The BioCentury Show Ep. 94 - Frazier's James Li on China’s Rapidly Evolving Biotech Deal Landscape
Oct 3, 2025
James Li, venture partner at Frazier Life Sciences with 30+ years in biotech and former JW Therapeutics CEO, talks about China’s booming biotech deal scene. He outlines regulatory reforms that sparked growth. He explains NewCo deal models, shifting from late-stage to earlier, broader partnerships. He compares China’s speed and capital efficiency with Japan, Korea and Singapore.
AI Snips
Chapters
Transcript
Episode notes
Founder Who Built China's First Domestic CAR-T
- James Li co-founded JW Therapeutics and led development of China's first domestic CAR-T to commercialization.
- He raised over $520 million and took the company public, giving him deep execution experience.
Regulatory And Listing Reforms Fueled Growth
- China reformed its regulatory system around 2014–2015 to accelerate approval of innovative drugs.
- Hong Kong's 18A listing later gave Chinese biotechs a new funding route and helped many companies scale.
18A Opened New Funding Channels
- The 18A rule allowing unprofitable biotechs to list in Hong Kong materially increased funding access.
- That led to more products emerging and subsequent out-licensing to multinational partners.