JacobioAbbvieJAB-3068/3312 SHP2;KRAS/MAPK/SHP2Oncology810452020

51、-Nov-25 Henlius PharmaBinaceaHLX35 EGRR/4-1BBOncology760NA2020-Apr-17Microbio ShanghaiOneness BiotechLEO PharmaFB825(first anti-CmX antibody)Immunology570402020-Oct-29Fosun PharmaLilly(Loxo)FCN-338(Bcl-2)Oncology440402020-Aug-22TransTheraLG Chem LtdTT-01025 SSAO/VAP-1NASH350NA2020-Mar-30I-MABKalbe F

52、arma(Indonesia);Genexine(South Korea)TJD5(CD73)Oncology340NANo.TimeTransferorTransfereeProjectsIndication12020-AugGENSUNKintor PharmaceuticalBispecific antibody(PD-L1*TGF-)Oncology22020-JunAlphamabSanofiKN026Oncology32020-JunJacobioAbbvieJAB-3068,JA53312Oncology42020-MayJunshi BiosciencesLillyCOVID

53、Neutralizing AntibodyPneumonia caused by COVID52020-AprHengrui PharmaCrystal GenomicsCamrelizumabOncology62020-AprOneness BiotechLEO PharrnaFB825Atopic Dermatitis72020-MarHenlius PharmaMabxienceHLX02Oncology82020-JanInnovent BioCoherus BioSciencesIBI305Oncology92019-DecAlphamab/3D MedicinesTraconKN0

54、35Oncology102019-SepHenlius PharmaKalbe GenexineHLX10OncologyChange on Clinical Phases for Recent 10 Years License-out Deals15%24%27%24%29%26%40%31%21%27%17%11%14%13%22%15%8%3%17%8%19%29%30%23%27%33%24%31%21%8%18%20%14%23%12%7%16%14%8%15%30%17%15%18%10%19%12%21%33%42%2020152014

55、20132012Clinical Phases of License-out Projects by Chinese Bios in Recent 10 YearsPre-clinicalPhase IPhase IIPhase IIIpost-marketingCompared with 2020,the number of deals on post-marketing projects has increased significantly in 2021.In comparison with last years,clinical phases of deals in 2021 pre

56、sented balanced distribution,and deals are active in each phase from pre-clinical to phase stage.Change on Therapeutic Fields for Recent 10 Years License-out DealsThe License-out deals in 2021 are centralized in Onco-therapies,then following with Respiratory and Autoimmune fields.40%80%40%50%22%57%6

57、2%45%56%61%40%40%44%19%5%10%14%4%2%20%10%11%9%4%2%14%9%15%7%20%10%11%31%9%4%10%20%11%14%10%2%20%1%1%9%27%2000021OncotherapyInfectedCardiocerebral vascular diseaseEndorine and metabolismNeuropsychicAutoimmunityOphthalmologyRespiratoryDigestiveUrinaryRanking of Sellers

58、CompanyBioPharmaBiotechPharmaOthersTotalBIO-THERA44Luye Pharma33Beigene22HiFiBiO Therapeutics22Junshi Biosciences22CARsgen Therapeutics11CSPC Pharma11Allist Pharma11Baidu11Boan Biotech11HitGen Inc.11Tennorx11Haisco Pharmaceutical11Jemincare Pharma11Jacobio Pharmaeuticals11Skyline Therapeutics11Kinto

59、r Pharmaceutical11Kelun Pharmaceutical11CureGenetics11LIVZON11InnoCare Pharma11Ranok Therapeutics11RemeGen11Ruige Pharmaceutical11Shanghai Pharmaceutical11Adagene11Walvax Biotechnology 11Innovent Bio11Eucure Biopharma11Dealers Analysis on 2021 Cross-boarder License-out Deals189131BioPharmaBiotechPha

60、rmaOthersData source:MyBio analysisData collected till:Dec-31-2021目录目录CONTENTSCross-boarder BD Deals OverviewCross-boarder License-in Deals -Increasing trend of cross-boarder License-in deals -Top 10 cross-boarder License-in deals -Change on clinical phases for recent 10 years License-in deals -Chan

61、ge on therapeutic fields for recent 10 years License-in deals -Therapeutic categories overview on 2021 cross-boarder License-in deals -Dealers Analysis on 2021 Cross-boarder License-in DealsCross-boarder License-out Deals -Increasing trend of cross-boarder License-out deals -Top 10 cross-boarder Lic

62、ense-out deals -Change on clinical phases for recent 10 years License-out deals -Change on therapeutic fields for recent 10 years License-out deals -Dealers Analysis on 2021 Cross-boarder License-in Deals Deals Between Chinese BiosSummaryNo.TimeBuyerSellerProjectsBusiness ModelIndicationTotal Deal V

63、alue(Million USD)Upfront(Million USD)1Jan-11Inmagene BioHutchison PharmaNACo-dev.+Commercialization collaborationImmunology135/project95/Project2Feb-9Hengrui PharmaYingli PharmaYY-20394Equity investment+Commercialization collaboration Oncology20NA3Jun-1Innovent BioAnHeart TherapeuticsTaletrectinib(R

64、OS1/NTRK)LicensingOncology189NA4Jul-14Ascentage PharmaInnovent BioHQP1351,Rituximab,IBI188,APG-2575Equity+Co-dev.+Commercialization collaborationOncology145305Jul-15Fosun PharmaKintor PharmaceuticalProxalutamideCommercialization collaboration Pneumonia caused by COVID450 Million RMB110 Million RMB6A

65、ug-23CSPC PharmaAlphamabKN026LicensingOncology1 Billion RMB150 Million RMB7Aug-26Hengrui PharmaBeyondSpringPlinabulinEquity investment+LicensingOncology1.3 Billion RMB200 Million RMB8Sep-2Innovent BioGenFleet TherapeuticsGFH925LicensingOncology262229Sep-17Sinovent,SinoMab BioscienceEVEREST MEDICINES

66、XNW1011LicensingNephropathy5491210Nov-10Jumpcan PharmaceuticalI-MABTJ101LicensingEndocrinology 2 Billion RMB224 Million RMB11Nov-11Shanghai Ruier BioKaichuan PharmaKC1701Equity+Co-dev.Rare disease60 Million RMBNA12Dec-14BeigeneLeads BiolabsLBL-007LicensingOncology7423013Dec-15JingXin PharmaShaxi Pha

67、rmaChinese MedicineEquity investmentNA205 Million RMBNA14Dec-22GeneScience PharmaceuticalsLuye PharmaRivastigmine patchLicensingCNS216 Million RMB70 Million RMBDeals Between Chinese BiosThe deals between Chinese Bios have occurred frequently in 2021,with total number of 107 deals,among which 14 deal

68、s total values and upfronts have been disclosed.Most of the deals occurred in 2nd half of 2021.The business models have been much more diversified.目录目录CONTENTSCross-boarder BD Deals OverviewCross-boarder License-in Deals -Increasing trend of cross-boarder License-in deals -Top 10 cross-boarder Licen

69、se-in deals -Change on clinical phases for recent 10 years License-in deals -Change on therapeutic fields for recent 10 years License-in deals -Therapeutic categories overview on 2021 cross-boarder License-in deals -Dealers Analysis on 2021 Cross-boarder License-in DealsCross-boarder License-out Dea

70、ls -Increasing trend of cross-boarder License-out deals -Top 10 cross-boarder License-out deals -Change on clinical phases for recent 10 years License-out deals -Change on therapeutic fields for recent 10 years License-out deals -Dealers Analysis on 2021 Cross-boarder License-in DealsDeals Between C

71、hinese Bios SummarySummary&ProspectDeal Numbers Create New HighThe average deal value in 2021 is generally higher than previous years.The cost becomes higher and higher to obtain the high-quality deal targets.It is anticipated the cost will keep rising in 2022.The Average Deal Value RisesDeals Avail

72、able in All Dimensions in the IndustryInnovation Drives Cross-regional DealsDeals are active during the whole year.Both License-in and License-out deal numbers created new high.The numbers are expected to even go higher in 2022.Deals have been available in almost each therapeutic field,in each drug

73、category,in each clinical phase and in each type of company.It has become a consensus in the industry that to seek development through BD deals.License-in deals have been centralized in the innovation cradle regions like the US,Europe,etc.While License-out deals have been reached with different regions of the world.Chinese Bios have begun with innovation output.Brilliant future can be foreseen in the industry.Linking China to Overseas Healthcare InnovationChinaMail:BDhttp:/ Francisco,London,Helsinki,Beijing,Shanghai,Nanjing,Shenzhen,Xian