BRIEF—Shanghai subsidizing local biotechs

The government of Chinese city Shanghai will heavily subsidize local biotechs' innovation and global expansion.

According to a government document released last week, a clinical stage novel asset by a Shanghai-based biotech can get a subsidy up to 30 million renminbi ($4.7 million).

A local biotech with multiple clinical stage novel assets can get up to 100 million renminbi financial support each year.

If a local biotech has a novel asset sold in the West, it can get a subsidy up to 10 million renminbi.

Shanghai is home to many major Chinese biotechs, including Zai Lab, Chi-Med and Antengene.

Similar subsidy plans are also seen in wealthy cities including Suzhou, Hangzhou, Shenzhen and Chengdu.