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CStone Pharmaceuticals

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Bio-pharmaceutical company

Huangpu, ChinaFounded 2015Biotech & Life Sciences

Valuation $753M Market cap · 2026

Revenue $66M Latest reported FY

Total funding $100–500M Disclosed equity funding

About CStone Pharmaceuticals

CStone Pharmaceuticals (HKEX: 2616), established in late 2015, is a biopharmaceutical company concentrated on the development and commercialization of immuno-oncology and precision medicines. The company was co-founded by Dr. Frank Jiang, who brought extensive experience from his tenure at Sanofi, where he led major clinical trials and served as the head of Asia-Pacific R&D. His background as a physician and researcher, including a residency and fellowship at Washington University in St. Louis and a PhD from a Canadian university, shaped his mission to address unmet medical needs, particularly for cancers prevalent in China. CStone achieved significant early milestones, including raising approximately $150 million in its Series A financing in 2016 and about $262 million in a Series B round in 2018, before going public on the Hong Kong Stock Exchange in February 2019.

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The company's business model centers on in-licensing and developing a pipeline of drug candidates, as well as forming strategic partnerships for commercialization. CStone generates revenue through the sale of its pharmaceutical products, licensing fees, and royalty income. Its primary market is Greater China, but it is expanding globally through strategic collaborations in Europe, the Middle East, North Africa, and Latin America. Since its inception, the firm has launched four drugs and obtained 16 regulatory approvals for nine indications. The product portfolio includes Sugemalimab (CEJEMLY®), an anti-PD-L1 antibody for non-small cell lung cancer (NSCLC) and gastric cancer; Pralsetinib (GAVRETO®), a treatment for RET fusion-positive cancers; and Avapritinib (AYVAKIT®), which targets gastrointestinal stromal tumors. Inclusion in China's National Reimbursement Drug List (NRDL) for drugs like GAVRETO® and AYVAKIT® has been a key strategy to improve affordability and market access.

CStone maintains a robust pipeline of 16 candidates, including antibody-drug conjugates (ADCs), multispecific antibodies, and immunotherapies. The firm is advancing its "Pipeline 2.0" by focusing on first-in-class and best-in-class assets, some of which are being investigated in international, multi-center clinical trials. A notable candidate is CS5001, an anti-ROR1 ADC being evaluated for solid tumors and lymphomas. The company has also expanded its focus beyond oncology into autoimmune and inflammatory diseases with candidates like CS2013 and CS2015. To support its pipeline, CStone established a Translational Medicine Research Center in Suzhou and has developed its own in-house ADC technology platform. Keywords: CStone Pharmaceuticals, biopharmaceutical, immuno-oncology, precision medicine, oncology therapies, cancer treatment, antibody-drug conjugates, multispecific antibodies, Sugemalimab, Pralsetinib, Avapritinib, GAVRETO, CEJEMLY, AYVAKIT, non-small cell lung cancer, gastric cancer, gastrointestinal stromal tumor, RET fusion-positive cancers, PD-L1 inhibitor, clinical trials, drug development, China biopharma, HKEX 2616, Frank Jiang, autoimmune diseases, inflammatory diseases, ADC technology, translational medicine

Source: Dealroom company data