On September 28, 2022 Xuanzhu Biopharm, a novel drug subsidiary of Sihuan Pharm based in Jinan, reported that it has filed for an IPO on the Shanghai STAR Exchange that would raise $345 million (Press release, Xuanzhu Biopharmaceutical, SEP 28, 2022, View Source [SID1234621540]). Now 20 years old, Xuanzhu has developed a portfolio of more than 25 small molecule and biologic candidates, including two NDA stage products. The company has built a 400-member team led by returnee scientists that develops new drugs through its own R&D without depending on in-licensings or CROs. Earlier this year, Xuanzhu completed a $96 million Series B financing.

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