TF Capital partners with visionary founders and teams building groundbreaking biotech companies from inception to global impact.
Founded in Shanghai in 2014, TF Capital is a dual-currency, specialized in early-stage biotech investment firm.
By combining strategic capital with pioneering industry expertise, we empower biotech innovators to transform science into impactful solutions—delivering sustainable returns to our investors.
Why Partner with TF Capital
Close Collaborations
Through our sourcing strength, we pursue high-conviction opportunities with a focused strategy, delivering substantial value to our partners.
Active
Investment Strategy
Combining US innovation with China’s cost efficiency is the best way to maximize valuee
1Target high-barrier, biologically-differentiated assets
2Invest in scalable technology platforms for diversified pipelines
3Leverage early expertise to capture pre-IPO exit value
Domintating
License-Out Landscape
In 2023
TF Capital demonstrated exceptional investment performance by securing 5 of the Top 15 highest upfront payments in China’s innovator drug license-out transactions.
Key highlights from this elite group include:
- Cellular Biomedicine Group (C-CAR039/C-CAR066) partnered with Johnson & Johnson with an upfront of $245 million
- Eccogene (ECC5004) licensed to AstraZeneca for an upfront of $201 million
In 2024
Upfront payments from TF portfolio companies accounted for 37% of China’s total ($4.1B), underscoring our ability to drive high-value transactions.
Landmark deals such as:
- LaNova Medicines → MSD: $588M upfront
- Regor Pharmaceuticals → Genentech: $850M upfront
- Eccogene → AstraZeneca: $185M upfront (GLP-1 program)
