Bioheng Valuation, Funding & Investors

Bioheng is valued at $195M as of March 2021.

Last Bioheng valuation

$195M

Series B · Mar 2021

Last Bioheng funding round

$30M

Series C · Nov 2024

Cumulative funding Bioheng raised

$125M

across 3 funding rounds

Key investors in Bioheng

  • Decheng Capital
  • Qiming Venture Partners
  • Shenzhen Capital Group
  • Hillhouse Investment
  • GL Ventures LLC
  • Octagon Capital Advisors

Bioheng Overview

About Bioheng

Bioheng is a Chinese biopharma company developing cell and gene therapies for cancer and autoimmune diseases. Founded in 2017 and based in Shanghai, the firm operates a GMP facility producing CAR-T cells and engineered NK cells. Bioheng received investment from Simcere Pharmaceutical Group and advances clinical trials for solid tumors in China.


Founded

2017

HQ

ChinaNanjing

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Valuation

$195M (Mar 2021)

Bioheng Valuation

Bioheng is currently valued at $195M, based on its Series B in March 2021.

The $80M round was led by Decheng Capital and GL Ventures LLC, with participation from Min Cui, Hillhouse Investment, Octagon Capital Advisors and Shenzhen Capital Group.

Bioheng valuation by funding round

Bioheng valuation by funding round
DateStageValuation
Mar 2021Series B$195M

Bioheng Funding History

Bioheng has raised a total of $125M across 3 funding rounds.

Bioheng's first fundraising round was a $15M Series A in February 2019. The most recent completed round was a $30M Series C in November 2024.

Bioheng funding rounds

Bioheng funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2024Series CQiming Venture Partners$30M--
Mar 2021Series BDecheng Capital (lead); GL Ventures LLC (lead); Min Cui; Hillhouse Investment; Octagon Capital Advisors; Shenzhen Capital Group$80M$195MBioheng Biotech Co., Ltd. is a clinical-stage biotechnology company based in Nanjing, China, focused on developing novel allogeneic immuno-cell therapies for cancer treatment. The company announced its Series B financing round on March 24, 2021, raising approximately $80 million, co-led by GL Ventures (venture capital unit of Hillhouse Capital), Decheng Capital, and Octagon Capital, with participation from BlueRun Ventures China and Shenzhen Capital Group. Proceeds from the Series B round are intended to advance R&D capabilities, process development, and clinical trials for Bioheng's allogeneic immuno-cell therapy pipeline. At the time, the company reported progress in several indications with promising clinical data, aiming to provide more affordable 'off-the-shelf' therapies to patients. Existing shareholders continued their support, highlighting recognition from top biotech investors. Investors expressed strong confidence in Bioheng's technologies, management team led by Founder and CEO Lu Han, and its enriched pipeline with solid clinical progress over the prior two years. Dr. Xiangmin Cui of Decheng Capital and Dr. Ting Jia of Octagon Capital praised the company's scientific vision, teamwork, and innovation. This Series B brought Bioheng's total funding to about $94.77 million across three rounds as of March 2021.
Feb 2019Series ADecheng Capital (lead)$15M--

Who has invested in Bioheng?

7 investors have backed Bioheng across its funding rounds, including Decheng Capital, Qiming Venture Partners, Shenzhen Capital Group, Hillhouse Investment, GL Ventures LLC and Octagon Capital Advisors.

Lead investors include Decheng Capital and GL Ventures LLC.


Bioheng Investors

Investors in Bioheng by funding rounds participated
InvestorHQRoundsRoleFirst check
Decheng CapitalUnited StatesSan Francisco, CA2LeadFeb 2019
GL Ventures LLCChinaBeijing1LeadMar 2021
Min CuiUnited StatesSan Francisco, CA1ParticipantMar 2021
Qiming Venture PartnersChinaShanghai1ParticipantNov 2024
Hillhouse InvestmentSingaporeSingapore1ParticipantMar 2021

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Bioheng Competitors

Bioheng competitors include listed companies like Huons Co and Humacyte, and private ones like Indiabulls Pharmaceuticals, SURGE Therapeutics, Eirion Therapeutics and INCOG BioPharma.

Public and private companies comparable to Bioheng
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Indiabulls PharmaceuticalsIndiaMumbaiPrivate--$193M-
SURGE TherapeuticsUnited StatesUnited StatesPrivate--$192M-
Eirion TherapeuticsUnited StatesUnited StatesPrivate--$190M-
Huons CoSouth KoreaSouth KoreaPublicly listed$452M$58M$170M-
INCOG BioPharmaUnited StatesUnited StatesPrivate--$168M-
HumacyteUnited StatesUnited StatesPublicly listed$2M($25M)$160M47.2x

Bioheng Public Comps

Bioheng is still privately-owned, but its public comps include Tonix Pharmaceuticals, Oramed Pharmaceuticals, BioVersys, Bioxyne, Alpha Cognition, Ilex Medical, Surrozen, Boan Biotech, Coherus Oncology and Medeze Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tonix Pharmaceuticals$13M($126M)1.6x0.5x(0.2x)-
Oramed Pharmaceuticals$2M($8M)72.1x253.0x(17.9x)-
BioVersys$974K($25M)140.1x34.5x(5.5x)(3.8x)
Bioxyne$53M$12M3.6x3.3x15.8x13.1x
Alpha Cognition$10M($23M)14.7x7.1x(6.7x)(8.4x)
Ilex Medical$307M$39M0.4x-3.5x-
Surrozen$3M($245M)29.9x12.0x(0.4x)-
Boan Biotech$117M$19M1.4x1.4x8.4x24.3x

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Common questions about Bioheng

When was Bioheng founded?Bioheng was founded in 2017.
Where is Bioheng headquartered?Bioheng is headquartered in Nanjing, China.
Is Bioheng publicly listed?No, Bioheng is a private, VC-backed company.
What is Bioheng's valuation?Bioheng was last valued at $195M in its Series B in March 2021.
How much funding has Bioheng raised?Bioheng has raised $125M across 3 funding rounds.
What was Bioheng's last funding round?Bioheng's last funding round was a $30M Series C in November 2024.
Who are Bioheng's investors?Bioheng's investors include Decheng Capital, GL Ventures LLC, Min Cui, Qiming Venture Partners, Hillhouse Investment, Octagon Capital Advisors and Shenzhen Capital Group.
Which companies are comparable to Bioheng?Companies comparable to Bioheng include Indiabulls Pharmaceuticals, SURGE Therapeutics, Eirion Therapeutics, Huons Co, INCOG BioPharma and Humacyte.

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