Why the world’s most innovative biotechs are choosing to expand in Asia-Pacific

The United States and Europe have traditionally anchored the global biotechnology (biotech) industry, with the combination of robust academic science, ready venture capital, and regulatory influence making them natural centres for innovation. But the Asia-Pacific (APAC) region — particularly China, Japan, South Korea, and Singapore — is also emerging as an attractive hub for upstream innovation, clinical translation, and product development.

These shifts are examined in the Empowering Biotech Innovation in APAC report — jointly developed by Bain & Company, Agency for Science, Technology and Research (A*STAR), Economic Development Board (EDB), J.P. Morgan, and SG Growth Capital. Drawing on investment trends, policy developments, and industry case studies, the report highlights how APAC and Singapore in particular — is playing an increasingly pivotal role in the next wave of biotech innovation.
 

A shift in biotech’s centre of gravity

Biotechs and seasoned investors are on the hunt for new growth regions amidst funding pressures in established markets. At the same time, investors are becoming more risk-averse, redirecting capital to later-stage ventures. Early-stage biotech funding in APAC declined at a compound annual rate of 11 per cent between 2019 and 2024, while late-stage deal volume grew 1.5 times over the same period. Governments across the region have stepped in to fill this gap, with sovereign funds and translational infrastructure programmes anchoring discovery-stage work.

Venture builders are also looking east. Flagship Pioneering, the US venture creation firm behind Moderna, launched a regional hub in Singapore in 2023, with the intent to undertake strategic partnerships across industry, academia and healthcare systems in the region. MPM BioImpact, the US-based life sciences investor, has also announced its APAC hub in Singapore. Both are working with A*STAR to create new ventures from Asia, signalling growing confidence in Singapore as a base for globally competitive biotech formation.
 

Advanced modalities are gaining momentum

From antibody-drug conjugates to cell and gene therapies, advanced modalities are being developed in APAC.

In the nucleic acid therapeutics (NAT) space, companies like Argo Biopharma has formed and deepened its partnership with Novartis for the ex-China development of multiple RNA interference (RNAi) programs for cardiovascular diseases.

In antibody–drug conjugates (ADCs), two Chinese firms have secured landmark licensing deals. SystImmune, a clinical-stage biotech, signed an US$8.4 billion (S$11.44 billion) agreement with Bristol-Myers Squibb, a global American pharma company. LaNova Medicines, based in Shanghai, entered a US$600 million (S$817.20 million) partnership with UK-headquartered AstraZeneca.

In AI-driven drug discovery, Insilico Medicine, a Hong Kong- and New York-based biotech, raised US$110 million (S$149.83 million) after securing FDA clearance for an artificial intelligence (AI)-designed asset.

APAC as a platform for biotech innovation

China remains a critical source of innovation, with nearly one-third of external assets for big pharma sourced there — a share expected to reach 40 by 2026. Out-licensing to the US and EU exceeded US$40 billion in 2024, nearly four times the 2021 level.

But countries across Asia are also making a bid to help companies progress from scientific discovery through to clinical readiness.

• South Korea and Japan are deploying multi-billion-dollar translational programmes and fast-track regulatory pathways to support advanced therapies. Korea’s US$23 billion (S$31.34 billion) strategic advanced industry fund provides affordable financing for biotech and other high-tech sectors, while its dedicated drug development fund supports more than 1,200 projects. Japan’s US$366 million (S$499.14 million) Bioventure Support Programme and Sakigake designation streamline the path for promising therapies.
• India is building biotech capacity through its Biotechnology Industry Research Assistance Council, providing grants and low-interest loans to ensure a steady pipeline of discovery-stage ventures.
• Singapore is reinforcing this regional progress with targeted initiatives. The Nucleic Acid Therapeutics Initiative, funded with close to S$100 million under the Research, Innovation and Enterprise (RIE) 2025  plan, is advancing research into novel delivery systems and clinical translation. A national mRNA biofoundry launched in 2024 complements these efforts, enabling end-to-end capability in a fast-growing therapeutic modality.
  
  

Singapore: A launchpad for end-to-end scale-up

Over the past two decades, the Singapore has invested in its biomedical sciences (BMS) ecosystem to support BMS companies’ growth across the full value chain from discovery and translational research to manufacturing and global commercial readiness.

Singapore has also attracted major investments that broaden opportunities for biotech to collaborate with biopharma players. AstraZeneca, the UK-headquartered multinational pharma company, is investing US$1.5 billion (S$2.04 billion) in its first end-to-end ADC manufacturing facility in Tuas, anchoring large-scale production and creating potential partnership opportunities for biotechs developing complementary solutions. Similarly, Chugai Pharmaceutical, the Japan-headquartered member of the Roche group with a global reputation in antibody research and development (R&D), has built a strong research presence in Singapore. Its team contributed to the discovery and development of crovalimab, a therapy for a rare blood disorder, in Singapore. The therapy was approved by the US, EU, Japan and China in 2024.
 

Ready Infrastructure: In Singapore, the co-location of public research institutes, multinational companies, and startups helps accelerate collaboration and translation, such as in the broader one-north district. Shared facilities across the city-state — including NSG BioLabs and co11ab — provide turnkey laboratory space while the JLABS Singapore–Johnson & Johnson initiative, operating as a virtual accelerator with local lab providers, helps young ventures access resources without building from scratch.

Specialised infrastructure is also being developed in advanced therapeutic areas. The Advanced Cell Therapy and Research Institute, Singapore (ACTRIS) offers state-of-the-art laboratories and a Good Manufacturing Practice (GMP) pilot-scale facility dedicated to cell and gene therapies. This gives biotechs access to capabilities that would otherwise require significant upfront capital investment. One example is Hummingbird Bioscience, a Singapore-based biotech startup specialising in precision biologics for oncology and autoimmune diseases. By building its discovery and translational programmes locally before expanding clinical operations to the US, Hummingbird shows how Singapore-based science can scale into globally competitive platforms.

Robust Funding and Support: Singapore’s public investment arms — EDBI and SG Growth Capital — co-invest alongside private venture capital to support biotech and deep-tech ventures. The Startup SG Equity scheme was expanded in 2024 with an additional S$440 million, bringing the pool of co-investment capital to more than S$1 billion. This crowd-in model gives startups access to growth funding that might otherwise be difficult to secure.

Stable regulation and policy: Singapore is the first regulator to have received highest maturity level (ML4) in WHO’s classification of regulatory authorities for medical products. Singapore’s collaboration with other comparable regulators in work-sharing initiatives such as Project Orbis and the Access Consortium enables the Health Sciences Authority to review drugs in parallel with agencies such as the UK MHRA, Australia TGA and US Food and Drug Administration , positioning Singapore as a launch point for multi-market access. The government has committed S$28 billion under the RIE2025 plan, with a strong pipeline of translational and AI-driven biomedical sciences initiatives expected under RIE2030. Combined with Singapore’s stability, strong intellectual property protections, and business-friendly policies, these measures make the country an attractive base amidst an increasingly volatile operating environment.

Singapore’s infrastructure, capital base, regulatory alignment, and strategic neutrality provide biotechs with a supportive environment to advance science, connect with partners, and scale for global markets. It is an example of how APAC is becoming an essential arena from which biotechs can build the next generation of therapies.
 

For a deeper look at investment trends, policy shifts, and company case studies shaping the biotech landscape, download the Empowering Biotech Innovation in APAC report to find out more.