MAXVAX Valuation, Funding & Investors

MAXVAX is valued at $646M as of December 2022.

Last MAXVAX valuation

$646M

Series B · Dec 2022

Last MAXVAX funding round

Series D

Amount undisclosed · Dec 2025

Cumulative funding MAXVAX raised

$257M

across 6 funding rounds

Key investors in MAXVAX

  • Shenzhen Capital Group
  • IDG Capital
  • China Life Private Equity Investment
  • Hillhouse Investment
  • Qianhai Fund of Funds
  • Chengdu Science and Technology Venture Capital

MAXVAX Overview

About MAXVAX

MAXVAX is a China-based biotechnology firm developing vaccines for infectious diseases. Headquartered in Shanghai, the company advances novel platforms for HPV, influenza, and hand-foot-mouth disease vaccines, conducting clinical trials in partnership with Chinese CDC institutes.


Founded

2016

HQ

ChinaChengdu

Website

maxvax.cn

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$646M (Dec 2022)

MAXVAX Valuation

MAXVAX is currently valued at $646M, based on its Series B in December 2022.

The $43M round was led by GF Qianhe Investment, with participation from China Life Private Equity Investment, Guohai Innovative CCI Capital and Gortune Investment.

MAXVAX valuation by funding round

MAXVAX valuation by funding round
DateStageValuation
Dec 2022Series B$646M

MAXVAX Funding History

MAXVAX has raised a total of $257M across 6 funding rounds.

MAXVAX's first fundraising round was a $74M Series B in July 2022. The most recent completed round was a Series D in December 2025.

MAXVAX funding rounds

MAXVAX funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2025Series DShenzhen Capital Group; Linchuang Lanwan; Chengdu Science and Technology Venture Capital; Guosheng Capital--Chengdu Maxvax Biotechnology Co. Ltd. raised a series D funding round with participation from Shenzhen Capital Group Co. Ltd., Guosheng Capital, Linchuang Blue Bay, and Chengdu Science and Technology Innovation Investment Group Co. Ltd.. Transaction value was not disclosed. No further details on company operations, products, traction, or market context were available.
Oct 2025Series DIDG Capital; Ruipu Pharma; Shenzhen Capital Group$56M-MAXVAX (Maxvax Biotechnology) announced the successful completion of its Series D financing round on October 31, 2025, raising over RMB 400 million from IDG Capital, Shenzhen Capital Group (SCGC), and Ruipu Pharma. The funds will primarily support the clinical trials and commercialization preparation of Maxvax’s recombinant shingles (herpes zoster) vaccine, the Phase III clinical trial of its recombinant respiratory syncytial virus (RSV) vaccine, and preclinical research for multiple innovative vaccine candidates along with international collaborations. Maxvax focuses on developing innovative vaccines, including recombinant herpes zoster and RSV vaccines. In December 2025, Maxvax completed a follow-on D+ round financing totaling several hundred million RMB, jointly invested by Chengdu Sci-Tech Investment, Shenzhen Capital Group, Guosheng Capital, and Linchuang Blue Bay. The proceeds from this D+ round are earmarked for the launch and commercialization of the recombinant herpes zoster vaccine, Phase III trials for the recombinant RSV vaccine, and preclinical development plus international cooperation on additional vaccine pipelines. Maxvax Biotechnology LLC (USA) has also received funding from the Gates Foundation to advance its recombinant RSV maternal vaccine candidate.
Jun 2024Series CIDG Capital (lead); Hankang Capital; Qianhai Fund of Funds$41M-MAXVAX Biotechnology (Chengdu MAXVAX Biotechnology Co., Ltd.), a vaccine specialist based in Chengdu, China, focuses on developing solutions for major diseases and infectious disease prevention, including herpes zoster vaccines and respiratory syncytial virus vaccines. The company emphasizes innovation, research and development, and rapid commercial production capacity to address global public health challenges. In June 2024, MAXVAX completed its Series C financing, raising over 300 million yuan (approximately part of the Series C and C+ rounds totaling more than 600 million yuan in the first half of 2024). The round was led by IDG Capital, with participation from Hankang Capital (Han Kang Capital) and Qianhai Ark (Qianhai Fund of Funds). This brought the company's cumulative financing since inception in 2016 to nearly 2 billion yuan (about $275.1 million). The funds will support increased R&D investment, accelerate clinical research for key vaccines, and aim for industrialization within 2-3 years. Founder Chen Dexiang highlighted the recognition from top-tier investors amid a cautious VC environment, underscoring the potential of MAXVAX's pipeline and team execution. MAXVAX continues to build on prior financings, positioning itself for contributions to human health through its product pipeline.
Feb 2024Series CShenzhen Capital Group (lead)$42M--
Dec 2022Series BGF Qianhe Investment (lead); China Life Private Equity Investment; Guohai Innovative CCI Capital; Gortune Investment$43M$646M-
Jul 2022Series BChina Life Private Equity Investment (lead); Sherpa Invest; Hillhouse Investment; Xinshang; Fangshizhen Capital$74M-Maxvax (also known as Maxvax Biotechnology or MaxHealth), a Chinese developer of innovative vaccines and adjuvants, completed nearly CNY 500 million (approximately $74 million) in Series B funding in July 2022, led by China Life Private Equity Investment with participation from Sherpa Investment, Hillhouse Venture Capital, Fangshen Capital, and Xinshang Capital. The funds are allocated to clinical trials for multiple vaccine pipelines, establishing a production base in Shanghai, and team expansion. The company features adjuvant technology, protein expression, and mRNA platforms, with over ten vaccine pipelines including preventive vaccines for major infectious diseases and therapeutic vaccines for rabies, hepatitis B, allergies, and cancer; two pipelines are in clinical stages, with others nearing IND approval. At the time, Maxvax had more than 130 staff across R&D centers in China and was advancing upstream materials for animal vaccines alongside human-focused innovation. Founder and GM Dr. Dexiang Chen highlighted the funding's role in validating the team and technology to accelerate clinical advancement and industrialization of key products. This Series B followed prior investments and preceded later rounds, including a Series D in October 2025 raising over RMB 400 million from IDG Capital, Shenzhen Capital Group, and Ruipu Pharma for shingles and RSV vaccine trials and commercialization, and a D+ round in December 2025. Maxvax targets competitive spaces like recombinant herpes zoster (shingles) vaccines to rival global players such as GSK’s Shingrix, alongside RSV and other infectious disease vaccines. Subsequent developments include Phase II completion for its recombinant RSV vaccine in early 2026.

Who has invested in MAXVAX?

16 investors have backed MAXVAX across its funding rounds, including Shenzhen Capital Group, IDG Capital, China Life Private Equity Investment, Hillhouse Investment, Qianhai Fund of Funds and Chengdu Science and Technology Venture Capital.

Lead investors include IDG Capital, Shenzhen Capital Group, GF Qianhe Investment and China Life Private Equity Investment.


MAXVAX Investors

Investors in MAXVAX by funding rounds participated
InvestorHQRoundsRoleFirst check
Shenzhen Capital GroupChinaShenzhen3LeadFeb 2024
IDG CapitalChinaBeijing2LeadJun 2024
China Life Private Equity InvestmentChinaBeijing2LeadJul 2022
Sherpa InvestBelgiumBrussels1ParticipantJul 2022
Hillhouse InvestmentSingaporeSingapore1ParticipantJul 2022
Ruipu PharmaChinaSuzhou1ParticipantOct 2025
GF Qianhe InvestmentChinaBeijing1LeadDec 2022
XinshangChinaBeijing1ParticipantJul 2022
Linchuang LanwanChinaChina1ParticipantDec 2025
Guohai Innovative CCI CapitalChinaNanning1ParticipantDec 2022
Gortune InvestmentChinaGuangzhou1ParticipantDec 2022
Chengdu Science and Technology Venture CapitalChinaChengdu1ParticipantDec 2025
Hankang CapitalChinaShanghai1ParticipantJun 2024

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MAXVAX Competitors

MAXVAX competitors include listed companies like OmniAb, Neurogene and Altimmune, and private ones like Endeavor BioMedicines, Expedition Therapeutics and Lepu Bio.

Public and private companies comparable to MAXVAX
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
OmniAbUnited StatesUnited StatesPublicly listed$19M($47M)$646M20.2x
NeurogeneUnited StatesUnited StatesPublicly listed-($99M)$649M-
Endeavor BioMedicinesUnited StatesSan Diego, CAPrivate--$650M-
Expedition TherapeuticsUnited StatesSan Francisco, CAPrivate--$650M-
Lepu BioChinaShanghaiPrivate--$654M-
AltimmuneUnited StatesUnited StatesPublicly listed$41K($95M)$630M29102.1x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
OmniAb$19M($47M)32.8x20.2x(13.0x)(18.4x)
Neurogene-($99M)--(4.4x)-
Altimmune$41K($95M)8292.1x29102.1x(3.6x)(3.2x)
Chong Kun Dang Pharma$1.2B$92M0.6x0.5x7.7x8.2x
Phathom Pharmaceuticals$175M($160M)3.5x2.2x(3.8x)(19.0x)
Medigen Vaccine Biologics$19M($5M)31.0x26.0x(118.5x)(153.9x)
Valneva$201M($60M)3.6x4.0x(12.1x)(13.6x)
Crescent Biopharma$11M($153M)42.1x103.3x(3.0x)-

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Common questions about MAXVAX

When was MAXVAX founded?MAXVAX was founded in 2016.
Where is MAXVAX headquartered?MAXVAX is headquartered in Chengdu, China.
Is MAXVAX publicly listed?No, MAXVAX is a private, VC-backed company.
What is MAXVAX's valuation?MAXVAX was last valued at $646M in its Series B in December 2022.
How much funding has MAXVAX raised?MAXVAX has raised $257M across 6 funding rounds.
What was MAXVAX's last funding round?MAXVAX's last funding round was a Series D in December 2025.
Who are MAXVAX's investors?MAXVAX's investors include Shenzhen Capital Group, IDG Capital, China Life Private Equity Investment, Sherpa Invest, Hillhouse Investment, Ruipu Pharma, GF Qianhe Investment, Xinshang, Linchuang Lanwan, Guohai Innovative CCI Capital and 6 others.
Which companies are comparable to MAXVAX?Companies comparable to MAXVAX include OmniAb, Neurogene, Endeavor BioMedicines, Expedition Therapeutics, Lepu Bio and Altimmune.

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