XtalPi’s 615% jump in drug revenue highlights China’s biotech boom after DoveTree deal

Shenzhen-based XtalPi posted a 615 per cent surge in first-half revenue from its drug-discovery business following a blockbuster deal that highlighted China’s growing importance as a source of biotechnology innovation for the global pharmaceutical industry.

XtalPi’s US$6 billion deal with DoveTree gives the latter exclusive global rights to develop and commercialise drug candidates that XtalPi discovers using its drug-discovery platform, which is powered by AI and robotics. The deal covers small-molecule and antibody drugs targeting areas including oncology, immunologic diseases and neurological disorders.

In the first half of 2025, US companies signed 14 licensing agreements worth about US$18.3 billion with Chinese biotech firms, compared with just two such deals a year earlier, according to a Reuters report in June.

XtalPi’s listing under the Hong Kong stock market’s Chapter 18C listing rules, which target high-growth technology start-ups, raised HK$989.3 million.