Taiwan's Biotech Transformation: From Semiconductor Giant to Asia's Emerging Drug Factory

Taiwan's pharmaceutical and biotechnology sector has emerged as one of Asia's most dynamic growth stories, with industry output surpassing NT$775 billion (~US$26.4 billion) in 2025—its highest ever—while the TAIEX delivered a record 26.86% annual gain. The island nation, already indispensable to global technology supply chains, is leveraging its manufacturing excellence, regulatory efficiency, and deep capital markets to carve out a significant position in the global biopharma landscape.

The transformation accelerated dramatically between 2023 and early 2026. PharmaEssentia Corporation achieved profitability for the first time in company history while its flagship product BESREMi captured global markets. EirGenix secured a landmark $152 million Sandoz deal for a second biosimilar. And a new government-backed entity, Taiwan Bio-Manufacturing Corporation, broke ground on facilities designed to make Taiwan the "TSMC of biotech."

This comprehensive analysis examines the companies, capital flows, regulatory frameworks, and strategic initiatives driving Taiwan's biotech ambitions as the sector approaches the government's NT$1 trillion (~US$32 billion) industry target.

Market at a glance: Key metrics for Taiwan's biomedical industry

Taiwan's broader biomedical ecosystem generates approximately NT$319 billion annually, encompassing pharmaceuticals, medical devices, healthcare services, and agricultural biotechnology. The pharmaceutical segment accounts for roughly 15% of this total, while medical devices contribute 35% and healthcare services another 32%. The biopharmaceutical segment—drugs and biologics—accounts for roughly one-third of the biomedical industry's output.

The island's 59 pharmaceutical manufacturing sites, 44 of which hold US FDA or EMA approvals, position Taiwan as a credible contract manufacturing destination for global pharmaceutical companies seeking alternatives to China-based production. By mid-2024, 211 companies with 533 products had qualified for special incentives under Taiwan's biotech promotion laws, and 84 new products had been launched domestically or internationally.

Taiwan's domestic market is relatively small with a population of approximately 23 million, so companies inherently take a global outlook. This is evident in the trade balance—Taiwan imports far more biomedical products than it exports, and the government actively encourages firms to pursue international approvals and partnerships. The regulatory environment has become increasingly harmonized with international standards, smoothing the path for Taiwanese companies to enter overseas markets.

Government strategy positions biotech as national priority

Taiwan's biotech ambitions are inseparable from government policy. The Taiwanese government has explicitly sought to "replicate the semiconductor success in biotech," applying a similar model of long-term public investment and industry nurturing. The sector benefits from two overlapping strategic frameworks: the 5+2 Industrial Innovation Plan launched in 2016 and the Six Core Strategic Industries initiative announced in 2020. Both designate biomedical technology as a priority sector warranting substantial public investment and regulatory support.

Biotech Takeoff Initiative and regulatory foundations

The Biotech Takeoff Plan, launched in 2009, set the foundation for fostering innovation, attracting foreign investment, and strengthening international partnerships. It provided strategic funding and infrastructure to incubate startups and support translational research. Over the past decade, this and subsequent initiatives have helped create dozens of biotech parks, incubators, and specialized research institutes.

The 5+2 plan set explicit 2025 targets for the biotech sector: NT$1 trillion in production value, 20 new drugs developed and marketed, 80 new medical devices introduced, and 10 flagship health-service brands cultivated. The National Development Council reported in 2023 that the combined IoT and biotechnology sectors had indeed surpassed NT$1 trillion in annual revenue, suggesting the production value target was within reach.

The Six Core Strategic Industries framework, unveiled by President Tsai Ing-wen in May 2020, positioned Taiwan to capitalize on pandemic-driven global supply chain transformations. Precision health and biomedical technology constitute one of the six pillars, with objectives to develop advanced treatment, diagnosis, and prevention technologies while leveraging Taiwan's world-class ICT capabilities.

The 2024 Biotechnology and Pharmaceutical Summit identified six strategic focus areas: AI empowerment in healthcare, medical information and health data integration, precision health delivery, talent and funding development, market access implementation, and international market expansion.

Budget allocations reflect these priorities. Taiwan's 2025 technology budget reached NT$146.6 billion (approximately $4.6 billion), representing a 14.9% increase from the prior year. A substantial portion supports AI-driven medical research and development, workforce training programs, and infrastructure investments across the Education, Economic, and Science ministries. However, NT$200 billion in projects including smart healthcare and vaccine resilience programs remained on hold as of December 2025 pending legislative budget resolution.

Act for the Development of Biotech and Pharmaceutical Industry

First enacted in 2007 and later renewed, this foundational law provides tax incentives, R&D credits, and regulatory advantages to qualifying biotech and pharmaceutical companies. The act's primary incentive framework includes:

• R&D and training expenses offset up to 35% against enterprise income tax over five years
• Corporate shareholders may deduct 20% of investment if shares are held three or more years
• Individual investors may exclude up to 50% of investment (minimum NT$1 million) from income, with a maximum of NT$5 million annually
• Technology investors face tax only on actual value at transfer time

As of mid-2024, 211 companies with 533 products had benefited from these incentives, which include tax breaks on profits from new drugs and accelerated approval pathways. By lowering financial barriers, the act encourages high-risk, high-reward research in areas like novel biologics, high-end medical devices, and new therapies.

Additional incentives under the Statute for Industrial Innovation include 15% R&D tax credits (capped at 30% of annual tax) and an alternative 10% credit over three years. The 2023 "Taiwan Chips Act" provisions (Article 10-2) offer 25% credits on forward-looking R&D for companies in key global supply chain positions.

Regenerative medicine regulatory framework

Taiwan implemented a Regenerative Medicinal Products Act, creating a regulatory pathway similar to Japan's conditional approval system. Under this framework, therapies like cell and gene treatments can obtain a conditional five-year license after successful Phase 2 trials, enabling early patient access. This has spurred numerous hospital-led trials and startups in cell therapy.

On August 25, 2025, Taiwan enacted the Safety Monitoring and Management Measures for Regenerative Medicine Products, establishing post-market surveillance requirements including adverse event reporting within three days and periodic safety updates compliant with ICH E2C(R2) standards.

Companies like Ever Supreme Bio stand to benefit—after acquiring an exosome therapy startup in 2025, Ever Supreme noted it could leverage the five-year conditional approval to speed up clinical deployment of its neurodegenerative disease treatments.

Gwo Xi Stem Cell Applied Technology is pursuing conditional and time-limited approval for GXNPC1 targeting chronic stroke—among the first applications under the new regenerative medicine framework.

TFDA regulatory pathways

The Taiwan Food and Drug Administration maintains regulatory pathways aligned with international standards while offering competitive review timelines:

• Standard IND review: approximately 45 calendar days
• Fast-track Multinational Clinical Trial Notification: approximately 14 days when filed simultaneously with US FDA or EMA
• New Chemical Entity review: 360 days
• Non-NCE drugs with clinical data: 300 days
• Abbreviated Review Pathway: Available for drugs already approved by US FDA, EMA, or Japan

Taiwan achieved PIC/S membership in January 2013 (the sixth Asia-Pacific member), enabling global recognition of GMP certificates and inspection results. The country maintains ICH Regulatory Member status with guidelines aligned to international standards. As of May 2025, Taiwan had 412 qualified medical institutions and 142 qualified clinical trial sites meeting TFDA standards.

TFDA also streamlined its first-in-human regulatory process in 2025, reducing approval timelines from 120 days to 30 business days. The agency can now authorize FIH trials without mandatory external expert review.

Cross-ministerial programs and infrastructure investment

Multiple ministries coordinate on biotech development. The Ministry of Economic Affairs runs the Biotech and Pharmaceutical Industries Promotion Office (BPIPO), which offers one-stop services to investors and supports industry clusters. The Ministry of Health and Welfare and the Taiwan FDA have streamlined clinical trial regulations and aligned them with ICH guidelines, making Taiwan an attractive location for trials.

Taiwan's National Health Insurance Administration provides a rich health data repository, which the government is opening up (with proper privacy safeguards) for research in digital health and real-world evidence studies. In 2023 the government announced a "2030 All-age Precision Health" vision, emphasizing integration of big data, AI, and precision medicine into healthcare policy.

Budget allocations reflect these priorities. Taiwan's 2025 technology budget reached NT$146.6 billion (approximately US$4.6 billion), representing a 14.9% increase from the prior year. A substantial portion supports AI-driven medical research and development, workforce training programs, and infrastructure investments across the Education, Economic, and Science ministries.

However, NT$200 billion in projects including smart healthcare and vaccine resilience programs remained on hold as of December 2025 pending legislative budget resolution.

Part I: Major domestic pharmaceutical companies

PharmaEssentia leads as Taiwan's biotech flagship

PharmaEssentia Corporation (TWSE: 6446) stands as Taiwan's most successful biotechnology company by virtually every measure—market capitalization, revenue, global market access, and pipeline depth. Founded in 2003 by Dr. Ko-Chung Lin, the company developed ropeginterferon alfa-2b, a novel mono-pegylated long-acting interferon, and successfully navigated regulatory approvals across Europe, the United States, Japan, and more than 40 countries globally.

The company's flagship product BESREMi received US FDA approval in November 2021 as a first-line treatment for polycythemia vera, a myeloproliferative neoplasm—making it the first Taiwan-origin novel drug to receive US FDA approval. The approval carried seven-year orphan drug exclusivity. European approval came earlier in 2019, followed by Japan's PMDA in 2023. BESREMi has since been approved in South Korea, Hong Kong, Argentina, Qatar, UAE, Singapore, Malaysia, and numerous other markets.

Financial performance has been transformative. As of January 2026, the stock trades at approximately TWD 490 with a market capitalization of TWD 182.6 billion (~US$5.7 billion). Q3 2025 revenue reached TWD 3.89 billion (US$127.8 million), representing 44% year-over-year growth, with net income of TWD 1.47 billion—a 77% quarter-over-quarter increase. The company achieved operating profitability in 2024—its first profitable year since inception—with operating income of NT$1.74 billion compared to losses of NT$1.91 billion the prior year.

Pipeline expansion continues across multiple myeloproliferative neoplasm indications. The SURPASS-ET Phase 3 trial for essential thrombocythemia reported positive topline data in January 2025, demonstrating 42.9% durable responses versus 6.0% for anagrelide (p=0.0001). A supplemental BLA has been filed with the FDA, with approval expected in the second half of 2026. Studies for early and pre-fibrotic primary myelofibrosis are enrolling, with China's NMPA accepting the IND in January 2025.

Key 2026 catalysts include the H1 2026 US launch of the BESREMi Pen delivery device. Analysts maintain price targets ranging from TWD 550 to TWD 795, with Q4 2025 revenue estimates of TWD 4.51 billion.

Partnership arrangements span multiple regions. AOP Orphan Pharmaceuticals holds exclusive rights for Europe, CIS, and Middle Eastern markets. Pint-Pharma GmbH secured exclusive licensing for Latin America in June 2023. In September 2024, PharmaEssentia signed an exclusive licensing agreement with FORUS Therapeutics for Canada, with potential milestone payments reaching $107 million and double-digit royalties. The company raised $462 million through a Global Depositary Receipt issuance in April 2023.

EirGenix achieves biosimilar global licensing milestones

EirGenix (TWSE: 6589) stands as Taiwan's leading biosimilar developer with landmark partnerships with Sandoz. The company announced a transformative second global licensing agreement with Sandoz AG on November 12, 2025 for EG1206A, a pertuzumab biosimilar to Roche's Perjeta. The deal is worth up to US$152 million in upfront and milestone payments plus profit-sharing on commercial sales.

EirGenix's first Sandoz-partnered biosimilar, EG12014 (trastuzumab), received European Commission marketing authorization and Taiwan FDA approval, with US FDA BLA under review. In September 2024, both FDA and EMA granted a Phase 3 waiver for EG1206A—a major milestone accelerating time to market for what would become the global frontrunner in this category.

The company trades at approximately TWD 62 with a market cap of TWD 18.7 billion (~US$580 million). While EirGenix reported trailing twelve-month revenue of US$29.7 million and remains unprofitable, the Sandoz partnerships position it for significant milestone revenue as biosimilars launch globally.

The company attracted a significant NT$5.03 billion ($179.5 million) private placement in October 2021, with Foxconn Technology and Yonglin Capital (controlled by Foxconn founder Terry Gou) as lead investors.

TaiGen advances anti-infectives and AI-discovered drugs

TaiGen Biotechnology (TPEx: 4157) focuses on anti-infective drugs and, increasingly, AI-discovered therapeutics through strategic licensing. Founded in 2001 and listed on Taiwan's OTC market in 2014, the company operates as a development-stage entity with limited commercial revenue but significant partnership activity.

The company's lead marketed product, Taigexyn (nemonoxacin), is a non-fluorinated quinolone antibiotic with activity against drug-resistant bacteria including MRSA. Taigexyn has been approved in Taiwan (2014), China, and Russia for community-acquired pneumonia. The US FDA granted both Qualified Infectious Disease Product (QIDP) and Fast Track designations in December 2013 for community-acquired pneumonia and acute bacterial skin infections. Malaysia NDA filing occurred in December 2024.

The company's anti-viral candidate TG-1000 for influenza completed a Phase 3 trial with partner Joincare Pharmaceutical in China in April 2024. The trial met its primary endpoint with median symptom alleviation time of 60.9 hours versus 87.9 hours for placebo. NDA submission to China's NMPA followed in the second half of 2024.

In December 2025, TaiGen announced an exclusive license agreement with Insilico Medicine for ISM4808, an AI-designed PHD inhibitor for chronic kidney disease-related anemia, covering Greater China rights. TaiGen secured exclusive rights with upfront payments and milestones worth tens of millions of dollars. This partnership represents Taiwan biotech's growing engagement with artificial intelligence-driven drug discovery platforms, targeting China's PHD inhibitor market, which grew from RMB 50 million to RMB 2.45 billion in five years.

Medigen Vaccine captures enterovirus market

Medigen Vaccine Biologics (TPEx: 6547) achieved commercial success through its enterovirus vaccine while maintaining COVID-19 manufacturing capabilities and pursuing international expansion. The company operates Taiwan's first privately-owned PIC/S GMP cell-based vaccine manufacturing facility.

ENVACGEN, the company's enterovirus A71 vaccine and Taiwan's domestically developed EV71 vaccine, received Taiwan TFDA approval and launched commercially in August 2023. The vaccine demonstrated 96.8% protective efficacy in a Phase 3 multinational trial enrolling 3,049 subjects across Taiwan and Vietnam, with results published in The Lancet. Notably, ENVACGEN is the world's first EV71 vaccine with data supporting administration from two months of age, with proven immunity lasting at least five years. The product has captured more than 95% of Taiwan's EV71 vaccine market.

International expansion accelerated in January 2025 through an exclusive distribution agreement with Substipharm Biologics for Southeast Asia, targeting Vietnam first with subsequent expansion to Thailand, Philippines, Indonesia, Malaysia, and Singapore. The company achieved TGA GMP certification in May 2024, supporting international regulatory submissions.

Medigen became the first private manufacturer to out-license COVID-19 vaccine technology through the WHO C-TAP initiative in August 2023, providing a transparent, non-exclusive license through the Medicine Patent Pool. The company also participates in a WHO/UCAB consortium developing biosimilar palivizumab for RSV prevention alongside mAbXience, Libbs, and SPIMACO.

Revenue improved from NT$389.62 million in 2023 to NT$605.64 million in 2024 (a 55% increase), while net losses narrowed dramatically from NT$1.15 billion to NT$80.47 million—a 93% improvement.

Oneness Biotech pursues diabetic foot ulcer global expansion

Oneness Biotech (TPEx: 4743) holds Taiwan's largest biotech licensing deal and is advancing its first-in-class wound healing product toward US registration. Founded in 2008 and included in the MSCI Global Standard Index, the company maintains a market capitalization of approximately US$1.04 billion.

FESPIXON (ON101) is a macrophage-regulating topical cream for diabetic foot ulcers that demonstrated 60.7% complete wound closure versus 35.1% for standard care (p=0.0001) in clinical trials, with results published in JAMA Network Open. The product has been approved in Taiwan (July 2021), Singapore (January 2023), and gained Malaysia NPRA approval in 2025—the first natural product therapeutic approved by Malaysian regulators. China's NMPA approval came in 2023 as a Class 1.1 natural new drug. The US FDA granted Fast Track designation, and a second US Phase 3 trial continues with NDA submission targeted for 2026.

The company's China partner CR Double-Crane has a 20-year commercialization agreement potentially worth over US$100 million if annual net sales reach RMB 5 billion.

Oneness secured Taiwan's largest biotech licensing deal in April 2020, out-licensing FB825 for atopic dermatitis and allergic asthma to LEO Pharma for $40 million upfront and up to $530 million in milestone payments plus tiered royalties. The deal totaled $570 million in potential value and remains the benchmark transaction for Taiwan biotech outbound licensing.

Part II: Additional major players and strategic pivots

OBI Pharma pivots to antibody-drug conjugates

OBI Pharma (TPEx: 4174) executed a significant strategic pivot in 2024-2025, terminating its legacy Globo H immunotherapy programs in April-May 2025 to focus entirely on antibody-drug conjugates using its proprietary GlycOBI platform.

Lead candidate OBI-902, a next-generation TROP2 ADC, received FDA IND clearance in April 2025 and initiated Phase 1/2 trials in September 2025. OBI-902 received two FDA Orphan Drug Designations, including one for gastric cancer in December 2025. The company also received FDA orphan drug designation for OBI-992, another TROP2-targeting ADC, in August 2024.

In December 2024, OBI signed a marketing and material transfer agreement with Japan's GlyTech for ADC technology promotion in the Japanese market. The company received the "Most Promising ADC Clinical Candidate in Taiwan" award at the 2025 ADC Asia Congress and "Most Promising Immunotherapy Pipeline" recognition from Taiwan Biopharma Excellence Awards. Market cap sits at approximately US$234 million.

United BioPharma advances HIV therapeutic antibody

United BioPharma (TPEx: 6471) is developing UB-421 (semzuvolimab), an anti-CD4 therapeutic antibody for HIV that demonstrated complete viral suppression as monotherapy for 16 weeks in a study published in the New England Journal of Medicine. The NIH/NIAID sponsors ongoing clinical trials at the NIH Clinical Center under an expanded access program for multi-drug resistant HIV. In February 2025, Shizhiyuan Biotechnology acquired commercialization rights for mainland China through a RMB 60 million investment.

TaiMed Biologics: Early pioneer in HIV treatment

TaiMed was founded to develop ibalizumab (Trogarzo), an HIV monoclonal antibody originally from Genentech. Trogarzo gained FDA approval in 2018 as a salvage therapy for multidrug-resistant HIV—making it one of the first novel biologics from a Taiwanese company to reach the US market. TaiMed, listed on Taiwan's OTC exchange, has partnered for global marketing (with Theratechnologies in North America) while collecting royalties. It exemplifies the spin-off model from academic research, born out of a government-sponsored AIDS research program.

Senhwa Biosciences pursues DNA damage response oncology

Senhwa Biosciences (TPEx: 6492), headquartered operationally in San Diego, is developing first-in-class DNA damage response therapeutics. Lead candidate silmitasertib (CX-4945), a CK2 inhibitor, holds four orphan drug designations, two rare pediatric disease designations, and one Fast Track designation for various oncology indications. A Phase 1 expansion trial in basal cell carcinoma showed 80% disease control rate in metastatic patients.

Pidnarulex (CX-5461), a G4 stabilizer targeting BRCA2/PALB2-mutated solid tumors, was selected for a US National Cancer Institute 5-year research program with US$4.8 million in NCI funding, with first patient dosed in July 2025. In December 2025, Senhwa announced combination trials with AstraZeneca/Daiichi Sankyo's Enhertu for HER2-positive tumors.

Lotus Pharmaceutical expands globally through M&A

Lotus Pharmaceutical (TPEx: 1795) has transformed from a local generic maker into a multinational company focusing on high-barrier generics and 505(b)(2) specialty drugs. In 2025, Lotus received regulatory approval to acquire Alvogen's entire US commercial business, a move set to significantly expand its global footprint. This acquisition (expected to close by end of 2025) will give Lotus a direct presence in the US market and a portfolio of brand-name and generic products.

Lotus's CEO noted the deal would "strengthen [Lotus'] position as a leading specialty pharmaceutical company across global markets." This rare instance of a Taiwan-based company taking over a foreign pharma business underscores Taiwanese firms' global ambitions.

Part III: Emerging biotech and specialty players

Cell therapy infrastructure expands rapidly

Taiwan's cell therapy sector grew 38% in 2024, the fastest among biomedical subsectors, supported by the landmark Regenerative Medicine Act approved in August 2024. Several companies are building clinical and manufacturing capabilities.

Taiwan Cell Manufacturing Company (TCMC) operates Taiwan's first PIC/S GMP-certified genetically modified cell commercial production facility in Zhubei Biomedical Park, offering CAR-T, NK cell, stem cell, exosome, and iPSC manufacturing services along with lentiviral vector production.

Taiwan Bio Therapeutics (TWBT) is advancing mesenchymal stem cell and regulatory T-cell therapies. Its Chondrochymal MSC therapy for osteoarthritis is in Phase 3 development, licensed to Singapore's Senectus. The company is seeking FDA RMAT designation for TRK-001, an anti-rejection Treg therapy in Phase 2. Revenue reached a record NT$105 million in 2024 from manufacturing services.

StemCyte achieved a milestone in 2024 when its RegeneCyte cord blood cell therapy became the first Taiwan cell therapy to receive FDA Regenerative Medicine Advanced Therapy (RMAT) designation, for Long COVID treatment. A BLA is pending for hematologic and immune disorders.

Ever Supreme Bio launched one of the first commercial CAR-T cell therapies in Taiwan for lymphoma (under a hospital exemption) and is developing CAR-T and NK cell therapies. In October 2025, Ever Supreme acquired Shine Out Biotechnology for NT$1.7 billion (US$56 million) to gain Shine Out's exosome-based drug platforms. Shine Out, though only 2.5 years old, had built two core exosome technology platforms and multiple patents.

By merging Shine Out's exosome delivery tech with Ever Supreme's cell therapy expertise, the company aims to create a pipeline spanning immuno-oncology and neurology, reflecting a convergence of advanced therapies.

Gwo Xi Stem Cell Applied Technology is pursuing conditional and time-limited approval for GXNPC1 targeting chronic stroke—among the first applications under the new regenerative medicine framework.

Steminent Biotherapeutics is developing an autologous mesenchymal stem cell therapy (Stemchymal) for rare neurodegenerative disorders like Spinocerebellar Ataxia (SCA). Steminent built a GMP manufacturing facility in Taipei's Neihu district, which in mid-2024 obtained certification from Japan's PMDA—indicating its production meets high standards. The company plans a Phase 2b trial in the US for SCA in 2025.

Oncology innovators attract funding

HanchorBio (TPEx: 7827) is developing immuno-oncology biologics using its proprietary FBDB platform. Lead candidate HCB101, a SIRPα-IgG4 Fc fusion protein targeting the CD47 "don't eat me" signal, is in Phase 2 trials for solid tumors and non-Hodgkin lymphoma. In July 2025, HanchorBio signed a major out-licensing deal with Shanghai Henlius: $10 million upfront plus up to $192 million in milestones and royalties for Greater China, MENA, and Southeast Asia rights. The company received the 2024 Merck Biotech Grant Grand Prize and National Innovation Award.

AnBogen Therapeutics raised $12.5 million in Series A funding in February 2024, led by CDIB Capital with participation from Taian Venture Capital, Maxpro, and the National Development Fund. A subsequent extension brought total funding to $19.8 million. The company is advancing ABT-101, a HER2-targeting TKI in Phase 1b/2 for solid tumors, with a drug supply collaboration with BeiGene announced in September 2024.

Caliway Biopharmaceuticals completed the largest IPO in Taiwan biotech history in October 2024, raising $206 million in a US listing. The company's CBL-514 fat reduction injectable met all endpoints in Phase 2b trials, with over 80% of patients seeing significant improvements and a favorable safety profile. Global Phase 3 trials are planned for 2025, aiming to capture the growing medical aesthetics market. Caliway was subsequently included in the MSCI World Small Cap Index and FTSE TWSE Taiwan Mid-Cap 100 Index.

Innovative startups to watch

AnHorn Medicines – Founded 2020, uses AI-enabled drug discovery for targeted protein degradation. Its lead compound for androgenetic alopecia (hair loss) received US IND clearance in late 2024. AnHorn raised a US$10 million Series A and exemplifies the use of AI and "molecular glue" chemistry in Taiwan.

Formosa Pharmaceuticals – A Taipei company specializing in novel formulations via its APNT (Advanced Particle Nanotech) platform. APP13007, a nanoparticle steroid eye drop for post-surgery inflammation, was approved by the US FDA in March 2024, making it the first new ophthalmic steroid in the US in 15 years. Formosa's success demonstrates how Taiwanese biotechs can innovate in drug delivery and repurpose known drugs for new indications through 505(b)(2) regulatory pathways.

BRIM Biotechnology – Notable for its first-in-class therapy for dry eye disease. BRIM's peptide drug (BRM421) for corneal repair advanced to Phase 3 trials and has attracted regional licensing interest.

REGiMMUNE – A Taipei-origin biotech focusing on immune regulation via Treg cells. Its lead, RGI-2001, a liposomal Treg stimulant, showed promise in preventing graft-versus-host disease in Phase 2b. In 2024, REGiMMUNE announced a merger with US-based Kiji Therapeutics to form a combined entity targeting Treg-modulating therapies for autoimmune diseases and cancer. This cross-border merger aims to create a global leader in Treg therapy, showing how smaller Taiwanese startups are engaging in international M&A for scale and pipeline breadth.

Part IV: CDMO and manufacturing capabilities

Taiwan is positioning itself as a trusted contract development and manufacturing organization destination, leveraging manufacturing expertise developed in the semiconductor industry. The strategic vision crystallized with the May 2023 establishment of Taiwan Bio-Manufacturing Corporation (TBMC), a joint effort by the Ministry of Economic Affairs, ITRI, and the Development Center for Biotechnology with ambitions to become "Asia's first Pharma 4.0 CDMO."

TBMC builds government-backed infrastructure

Taiwan Bio-Manufacturing Corporation broke ground on its 15,000m² GMP facility in Hsinchu Biomedical Science Park in June 2025, with first-phase completion targeted for December 2025 and operations commencing Q2 2026. Initial capacity will support 13 million doses annually of mRNA vaccines across 63 batches per year, with capabilities spanning viral vectors, cell therapies, and CHO-C protein biologics.

ITRI and DCB each invested TWD 300 million, with the National Development Fund holding up to 40% stake. TBMC signed technology partnerships with US-based National Resilience and Japan's CMIC BIO.

TBMC attracted National Resilience, Inc. as an equity shareholder and technology partner through a groundbreaking joint venture announced in February 2024. Resilience licensed manufacturing technology platforms covering biologics, vaccines, nucleic acids, cell therapy, and gene therapy. TBMC is developing six core technology platforms: CHO-C cell presentation systems, I-MASTER process platforms, long-chain nucleic acid production, innovative short nucleic acid drug synthesis, LNP production, and viral vector manufacturing.

The goal is to achieve self-sufficiency in vaccine supply by 2027-2028 and to serve international biotech clients as a world-class CDMO. This initiative was partly motivated by Taiwan's experience during COVID-19, when geopolitical hurdles impacted vaccine imports.

Major CDMOs expand capacity

Bora Pharmaceuticals executed the most aggressive CDMO expansion strategy. The company reported trailing twelve-month revenue of US$645 million and market cap of US$2.9 billion. CDMO business grew 56.5% year-to-date through Q3 2025, with a backlog of US$296 million spanning 27 new contracts. The company now operates nine cGMP facilities across Taiwan, the US, and Canada, with approximately 33% of revenue from global top-20 pharmaceutical companies including GSK, Eisai, and Kyowa Kirin.

Bora completed the $210 million acquisition of Upsher-Smith Laboratories in January 2024 for US market entry. The company also acquired Eden Biologics (formerly JHL Biotech) CDMO assets in 2022, Emergent BioSolutions' 87,000 sq ft Maryland sterile manufacturing facility in June 2024, and Pyros Pharmaceuticals' rare disease portfolio in October 2024. In December 2025, Bora completed a strategic investment in Tanvex BioPharma, acquiring approximately 30.5% of outstanding shares to become the largest shareholder.

Mycenax Biotech (TWSE: 4726) invested NT$700 million in an automated fill-finish line with German Optima equipment, opened in October 2024 with capacity for 10,000 vials or syringes per hour. The company operates two PIC/S GMP-certified facilities with EU EMA, Japan PMDA, and Canada Health regulatory approvals, positioning as what management describes as "Big D Medium M"—innovative development abilities with adequate manufacturing capacity.

Mycenax began commercial production in H2 2025 for two internationally approved biologics—a Japanese customer's product that received marketing approval in May 2025 and South Korea's SCD biosimilar to Eylea. The company holds approvals from EMA, PMDA, Health Canada, and operates Taiwan's only facility 100% dedicated to biopharmaceutical CDMO services.

Major CDMO partnerships emerged with Japanese partners in 2025. Mycenax signed ADC manufacturing agreements with SPERA PHARMA (September 2025) and licensed RIN Institute's VLK linker technology (October 2025). Mycenax also joined the Alfenax Biologics joint venture with Alfresa Holdings, supported by Japan's MHLW biosimilar facility subsidy program.

Formosa Laboratories expanded its ADC manufacturing footprint through the June 2024 acquisition of SynChem, Inc. in Chicago, now operating as SynChem-Formosa for North American API and ADC services. The company partners with EirGenix to provide integrated ADC manufacturing: Formosa supplies small molecule payloads and linkers while EirGenix provides antibodies and conjugation services.

Amaran Biotechnology, a subsidiary of OBI Pharma, operates Taiwan's first fully automated robotic aseptic filling line for injectables. In March 2025, Amaran signed an MOU with Japan's Nippon Fine Chemical and its Taiwan arm (Zillion Fine Chemicals) to collaborate on nanoparticle-based drug manufacturing (liposomes and lipid nanoparticles). This partnership leverages Amaran's aseptic fill technology and Nippon's phospholipid expertise to upgrade CDMO offerings in Taiwan, Japan, and globally for advanced drug delivery systems, including mRNA vaccine components and oncology drug carriers.

Part V: Investment ecosystem

Venture capital emerges as specialized sector

Taiwan's biotech venture capital ecosystem has matured significantly, led by several specialist funds with deep healthcare expertise.

Diamond Biofund achieved a landmark in September 2023 as the first publicly listed evergreen biotech VC fund on the Taiwan Stock Exchange Main Board. Founded by Microbio Group and Oneness Biotech (40%), Fubon Financial (33.46%), and Taishin Holdings (9.66%), the fund has NT$6.35 billion (~$200 million) in paid-in capital. Historical returns for founding shareholders reached 17X over a decade, with portfolio companies including two exceeding $1 billion market capitalization.

The fund has invested in 20+ biotech startups, creating two companies with market values exceeding US$1 billion including Oneness Biotech. Investment focus areas for 2025-2026 include nucleic acid medicine, cell therapy, gene therapy, and anti-aging therapeutics, with approximately 70% allocation to Taiwan and 30% international.

Taiwania Capital, established in 2017 with National Development Fund backing, manages eight funds totaling approximately $490 million in assets, having raised US$809 million (NT$26.3 billion) across six funds investing in biotech, digital health, and medtech. The biotech-specific Fund II ($200 million) and MedTech-focused Fund III ($59 million) target 70% Taiwan-related and 30% US/Japan investments.

Notable exits include EirGenix ($1.11 billion market cap), C4 Therapeutics ($3.3 billion), Viracta ($320 million), and Frequency Therapeutics ($260 million). The firm led Health2Sync's US$20+ million Series C in March 2025 alongside BE Health Ventures, Wistron, and Pegatron. In August 2024, Taiwania launched the TaiAx Life Science Fund targeting US$200 million jointly with Japan's Axil Capital Group, focusing on rare diseases, gene/cell therapy, and AI-driven medical devices.

CDIB Capital Healthcare Ventures, a subsidiary of China Development Financial Holdings, commands over 30% of Taiwan's venture capital market—the largest market share. Healthcare Fund II allocated NT$3 billion (~$100 million) to biotech pharmaceuticals, medical technology, digital healthcare, and consolidation opportunities. The firm's biomedical portfolio spans approximately 50 companies across the Taiwan Strait.

BE Health Ventures, established in 2018, operates as Taiwan's first and only hospital-affiliated venture capital firm, combining accelerator and venture capital since 2018 with 31 investments completed through late 2025. The fund maintains partnerships with Stanford Byers Center for Biodesign and Tohoku University, focusing on medical technology and digital health innovation. The fund participated in Health2Sync's funding round and hosted TMU x BE x SCHS Demo Day at BIO Asia-Taiwan 2025.

National Taiwan University launched a US$30 million alumni ventures fund in 2025, with US$21 million from alumni and remainder from government sources.

Government investment vehicles provide anchor capital

The National Development Fund has invested in biotechnology since 1996, accumulating approximately NT$4 billion in direct biotech enterprise investments plus commitments to more than 50 venture capital funds globally. The fund operates as Taiwan's strategic investor for high-risk sectors private capital avoids, co-investing with both domestic and international biotech VCs.

The government's Startup Angel Investment Program allocates NT$1 billion over five years to support 300 new startups, with per-company limits of NT$100 million total and NT$30 million for early-stage ventures. Equity participation caps at 20% of paid-in capital (49% for early-stage companies).

Notable funding rounds

A highlight of 2025 was Syncell Inc.'s Series A. Syncell, a young Taipei-based biotech tools company, raised NT$750 million (US$24 million) in July 2025, in a round led by Taiwania Capital with participation from over a dozen investors. Big names on the cap table included NDF (government), Everbright BioFund (a Chinese healthcare fund), Himalaya Venture (Asia-focused VC), and multiple Taiwanese venture units. This sizable Series A—earmarked to expand Syncell's global marketing of its novel proteomics instrumentation—demonstrates the syndicated financing capacity now available in Taiwan for promising startups.

Primo Biotechnology, a radiopharmaceutical startup, secured NT$220 million (~US$7 million) in mid-2025 to advance its cancer imaging radiotracers, bringing its total funding to over NT$500 million and setting the stage for a planned 2026 IPO.

According to a September 2025 ranking, top biotech startup investors included Darwin Venture Management, Translink Capital, CDIB Ventures, Taiwania Capital, and others. Large Taiwanese financial institutions and conglomerates are backing biotech ventures—for example, Fubon Financial Holdings (one of Taiwan's biggest insurers) made biotech investments in 2025. Electronics companies have shown interest too: Taiwan Surface Mounting Technology and Might Electronic each invested in biotech deals, indicating tech hardware firms looking to diversify.

Regional investors include the Alibaba Entrepreneurs Fund, which participated in at least one Taiwanese biotech funding in 2025, and Indonesia's Lippo Group, which also made an investment. This diverse investor base underscores growing confidence in Taiwan's biotech prospects from both local and regional capital.

Part VI: Stock market and IPO activity

Exchange listings reflect sector maturation

As of January 2024, the Taiwan Stock Exchange had 997 listed companies with aggregate market capitalization of NT$56.84 trillion (~$1.85 trillion). Approximately 120 biotech companies trade on Taiwan's exchanges with combined market value around $23.4 billion. The Taipei Exchange (TPEx) manages OTC and emerging stock markets where 214 healthcare and biotech companies list.

By end of 2023, the industry counted 134 listed companies, of which 55 were in the pharmaceutical segment (including 23 focused on new drug development). Another 53 firms specialize in medical devices, and 26 in applied biotech fields. Approximately 224 biomedical companies trade on TWSE and TPEx, with 44 pure-play biotechnology firms commanding an aggregate market cap of US$12-14 billion.

Major biotech companies by market capitalization:

2024-2025 represented landmark IPO years

The TAIEX closed 2025 at a record 28,963.6 points, gaining 5,928.5 points—the largest annual point gain on record. By January 3, 2026, the index reached 29,349.81. The TAIEX benchmark index gained 26.8% in 2023, with capitalization reaching NT$56.8 trillion by year-end. Markets reached a record high of 24,158 in August 2025, representing a 40% recovery from April 2025 lows triggered by tariff concerns.

Notably, Pell Bio-Med Technology ranked 7th among TAIEX top performers with a 319.2% gain in 2025. Pell Bio-Med, which develops cell culture and stem cell technologies, saw its share price quadruple during the year, reflecting investor appetite for future-forward biotech themes.

Taiwan's IPO market saw 70-77 new listings in 2025 raising NT$105.07 billion (~US$3.33 billion)—an 82.5% year-over-year increase. The biotechnology and healthcare sector contributed 10 new listings, second only to semiconductors. Heron Neutron Medical Corp raised NT$10.85 billion (~US$345 million) for boron neutron capture therapy, while HanchorBio Inc. raised NT$1.2 billion for its immunotherapy pipeline.

Fifteen biotech companies completed Taiwan IPOs in 2024, raising a combined NT$14.55 billion (~$68 million). The sector's marquee transaction occurred on US exchanges: Caliway Biopharmaceuticals raised $206 million—the largest biotech IPO in Taiwan history and one of the largest US biotech IPOs of 2024.

Deloitte Taiwan projects 63 total IPOs in 2025: 24 on TWSE, 24 on Taipei Exchange, and 15 on Taiwan Innovation Board, with biotech and high-tech companies expected to drive growth.

Mergers and acquisitions trends

The investment climate is spurring M&A activities. Local companies are merging to consolidate expertise and position for global competition:

• Ever Supreme Bio acquires Shine Out (October 2025): A NT$1.7 billion all-stock acquisition, bringing an exosome therapy platform under Ever Supreme's umbrella. This was one of the largest domestic biotech M&A deals of the year.
• Lotus Pharma acquires Alvogen US (November 2025): A transformative acquisition giving Lotus direct sales and distribution capability in the US, plus a pipeline of niche generic and specialty drugs.
• Leadgene Biomedical acquisitions (2025): Twin acquisitions—Leadgene SIDSCO (a local diagnostic CRO) and Cytena Bioprocess Solutions (BPS)—were highlighted as key steps toward creating an integrated biotech service chain. By bringing Cytena BPS in-house, Leadgene secured advanced automated cell line development and bioprocessing technology.
• REGiMMUNE merges with Kiji Therapeutics (mid-2025): A cross-border merger of two Treg-focused immunotherapy companies, creating a new entity targeting autoimmune and CNS diseases.

According to the 2025 Biotech M&A White Paper, upstream/downstream integration deals are becoming common as firms seek to offer one-stop services and secure supply chains. Taiwanese biotechs are increasingly pursuing vertical integration to strengthen supply chain resilience.

Part VII: Partnerships and international collaborations

Licensing deals accelerate technology transfer

Taiwan biotech companies executed significant licensing transactions throughout 2023-2026:

The Oneness-LEO Pharma transaction for FB825 remains Taiwan's largest biotech licensing deal at $570 million total potential value. PharmaEssentia's expanding partnership network—with AOP Orphan covering Europe and CIS, Pint-Pharma for Latin America, and FORUS for Canada—demonstrates the company's ability to execute multiple regional deals while maintaining North American direct commercialization.

Clinical trial hub status strengthens

Taiwan has emerged as a preferred clinical trial destination for multinational pharmaceutical companies, supported by 412 qualified medical institutions and efficient 14-day fast-track multinational trial notification when protocols are filed simultaneously with FDA or EMA. China Medical University Hospital's Clinical Trial Center has signed 450+ cooperation agreements and completed 1,800+ clinical trials, partnering with top 50 global pharmaceutical companies.

CAR-T clinical trial activity has grown substantially. National Taiwan University Hospital conducted 141 CAR-T-related trials between 2020-2024 (131 preclinical, 8 Phase I/II, 2 Phase III), collaborating with five international biotech and pharmaceutical companies. The hospital became Taiwan's first Novartis-certified CAR-T treatment center.

BioNTech announced plans to establish a Taiwan clinical trial hub to evaluate mRNA cancer immunotherapies, including BNT113 for head and neck cancer. AbbVie signed an MOU with China Medical University Hospital in December 2024 for international clinical trial acceleration. Australian CRO Avance Clinical opened a Taipei office and signed multiple MOUs with major Taiwan hospitals.

BIO Asia-Taiwan drives international engagement

BIO Asia-Taiwan 2025 (July 23-27) expanded to nine days across three weeks, attracting 900+ companies and participants from 50+ countries. The partnering program facilitated a record 8,000+ meetings among 400+ companies from 29 countries. Thirty selected companies pitched to executives from Amgen, AbbVie, Gilead, Novo Nordisk, Roche, Novartis, AstraZeneca, and Daiichi Sankyo.

Taiwan's biotech association (Taiwan BIO) actively signs cooperation agreements with international counterparts. AusBiotech and Taiwan Bio Industry Organization signed an MOU in October 2025 to strengthen collaboration and co-investment. The agreement facilitates information exchange, delegations, and helps Taiwanese firms find partners and investors in Australia (and vice versa).

Taiwan's pavilion at BIO 2025 in Boston featured dozens of startups seeking partners. OBI Pharma and AltruBio were finalists for global biotech awards in 2024.

Part VIII: Biomedical science parks form integrated corridor

Hsinchu Biomedical Science Park, opened in December 2014 on 38.1 hectares, anchors Taiwan's biotech cluster with proximity to National Tsing Hua University and National Yang Ming Chiao Tung University. Tenants include PharmaEssentia, Mycenax, EirGenix, and numerous emerging companies. TBMC broke ground on Taiwan's first GMP mRNA facility here, expected operational in 2026.

Southern Taiwan Science Park (STSP), comprising facilities in Tainan and Kaohsiung, employed 3,508 biotechnology workers in 2024 and attracted eight new biotech tenants investing NT$780 million total. The park hosts Academia Sinica's Biotechnology Center in Southern Taiwan and ITRI's Southern Campus.

National Biotechnology Research Park in Nangang, inaugurated by President Tsai in October 2018, integrates industry, government, and academic research. Resident organizations include TFDA, the Development Center for Biotechnology, Academia Sinica's Biomedical Translation Research Center, and companies including OBI Pharma, Foresee Pharmaceuticals, and Papivax Biotech. The adjacent Taipei Bioinnovation Park opened in 2023 with lab space, pilot production units, and incubator capacity for 100+ companies.

Part IX: Outlook and investment perspective

Taiwan's biotech sector enters 2026 with unprecedented momentum. The convergence of maturing companies like PharmaEssentia reaching profitability, transformative partnerships exemplified by EirGenix's US$152 million Sandoz deal, and infrastructure investments including TBMC's government-backed CDMO facility positions the industry for sustained growth.

Key trends shaping Taiwan biotech

Manufacturing as strategic advantage. Taiwan's pivot toward CDMO services—exemplified by TBMC's Resilience partnership and Bora's aggressive US acquisition strategy—leverages the country's semiconductor-honed manufacturing excellence for pharmaceutical applications. The US BIOSECURE Act restricting collaboration with Chinese CDMOs may redirect substantial manufacturing demand to Taiwan.

Regulatory competitiveness. Taiwan's 45-day IND review (14 days fast-track), PIC/S membership, and ICH alignment provide regulatory efficiency competitive with any jurisdiction globally. The 2024 Regenerative Medicine Act creates clarity for advanced therapies.

Biosimilar leadership. EirGenix's Sandoz partnerships and Phase 3 waiver achievements for pertuzumab position Taiwan as a credible biosimilar developer. The Herceptin and Perjeta reference markets exceed $7 billion combined.

ADC and novel modality investment. OBI Pharma's strategic pivot, Formosa Laboratories' linker-payload platform, and EirGenix's antibody capabilities create an emerging ADC manufacturing ecosystem.

AI-driven drug discovery partnerships. The TaiGen-Insilico deal signals Taiwan's potential role as a development and commercialization partner for AI-discovered therapeutics targeting Asian markets.

Challenges persist

Talent gaps remain particularly acute in business development, regulatory affairs, and commercial functions. Industry surveys consistently identify human capital as the binding constraint on growth.

Scale limitations challenge Taiwan companies competing against larger Japanese, Korean, and Chinese peers. Taiwan biotech market capitalization (~NT$1 trillion) represents roughly one-sixth of Korea's and a fraction of China's.

Geopolitical uncertainty surrounding cross-strait relations creates investor hesitation, though many view Taiwan's strategic importance to global technology supply chains as providing implicit security guarantees.

Capital formation for later-stage clinical development remains challenging. While Series A and IPO markets function effectively, growth-stage financing often requires offshore fundraising.

Investment perspective

Taiwan offers distinctive opportunities within the Asia-Pacific biotech landscape. PharmaEssentia demonstrates that Taiwan companies can achieve global commercial success. EirGenix's Sandoz partnerships validate the biosimilar development thesis. The CDMO build-out addresses a genuine market need as pharmaceutical companies diversify from China. Government commitment—evidenced by $4.6 billion in 2025 technology budget and multiple strategic frameworks—provides policy stability.

The 2025 industry targets—20 new drugs, 80 medical devices, NT$1 trillion in production value—remain ambitious but directionally achievable given current trajectories. The regulatory framework continues modernizing through regenerative medicine implementation and expedited clinical trial approvals.

While global biotech markets remain cautious, Taiwan's combination of government support, semiconductor-adjacent technical expertise, and strategic positioning as a China-plus-one manufacturing alternative creates distinct advantages for capital attraction and partnership development. As one analysis aptly noted, Taiwan's biotechnology sector has "evolved beyond its emerging status"—the coming years will show how it matures.

• Non-NCE drugs with clinical data: 300 days
• Abbreviated Review Pathway: Available for drugs already approved by US FDA, EMA, or Japan

Taiwan achieved PIC/S membership in January 2013 (the sixth Asia-Pacific member), enabling global recognition of GMP certificates and inspection results. The country maintains ICH Regulatory Member status with guidelines aligned to international standards. As of May 2025, Taiwan had 412 qualified medical institutions and 142 qualified clinical trial sites meeting TFDA standards.

TFDA streamlined its first-in-human regulatory process, reducing approval timelines from 120 days to 30 business days. The agency can now authorize FIH trials without mandatory external expert review.

Multiple accelerated pathways exist: Priority Review Designation shortens review times for drugs treating serious conditions; Breakthrough Therapy Designation accelerates NCEs showing significant improvement; and a Pediatric and Rare Disease Priority Review Voucher Program supports drugs for conditions with limited prevalence.

Cross-ministerial coordination

Multiple ministries coordinate on biotech development. The Ministry of Economic Affairs runs the Biotech and Pharmaceutical Industries Promotion Office, which offers one-stop services to investors and supports industry clusters. The Ministry of Health and Welfare and the Taiwan FDA have streamlined clinical trial regulations and aligned them with ICH guidelines, making Taiwan an attractive location for trials.

Taiwan's National Health Insurance Administration provides a rich health data repository, which the government is opening up (with proper privacy safeguards) for research in digital health and real-world evidence studies. In 2023 the government announced a "2030 All-age Precision Health" vision, emphasizing integration of big data, AI, and precision medicine into healthcare policy.

PharmaEssentia leads Taiwan's global breakthrough

PharmaEssentia Corporation (TWSE: 6446) stands as Taiwan's most successful biotechnology company by virtually every measure—market capitalization, revenue, global market access, and pipeline depth. Founded in 2003 by Dr. Ko-Chung Lin, the company developed ropeginterferon alfa-2b, a novel mono-pegylated long-acting interferon, and successfully navigated regulatory approvals across Europe, the United States, Japan, and more than 40 countries globally.

The company's flagship product BESREMi received US FDA approval in November 2021 as a first-line treatment for polycythemia vera, a myeloproliferative neoplasm—becoming the first Taiwan-developed drug approved by the FDA for a rare blood cancer. The approval carried seven-year orphan drug exclusivity. European approval came earlier in 2019, followed by Japan's PMDA in 2023. BESREMi has since been approved in South Korea, Hong Kong, Argentina, Qatar, UAE, Singapore, Malaysia, and numerous other markets.

Financial performance reaches inflection point

Financial performance has been transformative. Revenue grew from approximately NT$5.11 billion (~$160 million) in 2023 to NT$9.73 billion (~$310 million) in 2024, representing greater than 90% year-over-year growth. The company achieved operating profitability in 2024—its first profitable year since inception—with operating income of NT$1.74 billion compared to losses of NT$1.91 billion the prior year.

As of January 2026, the stock trades at approximately TWD 490 with a market capitalization of TWD 182.6 billion (~US$5.7 billion). Q3 2025 revenue reached TWD 3.89 billion (US$127.8 million), representing 44% year-over-year growth, with net income of TWD 1.47 billion—a 77% quarter-over-quarter increase. By September 2025, trailing twelve-month revenue had reached approximately NT$12.6 billion (~$394 million).

Pipeline expansion and regulatory catalysts

Pipeline expansion continues across multiple myeloproliferative neoplasm indications. The SURPASS-ET Phase 3 trial for essential thrombocythemia reported positive topline data in January 2025, demonstrating 42.9% durable responses versus 6.0% for anagrelide (p=0.0001).

A supplemental NDA has been filed with the FDA, with approval expected in the second half of 2026. Studies for early and pre-fibrotic primary myelofibrosis are enrolling, with China's NMPA accepting the IND in January 2025.

Key 2026 catalysts include the H1 2026 U.S. launch of the BESREMi Pen delivery device and potential FDA approval of the Essential Thrombocythemia indication following the positive Phase 3 SURPASS-ET trial. Analysts maintain price targets ranging from TWD 550 to TWD 795, with Q4 2025 revenue estimates of TWD 4.51 billion.

Partnership network spans regions

Partnership arrangements span multiple regions. AOP Orphan Pharmaceuticals holds exclusive rights for Europe, CIS, and Middle Eastern markets. Pint-Pharma GmbH secured exclusive licensing for Latin America in June 2023. In September 2024, PharmaEssentia signed an exclusive licensing agreement with FORUS Therapeutics for Canada, with potential milestone payments reaching $107 million and double-digit royalties. The company raised $462 million through a Global Depositary Receipt issuance in April 2023.

PharmaEssentia's success has validated Taiwan's capability in innovative biologics and boosted investor confidence locally. The company, founded by ex-Academia Sinica scientists, operates its own cGMP biologics plant in Taichung and is expanding into other myeloproliferative disorders and antiviral therapies.

EirGenix achieves biosimilar global licensing milestones

EirGenix (TWSE: 6589) stands as Taiwan's leading biosimilar developer with landmark partnerships with Sandoz. The company's trastuzumab biosimilar EG12014 received European Commission marketing authorization and Taiwan FDA approval, with US FDA BLA under review.

In September 2024, both FDA and EMA granted a Phase 3 waiver for the pertuzumab biosimilar EG1206A—a major milestone accelerating time to market for what would become the global frontrunner in this category.

On November 12, 2025, EirGenix announced a transformative second global licensing agreement with Sandoz AG for EG1206A, valued at up to US$152 million in upfront and milestone payments plus profit-sharing on commercial sales. This positions EirGenix's pertuzumab biosimilar as a significant competitor in the reference market exceeding $7 billion combined for Herceptin and Perjeta.

The company trades at approximately TWD 62 with a market cap of TWD 18.7 billion (~US$580 million). While EirGenix reported trailing twelve-month revenue of US$29.7 million and remains unprofitable, the Sandoz partnerships position it for significant milestone revenue as biosimilars launch globally.

The company built a large manufacturing facility in Hsinchu and is one of a few Taiwanese companies to run Phase 3 trials for a biosimilar product globally. EirGenix attracted a significant NT$5.03 billion ($179.5 million) private placement in October 2021, with Foxconn Technology and Yonglin Capital (controlled by Foxconn founder Terry Gou) as lead investors.

Major pharmaceutical companies drive sector diversification

TaiGen advances anti-infectives and AI-discovered drugs

TaiGen Biotechnology (TPEx: 4157) focuses on anti-infective drugs and, increasingly, AI-discovered therapeutics through strategic licensing. Founded in 2001 and listed on Taiwan's OTC market in 2014, the company operates as a development-stage entity with limited commercial revenue but significant partnership activity.

The company's lead marketed product, Taigexyn (nemonoxacin), is a non-fluorinated quinolone antibiotic with activity against drug-resistant bacteria including MRSA. Taigexyn has been approved in Taiwan (2014), China, and Russia for community-acquired pneumonia. The US FDA granted both Qualified Infectious Disease Product and Fast Track designations in December 2013. Malaysia NDA filing occurred in December 2024.

The company's anti-viral candidate TG-1000 for influenza completed a Phase 3 trial with partner Joincare Pharmaceutical in China in April 2024. The trial met its primary endpoint with median symptom alleviation time of 60.9 hours versus 87.9 hours for placebo. NDA submission to China's NMPA followed in the second half of 2024.

In December 2025, TaiGen announced an exclusive license agreement with Insilico Medicine for ISM4808, an AI-designed PHD inhibitor for chronic kidney disease-related anemia, covering Greater China rights. The deal combined Insilico's AI drug discovery platform with TaiGen's clinical development expertise, granting Insilico milestone payments and royalties in the "two-digit millions" range. This partnership targets China's PHD inhibitor market, which grew from RMB 50 million to RMB 2.45 billion in five years, and represents Taiwan biotech's growing engagement with artificial intelligence-driven drug discovery platforms.

Medigen Vaccine captures enterovirus market

Medigen Vaccine Biologics (TPEx: 6547) achieved commercial success through its enterovirus vaccine while maintaining COVID-19 manufacturing capabilities and pursuing international expansion. The company operates Taiwan's first privately-owned PIC/S GMP cell-based vaccine manufacturing facility and made headlines by developing a COVID-19 vaccine (MVC-COV1901) using a protein subunit platform, which was approved in Taiwan in 2021 and administered to millions locally.

ENVACGEN, the company's enterovirus A71 vaccine, received Taiwan TFDA approval and launched commercially in August 2023. The vaccine demonstrated 96.8% protective efficacy in a Phase 3 multinational trial enrolling 3,049 subjects across Taiwan and Vietnam, with results published in The Lancet. Notably, ENVACGEN is the world's first EV71 vaccine with data supporting administration from two months of age, with proven immunity lasting at least five years. The product has captured more than 95% of Taiwan's EV71 vaccine market.

International expansion accelerated in January 2025 through an exclusive distribution agreement with Substipharm Biologics for Southeast Asia, targeting Vietnam first with subsequent expansion to Thailand, Philippines, Indonesia, Malaysia, and Singapore. The company achieved TGA GMP certification in May 2024, supporting international regulatory submissions.

Medigen became the first private manufacturer to out-license COVID-19 vaccine technology through the WHO C-TAP initiative in August 2023, providing a transparent, non-exclusive license through the Medicine Patent Pool. The company also participates in a WHO/UCAB consortium developing biosimilar palivizumab for RSV prevention alongside mAbXience, Libbs, and SPIMACO.

Revenue improved from NT$389.62 million in 2023 to NT$605.64 million in 2024, a 55% increase year-over-year, while net losses narrowed dramatically from NT$1.15 billion to NT$80.47 million—a 93% improvement.

Oneness Biotech pursues diabetic foot ulcer global expansion

Oneness Biotech (TPEx: 4743) holds Taiwan's largest biotech licensing deal and is advancing its first-in-class wound healing product toward US registration. Founded in 2008 and included in the MSCI Global Standard Index, the company maintains a market capitalization approaching $1 billion.

FESPIXON (ON101) is a macrophage-regulating topical cream for diabetic foot ulcers that demonstrated 60.7% complete wound closure versus 35.1% for standard care (p=0.0001) in clinical trials, with results published in JAMA Network Open. The product has been approved in Taiwan (July 2021), Singapore (January 2023), Malaysia (gaining NPRA approval in 2025 as the first natural product therapeutic approved by Malaysian regulators), Philippines, and—critically—China, where NMPA approval came in 2023 as a Class 1.1 natural new drug.

The US FDA granted Fast Track designation, and a Phase 3 trial is ongoing with NDA submission targeted for 2026. The company's China partner CR Double-Crane has a 20-year commercialization agreement potentially worth over US$100 million if annual net sales reach RMB 5 billion.

Oneness secured Taiwan's largest biotech licensing deal in April 2020, out-licensing FB825 for atopic dermatitis and allergic asthma to LEO Pharma for $40 million upfront and up to $530 million in milestone payments plus tiered royalties. The deal totaled $570 million in potential value and remains the benchmark transaction for Taiwan biotech outbound licensing.

TaiMed Biologics pioneers HIV biologics

TaiMed Biologics was founded to develop ibalizumab (Trogarzo), an HIV monoclonal antibody originally from Genentech. Trogarzo gained FDA approval in 2018 as a salvage therapy for multidrug-resistant HIV—making it one of the first novel biologics from a Taiwanese company to reach the U.S. market. TaiMed, listed on Taiwan's OTC exchange, has partnered for global marketing (with Theratechnologies in North America) while collecting royalties. It exemplifies the spin-off model from academic research—born out of a government-sponsored AIDS research program. As of 2025, TaiMed is exploring new long-acting biologics and operates an FDA-inspected manufacturing facility with 4×2,000L bioreactors.

Lotus Pharmaceutical pursues global scale through M&A

Lotus Pharmaceutical (TPEx: 1795), founded 1966, has transformed from a local generic maker into a multinational company focusing on high-barrier generics and 505(b)(2) specialty drugs as part of the Alvogen group.

In 2025, Lotus received regulatory approval to acquire Alvogen's entire U.S. commercial business, a move set to significantly expand its global footprint. This acquisition will give Lotus a direct presence in the U.S. market and a portfolio of brand-name and generic products. Lotus's CEO noted it would "strengthen [Lotus'] position as a leading specialty pharmaceutical company across global markets."

For Taiwan, this marks a rare instance of a local pharma buying a major foreign asset—a bold move that could inspire others. Alongside Lotus, other established domestic pharmas include TTY Biopharm (an oncology-focused pharma and drug distributor), Yung Shin Pharma (a large veterinary and generic drug producer), Standard Chem & Pharm, Synmosa Biopharma, and Center Laboratories. These firms collectively contribute a large share of domestic medicine supply and often in-license foreign medicines for Taiwan distribution.

Emerging biotech and specialty players

OBI Pharma pivots to antibody-drug conjugates

OBI Pharma (TPEx: 4174) executed a significant strategic pivot in 2024-2025, terminating its legacy Globo H immunotherapy programs in April-May 2025 to focus entirely on antibody-drug conjugates using its proprietary GlycOBI platform. The company had earlier gained attention for a Globo-H breast cancer vaccine which, despite a Phase 3 setback, demonstrated Taiwan's capability to take a novel idea through late-stage trials.

The company received FDA orphan drug designation for OBI-992, a TROP2-targeting ADC for gastric cancer, in August 2024. Lead candidate OBI-902, a next-generation TROP2 ADC using the GlycOBI platform, received FDA IND clearance in April 2025 and initiated Phase 1/2 trials in September 2025. OBI-902 received two FDA Orphan Drug Designations, including one for gastric cancer in December 2025. Market cap sits at approximately US$234 million.

In December 2024, OBI signed a marketing and material transfer agreement with Japan's GlyTech for ADC technology promotion in the Japanese market. The company received the "Most Promising ADC Clinical Candidate in Taiwan" award at the 2025 ADC Asia Congress and "Most Promising Immunotherapy Pipeline" recognition from Taiwan Biopharma Excellence Awards.

Senhwa Biosciences pursues DNA damage response oncology

Senhwa Biosciences (TPEx: 6492), headquartered operationally in San Diego, is developing first-in-class DNA damage response therapeutics. It specializes in DNA damage response inhibitors and small-molecule therapeutics in oncology and virology.

Lead candidate silmitasertib (CX-4945), a casein kinase 2 inhibitor, holds four orphan drug designations, two rare pediatric disease designations, and one Fast Track designation for various oncology indications including cholangiocarcinoma and basal cell carcinoma. In 2025, Senhwa began a Phase 1/2 trial of silmitasertib in pediatric brain tumors (relapsed medulloblastoma), highlighting an expansion into rare pediatric cancers. The compound completed a Phase 1 expansion trial in basal cell carcinoma showing 80% disease control rate in metastatic patients.

Pidnarulex (CX-5461), a G4 stabilizer targeting BRCA2/PALB2-mutated solid tumors, was selected for a U.S. National Cancer Institute 5-year research program with US$4.8 million in NCI funding, with first patient dosed in July 2025. The compound is being evaluated in combination with PARP inhibitors and ADCs through the NCI NExT Program. In December 2025, Senhwa announced combination trials with AstraZeneca/Daiichi Sankyo's Enhertu for HER2-positive tumors.

Cell therapy infrastructure expands rapidly

Taiwan's cell therapy sector grew 38% in 2024, the fastest among biomedical subsectors, supported by the landmark Regenerative Medicine Act approved in August 2024.

Taiwan Cell Manufacturing Company (TCMC) operates Taiwan's first PIC/S GMP-certified genetically modified cell commercial production facility in Zhubei Biomedical Park, offering CAR-T, NK cell, stem cell, exosome, and iPSC manufacturing services along with lentiviral vector production.

Taiwan Bio Therapeutics (TWBT) is advancing mesenchymal stem cell and regulatory T-cell therapies. Its Chondrochymal MSC therapy for osteoarthritis is in Phase 3 development, licensed to Singapore's Senectus. The company is seeking FDA RMAT designation for TRK-001, an anti-rejection Treg therapy in Phase 2. Revenue reached a record NT$105 million in 2024 from manufacturing services.

StemCyte achieved a milestone in 2024 when its RegeneCyte cord blood cell therapy became the first Taiwan cell therapy to receive FDA Regenerative Medicine Advanced Therapy (RMAT) designation, for Long COVID treatment. A BLA is pending for hematologic and immune disorders.

Ever Supreme Bio acquired Shine Out Biotechnology for NT$1.7 billion (US$56 million) in October 2025 to gain Shine Out's exosome-based drug platforms. Shine Out, though only 2.5 years old, had built two core exosome technology platforms and multiple patents. By merging Shine Out's exosome delivery tech with Ever Supreme's cell therapy expertise (which launched one of the first commercial CAR-T cell therapies in Taiwan for lymphoma), the company aims to create a pipeline spanning immuno-oncology and neurology, reflecting a convergence of advanced therapies. Ever Supreme's bold expansion signals growing confidence in Taiwan's cell therapy sector, aided by Taiwan's favorable regulatory environment.

Steminent Biotherapeutics targets rare neurological diseases

Steminent Biotherapeutics is a cell therapy startup developing an autologous mesenchymal stem cell therapy (Stemchymal) for rare neurodegenerative disorders like Spinocerebellar Ataxia (SCA). Steminent built a GMP manufacturing facility in Taipei's Neihu district, which in mid-2024 obtained certification from Japan's PMDA—indicating its production meets high international standards. The company plans a Phase 2b trial in the U.S. for SCA in 2025.

United BioPharma advances HIV therapeutic antibody

United BioPharma (TPEx: 6471) is developing UB-421 (semzuvolimab), an anti-CD4 therapeutic antibody for HIV that demonstrated complete viral suppression as monotherapy for 16 weeks in a study published in the New England Journal of Medicine. The NIH/NIAID sponsors ongoing clinical trials at the NIH Clinical Center under an expanded access program for multi-drug resistant HIV. In February 2025, Shizhiyuan Biotechnology acquired commercialization rights for mainland China through a RMB 60 million investment.

HanchorBio signs major China deal

HanchorBio (TPEx: 7827) is developing immuno-oncology biologics using its proprietary FBDB platform. Lead candidate HCB101, a SIRPα-IgG4 Fc fusion protein targeting the CD47 "don't eat me" signal, is in Phase 2 trials for solid tumors and non-Hodgkin lymphoma.

In July 2025, HanchorBio signed a major out-licensing deal with Shanghai Henlius: $10 million upfront plus up to $192 million in milestones and royalties for Greater China, MENA, and Southeast Asia rights. The company received the 2024 Merck Biotech Grant Grand Prize and National Innovation Award. The company raised NT$1.2 billion for its immunotherapy pipeline.

Oncology innovators attract substantial funding

AnBogen Therapeutics raised $12.5 million in Series A funding in February 2024, led by CDIB Capital with participation from Taian Venture Capital, Maxpro, and the National Development Fund. A subsequent extension brought total funding to $19.8 million. The company is advancing ABT-101, a HER2-targeting TKI in Phase 1b/2 for solid tumors, with a drug supply collaboration with BeiGene announced in September 2024.

Caliway Biopharmaceuticals completed the largest IPO in Taiwan biotech history in October 2024, raising $206 million in a US listing. The company's CBL-514, a small-molecule that induces fat cell apoptosis for non-surgical fat reduction, met all endpoints in Phase 2b trials with over 80% of patients seeing significant improvements. With a favorable safety profile, Caliway is launching global Phase 3 trials in 2025 aiming to capture the growing medical aesthetics market. The company was subsequently included in the MSCI World Small Cap Index and FTSE TWSE Taiwan Mid-Cap 100 Index.

Additional innovative startups to watch

AnHorn Medicines, founded 2020, uses AI-enabled drug discovery for targeted protein degradation. Its lead compound for androgenetic alopecia (hair loss) received U.S. IND clearance in late 2024. AnHorn raised a US$10 million Series A and exemplifies the use of AI and "molecular glue" chemistry in Taiwan.

Formosa Pharmaceuticals, a Taipei company specializing in novel formulations via its APNT (Advanced Particle Nanotech) platform, achieved a significant milestone when APP13007, a nanoparticle steroid eye drop for post-surgery inflammation, was approved by the U.S. FDA in March 2024—the first new ophthalmic steroid in the U.S. in 15 years. This validated Taiwan's ability to meet FDA standards and demonstrated how Taiwanese biotechs can innovate in drug delivery and repurpose known drugs for new indications.

REGiMMUNE, a Taipei-origin biotech focusing on immune regulation via Treg cells, saw its lead RGI-2001 show promise in preventing graft-versus-host disease in Phase 2b. In 2024, REGiMMUNE announced a merger with U.S.-based Kiji Therapeutics to form a combined entity targeting Treg-modulating therapies for autoimmune diseases and cancer. This cross-border merger aims to create a global leader in Treg therapy, showing how even smaller Taiwanese startups are engaging in international M&A for scale and pipeline breadth.

BRIM Biotechnology is notable for its first-in-class therapy for dry eye disease. BRIM's peptide drug (BRM421) for corneal repair advanced to Phase 3 trials and has attracted regional licensing interest.

CDMO sector builds scale with TBMC breakthrough

Taiwan is positioning itself as a trusted contract development and manufacturing organization destination, leveraging manufacturing expertise developed in the semiconductor industry. The strategic vision crystallized with the May 2023 establishment of Taiwan Bio-Manufacturing Corporation (TBMC), a joint effort by the Ministry of Economic Affairs, ITRI, and the Development Center for Biotechnology with ambitions to become "Asia's first Pharma 4.0 CDMO."

Government funds were used to acquire advanced manufacturing technology from U.S.-based National Resilience, aiming to position Taiwan as a hub for mRNA vaccine, cell therapy, and gene therapy production. TBMC, often dubbed the "TSMC of Biotech," is staffed with experts from top research institutes and led by former global pharma executives.

TBMC broke ground on its 15,000m² GMP facility in Hsinchu Biomedical Science Park in June 2025, with first-phase completion targeted for December 2025 and operations commencing Q2 2026. Initial capacity will support 13 million doses annually of mRNA vaccines across 63 batches per year, with capabilities spanning viral vectors, cell therapies, and CHO-C protein biologics. ITRI and DCB each invested TWD 300 million, with the National Development Fund holding up to 40% stake. TBMC signed technology partnerships with U.S.-based National Resilience and Japan's CMIC BIO.

TBMC is developing six core technology platforms: CHO-C cell presentation systems, I-MASTER process platforms, long-chain nucleic acid production, innovative short nucleic acid drug synthesis, LNP production, and viral vector manufacturing. The goal is to achieve self-sufficiency in vaccine supply by 2027-2028 and to serve international biotech clients as a world-class CDMO. This initiative was partly motivated by Taiwan's experience during COVID-19, when geopolitical hurdles impacted vaccine imports.

Bora Pharmaceuticals executes aggressive expansion

Bora Pharmaceuticals executed the most aggressive CDMO expansion strategy, completing the $210 million acquisition of Upsher-Smith Laboratories in January 2024 for US market entry. The company also acquired Eden Biologics (formerly JHL Biotech) CDMO assets in 2022, Emergent BioSolutions' 87,000 sq ft Maryland sterile manufacturing facility in June 2024, and Pyros Pharmaceuticals' rare disease portfolio in October 2024.

In December 2025, Bora completed a strategic investment in Tanvex BioPharma, acquiring approximately 30.5% of outstanding shares to become the largest shareholder.

Bora reported trailing twelve-month revenue of US$645 million and market cap of US$2.9 billion. CDMO business grew 56.5% year-to-date through Q3 2025, with a backlog of US$296 million spanning 27 new contracts. The company now operates ten cGMP facilities across Taiwan, the U.S., and Canada, with approximately 33% of revenue from global top-20 pharmaceutical companies including GSK, Eisai, and Kyowa Kirin.

Mycenax Biotech builds specialized capabilities

Mycenax Biotech (TWSE: 4726) invested NT$700 million in an automated fill-finish line with German Optima equipment, opened in October 2024 with capacity for 10,000 vials or syringes per hour. The company began commercial production in H2 2025 for two internationally approved biologics—a Japanese customer's product that received marketing approval in May 2025 and South Korea's SCD biosimilar to Eylea.

Mycenax operates two PIC/S GMP-certified facilities with EU EMA, Japan PMDA, Health Canada, and Taiwan regulatory approvals—Taiwan's only facility 100% dedicated to biopharmaceutical CDMO services—positioning as what management describes as "Big D Medium M"—innovative development abilities with adequate manufacturing capacity.

Major CDMO partnerships emerged with Japanese partners. Mycenax signed ADC manufacturing agreements with SPERA PHARMA (September 2025) and licensed RIN Institute's VLK linker technology (October 2025). The company also joined the Alfenax Biologics joint venture with Alfresa Holdings, supported by Japan's MHLW biosimilar facility subsidy program.

Formosa Laboratories expands ADC manufacturing

Formosa Laboratories expanded its ADC manufacturing footprint through the June 2024 acquisition of SynChem, Inc. in Chicago, now operating as SynChem-Formosa for North American API and ADC services. The company partners with EirGenix to provide integrated ADC manufacturing: Formosa supplies small molecule payloads and linkers while EirGenix provides antibodies and conjugation services, with capacity for 50kg annual ADC production.

Amaran Biotech partners for nanoparticle manufacturing

Amaran Biotech, a subsidiary of OBI Pharma, operates Taiwan's first fully automated robotic aseptic filling line for injectables. In March 2025, Amaran signed an MOU with Japan's Nippon Fine Chemical and its Taiwan arm (Zillion Fine Chemicals) to collaborate on nanoparticle-based drug manufacturing (liposomes and lipid nanoparticles). This partnership leverages Amaran's aseptic fill technology and Nippon's phospholipid expertise to upgrade CDMO offerings in Taiwan, Japan, and globally for advanced drug delivery systems including mRNA vaccine components and oncology drug carriers.

Investment ecosystem expands with specialized funds

Taiwan's biotech venture capital ecosystem has matured significantly, led by several specialist funds with deep healthcare expertise.

Diamond Biofund achieves evergreen listing

Diamond Biofund achieved a landmark in September 2023 as the first publicly listed evergreen biotech VC fund on the Taiwan Stock Exchange Main Board. Founded by Microbio Group and Oneness Biotech (40%), Fubon Financial (33.46%), and Taishin Holdings (9.66%), the fund has NT$6.35 billion (~$200 million) in paid-in capital.

Historical returns for founding shareholders reached 17X over a decade, with portfolio companies including two exceeding $1 billion market capitalization including Oneness Biotech. Investment focus areas for 2025-2026 include nucleic acid medicine, cell therapy, gene therapy, and anti-aging therapeutics, with approximately 70% allocation to Taiwan and 30% international.

Taiwania Capital bridges US-Asia investment

Taiwania Capital, established in 2017 with National Development Fund backing, raised US$809 million (NT$26.3 billion) across six funds investing in biotech, digital health, and medtech. The biotech-specific Fund II ($200 million) and MedTech-focused Fund III ($59 million) target 70% Taiwan-related and 30% US/Japan investments.

Notable exits include EirGenix ($1.11 billion market cap), C4 Therapeutics ($3.3 billion), Viracta ($320 million), and Frequency Therapeutics ($260 million). The firm led Health2Sync's US$20+ million Series C in March 2025 alongside BE Health Ventures, Wistron, and Pegatron.

In August 2024, Taiwania launched the TaiAx Life Science Fund targeting US$200 million jointly with Japan's Axil Capital Group, focusing on rare diseases, gene/cell therapy, and AI-driven medical devices.

CDIB Capital commands largest market share

CDIB Capital Healthcare Ventures, a subsidiary of China Development Financial Holdings, commands over 30% of Taiwan's venture capital market—the largest market share. Healthcare Fund II allocated NT$3 billion (~$100 million) to biotech pharmaceuticals, medical technology, digital healthcare, and consolidation opportunities. The firm's biomedical portfolio spans approximately 50 companies across the Taiwan Strait.

BE Health Ventures pioneers hospital-affiliated model

BE Health Ventures, established in 2018, operates as Taiwan's first and only hospital-affiliated venture capital firm, with 31 investments completed through late 2025. The fund maintains partnerships with Stanford Byers Center for Biodesign and Tohoku University, focusing on medical technology and digital health innovation. The fund participated in Health2Sync's funding round and hosted TMU x BE x SCHS Demo Day at BIO Asia-Taiwan 2025.

Government investment vehicles provide anchor capital

The National Development Fund has invested in biotechnology since 1996, accumulating approximately NT$4 billion in direct biotech enterprise investments plus commitments to more than 50 venture capital funds globally. The fund operates as Taiwan's strategic investor for high-risk sectors private capital avoids, co-investing with both domestic and international biotech VCs.

The government's Startup Angel Investment Program allocates NT$1 billion over five years to support 300 new startups, with per-company limits of NT$100 million total and NT$30 million for early-stage ventures. Equity participation caps at 20% of paid-in capital (49% for early-stage companies).

National Taiwan University launched a US$30 million alumni ventures fund in 2025, with US$21 million from alumni and remainder from government sources.

Notable recent funding rounds

A highlight of 2025 was Syncell Inc.'s Series A. Syncell, a young Taipei-based biotech tools company, raised NT$750 million (US$24 million) in July 2025, in a round led by Taiwania Capital with participation from over a dozen investors. Big names on the cap table included NDF (government), Everbright BioFund (a Chinese healthcare fund), Himalaya Venture (Asia-focused VC), and multiple Taiwanese venture units (Ta Ya VC, Hua Nan Venture). This sizable Series A—earmarked to expand Syncell's global marketing of its novel proteomics instrumentation—demonstrates the syndicated financing capacity now available in Taiwan for promising startups.

Primo Biotechnology, a radiopharmaceutical startup, secured NT$220 million (~US$7 million) in mid-2025 to advance its cancer imaging radiotracers, bringing its total funding to over NT$500 million and setting the stage for a planned 2026 IPO.

Corporate and cross-border investors diversify the landscape

Several non-traditional investors have entered the fray. Large Taiwanese financial institutions and conglomerates are backing biotech ventures—Fubon Financial Holdings made biotech investments in 2025. Electronics companies have shown interest too: Taiwan Surface Mounting Technology and Might Electronic each invested in a biotech deal, indicating tech hardware firms looking to diversify into medtech/biotech. Regional investors include the Alibaba Entrepreneurs Fund (which participated in at least one Taiwanese biotech funding in 2025) and Indonesia's Lippo Group.

Stock market and IPO activity reflects sector maturation

Exchange listings demonstrate capital formation strength

As of January 2024, the Taiwan Stock Exchange had 997 listed companies with aggregate market capitalization of NT$56.84 trillion (~$1.85 trillion). Approximately 120-224 biomedical companies trade on Taiwan's exchanges, with combined market value around NT$1.3 trillion for pure-play biotechnology firms. The Taipei Exchange (TPEx) manages OTC and emerging stock markets where 214 healthcare and biotech companies list.

By late 2023, 134 biotech-related firms were listed, up from only a few dozen a decade ago.

Taiwan's stock exchanges have been very receptive to biotech listings. There are dedicated listing rules that allow pre-revenue biotechs to IPO on the Taipei Exchange as "technology enterprises," provided they meet R&D spending and pipeline criteria—a policy similar to Hong Kong's Chapter 18A for biotechs.

The benchmark TAIEX index ended 2025 at a record 28,963.6 points, gaining 5,928.5 points—the largest annual point gain on record. By January 3, 2026, the index reached 29,349.81. Notably, Pell Bio-Med Technology ranked 7th among TAIEX top performers with a 319.2% gain in 2025—the only biotech in the top 10. Pell Bio-Med, which develops cell culture and stem cell technologies, saw its share price quadruple during the year, reflecting investor appetite for future-forward biotech themes.

2024-2025 represented landmark IPO years

Taiwan's IPO market saw 70-77 new listings in 2025 raising NT$105.07 billion (~US$3.33 billion)—an 82.5% year-over-year increase. The biotechnology and healthcare sector contributed 10 new listings, second only to semiconductors.

Fifteen biotech companies completed Taiwan IPOs in 2024, raising a combined NT$14.55 billion (~$68 million). The sector's marquee transaction occurred on US exchanges: Caliway Biopharmaceuticals raised $206 million—the largest biotech IPO in Taiwan history and one of the largest US biotech IPOs of 2024.

Notable 2025 listings included Heron Neutron Medical Corp, which raised NT$10.85 billion (~US$345 million) for boron neutron capture therapy, while HanchorBio Inc. raised NT$1.2 billion for its immunotherapy pipeline.

Deloitte Taiwan projects 63 total IPOs in 2025: 24 on TWSE, 24 on Taipei Exchange, and 15 on Taiwan Innovation Board, with biotech and high-tech companies expected to drive growth.

Partnerships and international collaborations accelerate

BIO Asia-Taiwan becomes regional hub

BIO Asia-Taiwan 2025 (July 23-27) expanded to nine days across three weeks, attracting 900+ companies and participants from 50+ countries. The partnering program facilitated a record 8,000+ meetings among 400+ companies from 29 countries. Thirty selected companies pitched to executives from Amgen, AbbVie, Gilead, Novo Nordisk, Roche, Novartis, AstraZeneca, and Daiichi Sankyo.

Taiwan's pavilion at BIO 2025 in Boston featured dozens of startups seeking partners, and Taiwan's government nominated multiple biotech firms for international recognition.

Major licensing transactions

The Oneness-LEO Pharma transaction for FB825 remains Taiwan's largest biotech licensing deal at $570 million total potential value. PharmaEssentia's expanding partnership network—with AOP Orphan covering Europe and CIS, Pint-Pharma for Latin America, and FORUS for Canada—demonstrates the company's ability to execute multiple regional deals while maintaining North American direct commercialization.

Clinical trial hub status strengthens

Taiwan has emerged as a preferred clinical trial destination for multinational pharmaceutical companies, supported by 412 qualified medical institutions and efficient 14-day fast-track multinational trial notification when protocols are filed simultaneously with FDA or EMA. China Medical University Hospital's Clinical Trial Center has signed 450+ cooperation agreements and completed 1,800+ clinical trials, partnering with top 50 global pharmaceutical companies.

CAR-T clinical trial activity has grown substantially. National Taiwan University Hospital conducted 141 CAR-T-related trials between 2020-2024 (131 preclinical, 8 Phase I/II, 2 Phase III), collaborating with five international biotech and pharmaceutical companies. The hospital became Taiwan's first Novartis-certified CAR-T treatment center.

BioNTech announced plans to establish a Taiwan clinical trial hub to evaluate mRNA cancer immunotherapies, including BNT113 for head and neck cancer. AbbVie signed an MOU with China Medical University Hospital in December 2024 for international clinical trial acceleration. Australian CRO Avance Clinical opened a Taipei office and signed multiple MOUs with major Taiwan hospitals.

International cooperation agreements

AusBiotech and Taiwan Bio Industry Organization signed an MOU in October 2025 to strengthen collaboration and co-investment. The agreement facilitates information exchange, delegations, and helps Taiwanese firms find partners and investors in Australia (and vice versa), highlighting Taiwan's proactive outreach to build global biotech alliances.

Jyong Biotech, a Taiwan-origin company listed on NASDAQ, signed MOUs in late 2025 with a Vietnamese pharma distributor and a South Korean pharma for its plant-based urinary disorder drugs. These early agreements aim to pave the way for licensing Jyong's candidates in Southeast Asia and Korea, illustrating how even smaller firms are executing regional go-to-market strategies.

Mergers and acquisitions reshape the landscape

Domestic consolidation accelerates

The 2025 Biotech M&A White Paper noted that upstream/downstream integration deals are becoming common as firms seek to offer one-stop services and secure supply chains. These deals reflect a resilience strategy amid global supply chain shifts, ensuring that Taiwanese biotechs have local access to crucial technology and reducing reliance on foreign suppliers.

Ever Supreme Bio's NT$1.7 billion all-stock acquisition of Shine Out Biotechnology in October 2025 broadened Ever Supreme's pipeline from cancer cell therapies to neurodegenerative exosome drugs and underscored the trend of in-market consolidation to pool expertise. It was one of the largest domestic biotech M&A deals of the year and is expected to accelerate the development of new treatments for Parkinson's and CNS disorders using Shine Out's AI-driven exosome engineering tech.

Leadgene Biomedical's twin acquisitions—Leadgene SIDSCO (a local diagnostic CRO) and Cytena Bioprocess Solutions—were highlighted as key steps toward creating an integrated biotech service chain. By bringing Cytena BPS in-house, Leadgene secured advanced automated cell line development and bioprocessing technology. The company's chairman noted this will "fortify our manufacturing supply chain" and speed up progression from lab research to clinical production.

Outbound acquisitions mark new era

Lotus Pharmaceutical received Taiwanese regulatory approval to acquire Alvogen's U.S. operations, aiming to complete the deal by end of 2025. This transformative acquisition will give Lotus direct sales and distribution capability in the U.S., plus a pipeline of niche generic and specialty drugs. The company's CEO noted it would "strengthen [Lotus'] position as a leading specialty pharmaceutical company across global markets."

For Taiwan, this marks a rare instance of a local pharma buying a major foreign asset—a bold move that, if successful, could inspire others.

Cross-border mergers

REGiMMUNE merged with Boston-based Kiji Therapeutics in mid-2025 to create a new entity targeting autoimmune and CNS diseases. This strategic merger pooled their pipelines and R&D teams, aiming to become a global leader in Treg-modulating therapies. It also provided REGiMMUNE access to U.S. capital markets and investors, showcasing one path for Taiwanese biotechs to scale up via international M&A.

Biomedical science parks form integrated corridor

Hsinchu Biomedical Science Park, opened in December 2014 on 38.1 hectares, anchors Taiwan's biotech cluster with proximity to National Tsing Hua University and National Yang Ming Chiao Tung University. Tenants include PharmaEssentia, Mycenax, EirGenix, and numerous emerging companies. TBMC broke ground on Taiwan's first GMP mRNA facility here, expected operational in 2026.

Southern Taiwan Science Park, comprising facilities in Tainan and Kaohsiung, employed 3,508 biotechnology workers in 2024 and attracted eight new biotech tenants investing NT$780 million total. The park hosts Academia Sinica's Biotechnology Center in Southern Taiwan and ITRI's Southern Campus.

National Biotechnology Research Park in Nangang, inaugurated by President Tsai in October 2018, integrates industry, government, and academic research. Resident organizations include TFDA, the Development Center for Biotechnology, Academia Sinica's Biomedical Translation Research Center, and companies including OBI Pharma, Foresee Pharmaceuticals, and Papivax Biotech. The adjacent Taipei Bioinnovation Park opened in 2023 with lab space, pilot production units, and incubator capacity for 100+ companies.

Taiwan's government has invested heavily in physical and human capital for biotech. Taiwan's education system produces a steady flow of STEM talent, and specific programs encourage overseas Taiwanese and foreign experts to join local companies. Salaries and incentives in biotech have become more competitive regionally, which helps firms retain skilled researchers. To address the capital needs of startups, the National Development Fund directly invests in venture funds and companies—it co-founded Taiwania Capital in 2017 as a dedicated VC firm to finance innovation in tech and biotech.

Outlook: Toward global competitiveness

Taiwan's biotech sector enters 2026 with unprecedented momentum. The convergence of maturing companies like PharmaEssentia reaching profitability, transformative partnerships exemplified by EirGenix's US$152 million Sandoz deal, and infrastructure investments including TBMC's government-backed CDMO facility positions the industry for sustained growth.

The consensus among industry observers is that Taiwan has firmly evolved from an emerging player into an established regional powerhouse in areas like oncology, immunotherapy, and precision medicine. The next phase will depend on how well Taiwanese companies can attract foreign investment and strategic partners to take their innovations worldwide, and how effectively they transition from R&D to full-scale commercialization.

Key trends shaping Taiwan biotech

Manufacturing as strategic advantage. Taiwan's pivot toward CDMO services—exemplified by TBMC's Resilience partnership and Bora's aggressive US acquisition strategy—leverages the country's semiconductor-honed manufacturing excellence for pharmaceutical applications. The US BIOSECURE Act restricting collaboration with Chinese CDMOs may redirect substantial manufacturing demand to Taiwan.

Regulatory competitiveness. Taiwan's 45-day IND review (14 days fast-track), PIC/S membership, and ICH alignment provide regulatory efficiency competitive with any jurisdiction globally. The 2024 Regenerative Medicine Act creates clarity for advanced therapies.

Biosimilar leadership. EirGenix's Sandoz partnerships and Phase 3 waiver achievements for pertuzumab position Taiwan as a credible biosimilar developer. The Herceptin and Perjeta reference markets exceed $7 billion combined.

ADC and novel modality investment. OBI Pharma's strategic pivot, Formosa Laboratories' linker-payload platform, and EirGenix's antibody capabilities create an emerging ADC manufacturing ecosystem.

Global partnerships proliferating. More licensing deals where Taiwanese biotechs out-license global rights of their assets to big pharma are likely. Taiwanese firms will also continue to serve as regional development partners for foreign biotechs looking to access the Asian market. Taiwan's quality clinical trial infrastructure—with top-tier hospitals and a ubiquitous health system—is a selling point.

Challenges persist

Talent gaps remain particularly acute in business development, regulatory affairs, and commercial functions. Industry surveys consistently identify human capital as the binding constraint on growth.

Scale limitations challenge Taiwan companies competing against larger Japanese, Korean, and Chinese peers. Taiwan biotech market capitalization (~NT$1 trillion) represents roughly one-sixth of Korea's and a fraction of China's.

Geopolitical uncertainty surrounding cross-strait relations creates investor hesitation, though many view Taiwan's strategic importance to global technology supply chains as providing implicit security guarantees.

Capital formation for later-stage clinical development remains challenging. While Series A and IPO markets function effectively, growth-stage financing often requires offshore fundraising.

Investment perspective

Taiwan offers distinctive opportunities within the Asia-Pacific biotech landscape. PharmaEssentia demonstrates that Taiwan companies can achieve global commercial success. EirGenix's Sandoz partnerships validate the biosimilar development thesis. The CDMO build-out addresses a genuine market need as pharmaceutical companies diversify from China. Government commitment—evidenced by $4.6 billion in 2025 technology budget and multiple strategic frameworks—provides policy stability.

The ongoing support of government initiatives like TBMC for manufacturing and the Biotech Act for incentives will remain crucial. The IPO pipeline remains strong—several biotech startups that raised Series A/B in the last two to three years will be eyeing public listings by 2026-27, either in Taipei or abroad.

Taiwan's stock market performance for biotech will likely hinge on clinical and regulatory events. Positive Phase 3 trial results or approvals could send individual stocks soaring, while disappointments will test market resilience. Given the overall bullish momentum and increasing analyst coverage of biotech firms, the sector could attract more institutional investment.

M&A and industry consolidation may accelerate. As some smaller players struggle to fund expensive Phase 3 trials, larger local pharmas or even foreign companies might step in to acquire promising assets or companies.

Finally, Taiwan's unique advantages—a highly educated talent pool, strong ICT sector integration for digital health and AI, and government backing—give it an edge in emerging areas like smart medical devices, AI-driven drug discovery, and personalized medicine. The convergence of tech and biotech could see Taiwan produce notable breakthroughs in health-tech platforms and data-driven therapeutics in coming years.

This article is for informational purposes only and does not constitute investment advice, an offer to sell, or solicitation of an offer to buy any securities. The author is not a lawyer or financial adviser. All investments involve risk, including potential loss of principal. Readers should conduct their own due diligence and consult qualified financial advisors before making investment decisions. Data presented reflects information available as of January 2026, and may not reflect subsequent developments.