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During the Asia-focused Episode 33 of Biotalk, Geoff Meyerson, CEO of Locust Walk, reviews key 2025 Year-In-Review trends across China, Japan, and Korea.
China: Led global licensing (~48% share) with larger average deal sizes than the U.S. Public markets outperformed and Q4 IPO activity rebounded. Venture financing held steady, with out-licensing cemented as the dominant business model alongside more creative deal structures and cross-border activity.
Japan: The Nikkei hit record highs and biotech momentum improved. Licensing rose to 13 deals across all development stages. Venture financing doubled, skewing early-stage, with strength in GI and renewed interest in cell therapy.
Korea: Broader markets reached record highs, but biotech lagged. Venture financing rose meaningfully (40% volume, 60% value), focused on mid- to late-stage assets, especially oncology and protein degradation.
Regional Takeaway: 2025 marked a turning point for Asia-Pacific biotech: China drove deal value and listings, Japan revitalized early-stage innovation, and Korea showed a cautious rebound as capital markets continued to thaw.
Listen now to gain insights into the evolving global biopharma landscape, explore our report, and we welcome the opportunity to discuss its contents with you.