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- BioRay Pharmaceuticals
BioRay Pharmaceuticals Revenue, Valuation, Funding & Investors
BioRay Pharmaceuticals is valued at $1.9B as of January 2023, a 14.5x multiple on its last reported $131M revenue.
Last BioRay Pharmaceuticals valuation
$1.9B
Undisclosed stage · Jan 2023
Last BioRay Pharmaceuticals funding round
$221M
Undisclosed stage · Jan 2023
BioRay Pharmaceuticals revenue
$131M
Undisclosed stage · Jan 2023
Key investors in BioRay Pharmaceuticals
PAG
About BioRay Pharmaceuticals
BioRay Pharmaceuticals is a Shanghai-headquartered biopharma with R&D centers in Taizhou, Hangzhou, San Diego, and over 1,400 employees focused on immunology therapies. It commercializes three products in China for autoimmune diseases including Telitacicept for SLE, with a pipeline of 20 preclinical and 10 clinical assets targeting cancer and inflammation. Founded in 2010, BioRay operates GMP facilities for full-cycle development.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$131M (Jan 2023)
Valuation
$1.9B (Jan 2023)
BioRay Pharmaceuticals Valuation
BioRay Pharmaceuticals is currently valued at $1.9B, based on its undisclosed-stage round in January 2023.
BioRay Pharmaceuticals valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2023 | Undisclosed stage | $1.9B | 14.5x |
BioRay Pharmaceuticals Revenue
BioRay Pharmaceuticals' latest recorded revenue is $131M, as of its undisclosed-stage round in January 2023. At a $1.9B valuation, that implies a 14.5x revenue multiple.
BioRay Pharmaceuticals revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2023 | $131M | $1.9B | 14.5x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
BioRay Pharmaceuticals Funding History
BioRay Pharmaceuticals has raised a total of $362M across 2 funding rounds.
BioRay Pharmaceuticals' first fundraising round was a $141M undisclosed-stage round in September 2019. The most recent completed round was a $221M undisclosed-stage round in January 2023.
BioRay Pharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2023 | Undisclosed stage | - | $221M | $1.9B | BioRay Pharmaceutical is a PAG-backed Chinese biopharmaceutical company focused on autoimmune diseases. It raised approximately $218 million (1.5 billion yuan) in a strategic unattributed funding round on January 5, 2023, led by undisclosed investors and Zhejiang State-Owned Capital Operation. The round valued the company at 13 billion yuan ($1.9 billion) pre-money. The funding positions BioRay as one of the largest private biotech investments in Asia-Pacific for January 2023, topping healthcare biotech deals in the region. Earlier, in September 2019, the company had a valuation of $931.03 million from an acquired unit financing. BioRay's pipeline includes biosimilars and innovative biologics like TNF-α inhibitors for rheumatoid arthritis, ankylosing spondylitis, and plaque psoriasis, with Phase III trials planned for Q2 2023. It also develops bispecific antibodies such as K193 and has received IND approval from the FDA for LZ901 in July 2022, initiating Phase I trials in the U.S. in February 2023. The company aims to submit BLAs to China's NMPA for several candidates in 2024. Proceeds from related financings, such as a Series B+ round mentioned in HKEX documents, support working capital for development and production of marketed biological products. BioRay competes in the TNF-α inhibitor market against blockbusters like AbbVie's adalimumab, targeting biosimilar production at scale for commercial viability in China. |
| Sep 2019 | Undisclosed stage | PAG (lead) | $141M | - | BioRay Pharmaceuticals, originally Hisun BioRay Biopharmaceutical Co., Ltd., was established in January 2019 as the core R&D, manufacturing, and sales platform for biologic antibody-based drugs of Zhejiang Hisun Pharmaceutical, focusing on autoimmune and oncology treatments. It manufactures and markets products like Anbainuo®, a biosimilar for autoimmune disorders such as rheumatoid arthritis, ankylosing spondylitis, and psoriasis, with plans to launch Anjianning®, one of China’s first adalimumab biosimilars, by the end of 2019. The company operates R&D and manufacturing centers in Taizhou and Hangzhou, employing over 700 people. In September 2019, PAG, a Hong Kong-based Asia-focused private equity firm, announced it had executed a final agreement to acquire a 58% controlling stake in Hisun BioRay for approximately RMB3.8 billion (USD540 million), with Hisun Pharmaceutical retaining 42%. This transaction, the largest private equity investment in China’s biotechnology industry at the time, valued the partial stake but did not disclose full pre- or post-money company valuation. The investment aimed to accelerate pipeline development, clinical trials, and establish leadership in innovative biologics and biosimilars. PAG's involvement marked a milestone in mixed-ownership reform for China’s state-owned sector, bringing foreign direct investment to bolster biopharma growth. Hisun BioRay's CEO Wang Haibin noted the funds would strengthen competitive advantages, while PAG's Kevin Xu highlighted commitment to China's biotech sector, following investments in firms like Alphamab Oncology and Rongchang Pharmaceuticals. A later 2023 strategic |
Who has invested in BioRay Pharmaceuticals?
1 investor has backed BioRay Pharmaceuticals across its funding rounds, including PAG.
Lead investors include PAG.
BioRay Pharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialBioRay Pharmaceuticals Competitors
BioRay Pharmaceuticals competitors include listed companies like Jafron Biomedical, Bora Pharmaceuticals and Bausch Health, and private ones like ArsenalBio, Rakuten Medical and Belief BioMed.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.9B | - | ||
| Publicly listed | $300M | $123M | $1.8B | 5.2x | ||
| Private | - | - | $1.7B | - | ||
| Publicly listed | $597M | $215M | $1.7B | 3.2x | ||
| Publicly listed | $10B | $3.1B | $2.1B | 2.1x | ||
| Private | - | - | $1.3B | - |
BioRay Pharmaceuticals Public Comps
BioRay Pharmaceuticals is still privately-owned, but its public comps include Recursion Pharmaceuticals, Mesoblast, Alvotech, Eris Lifesciences, OneSource Specialty, Voronoi, Pfizer India, Jinyu Bio-Technology Co., Lakefront Biotherapeutics and Hepalink.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $74M | ($582M) | 19.1x | 26.6x | (2.4x) | (2.8x) | |||
| $120M | ($35M) | 16.5x | 14.7x | (57.1x) | (73.4x) | |||
| $586M | $308M | 5.5x | 5.4x | 10.4x | 18.6x | |||
| $325M | $115M | 6.6x | 6.2x | 18.5x | 17.4x | |||
| $148M | $30M | 13.8x | 10.8x | 68.3x | 36.9x | |||
| $5M | ($35M) | 337.1x | 358.5x | (52.6x) | (32.5x) | |||
| $263M | $90M | 6.1x | 5.9x | 17.7x | 16.2x | |||
| $208M | $47M | 8.2x | 7.2x | 36.4x | 29.2x | |||
This data is available for Pro users. Sign up to see all BioRay Pharmaceuticals competitors and their valuation data. Start Free Trial | ||||||||
Common questions about BioRay Pharmaceuticals
| When was BioRay Pharmaceuticals founded? | BioRay Pharmaceuticals was founded in 2019. |
| Where is BioRay Pharmaceuticals headquartered? | BioRay Pharmaceuticals is headquartered in Shanghai, China. |
| Is BioRay Pharmaceuticals publicly listed? | No, BioRay Pharmaceuticals is a private, VC-backed company. |
| What is BioRay Pharmaceuticals' valuation? | BioRay Pharmaceuticals was last valued at $1.9B in its undisclosed-stage round in January 2023. |
| How much funding has BioRay Pharmaceuticals raised? | BioRay Pharmaceuticals has raised $362M across 2 funding rounds. |
| What was BioRay Pharmaceuticals' last funding round? | BioRay Pharmaceuticals' last funding round was a $221M undisclosed-stage round in January 2023. |
| Who are BioRay Pharmaceuticals' investors? | BioRay Pharmaceuticals' investors include PAG. |
| What is BioRay Pharmaceuticals' revenue? | BioRay Pharmaceuticals' latest recorded revenue is $131M (January 2023). |
| What is BioRay Pharmaceuticals' revenue multiple? | BioRay Pharmaceuticals' latest valuation implies a 14.5x revenue multiple ($1.9B valuation on $131M of revenue). |
| Which companies are comparable to BioRay Pharmaceuticals? | Companies comparable to BioRay Pharmaceuticals include ArsenalBio, Jafron Biomedical, Rakuten Medical, Bora Pharmaceuticals, Bausch Health and Belief BioMed. |
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