Within 2 years, the valuation soared from 220 million yuan to 3.22 billion yuan; after the IPO failed, it fell back to 1.45 billion yuan… This is the ups and downs of Pengli Bio’s valuation in the preclinical CRO track.

Recently, this acquisition, which was launched in January 2025, finally made new progress. Optima (688293) announced that its 100% equity acquisition plan for Pengli Biotech was approved by the Shanghai Stock Exchange. The company plans to acquire this former star company through the method of “stock issuance + cash payment” and the targeted issuance of stocks to 35 specific investors to raise supporting funds.

It is indeed worth noting that during the acquisition process, differentiated consideration became the highlight of the transaction. To put it simply, optima divides the shareholders of Pengli Biotech into 4 levels, each using different valuations. Among them, the maximum price difference between the first and last shareholders reaches 1 billion yuan.In addition, this transaction also includes innovative terms such as installment payment, reverse linkage, and share lock-up.

The first and last shareholders, the price difference is as high as 1 billion

For a CRO company that sells itself, the price difference of 1 billion yuan is undoubtedly an eye-catching figure.

According to the declaration, Pengli Biotech’s external financial investors were divided into four levels, with transaction considerations of 1.23 billion yuan, 1.5 billion yuan, 1.83 billion yuan, and 2.18 billion yuan respectively. although the controlling shareholder PL HK is not among the four tiers, its consideration is still at the lowest position. Its 23.72% equity is approximately 292 million yuan,which corresponds to a valuation of 100% equity of Pengli Biotechnology at 1.23 billion yuan; and this part of the transaction is paid with “50% shares + 50% cash”. Among them, 50% of the shares will be paid in three installments.

In other words, the controlling shareholder of Pengli Biotech does not get nearly 300 million yuan in real money at once, but to fulfill its performance commitments.

At the same time, the management team and core personnel also signed a non-competition agreement, promising to continue to serve during the performance period and provide performance compensation. This part of the equity is controlled by two employee stockholding platforms, jiaxing Huituo and Jiaxing Hetuo, with a total shareholding of 11.5%. The corresponding valuation is 1.32 billion yuan, and the transaction consideration is approximately 152 million yuan.

It can be seen that in this “prostitution case”, the founding team is the “deepest binder” of interests and responsibilities.

On the one hand, they cannot directly lock in the valuation consideration like financial investors, and the realization of equity value depends on the future performance of the company; on the other hand, the 50% equity payment seems to indicate that Optima is optimistic about the team and is willing to give this “equity incentive” to the core team to unlock it.

Let’s look at the “first-end” shareholders who got the highest valuation.This type of shareholders are mainly late-stage financial investors who entered the market before Pengli Biotech’s IPO in 2022.

Among them, Gusheng Investment is a typical representative of this category, and it also includes star capital parties such as Sequoia Hengchen and Hillhouse.

As a first-round investor, Gu sheng Investment is one of the 31 exiting shareholders of “Pengli Biotechnology”. One of the few investors who did not need to lock up the shares and exited with all cash, the other one is TF Capital 2.

According to the announcement, gusheng Investment holds a 4.66% stake in Pengli Biotechnology, with a corresponding consideration of 57.7648 million yuan, which will be settled in cash.

Financing data shows that Gusheng Invest

Pengli Biotech: A Rising Star in China’s Preclinical CRO Industry

The domestic preclinical Contract Research organization (CRO) industry is crowded, with over a thousand participants often engaged in price wars due to homogeneous service offerings. Simultaneously, innovative pharmaceutical companies are facing tighter financing and are demanding greater cost-effectiveness from their CRO partners.

Overcoming Industry Challenges

Despite thes challenges,Pengli Biotech is demonstrating strong growth,emerging as a key player. As of the end of October 2025, the company boasts a substantial order backlog of 252 million yuan, representing a significant year-on-year increase of 37.68%. This success is driven by a strategic focus on high-growth areas within the pharmaceutical research and advancement sector.

Strategic Focus on Large Molecule Innovation

Pengli Biotech has strategically positioned itself within the rapidly expanding field of large molecule innovative drugs,including Antibody-Drug Conjugates (ADCs). Revenue from these services now accounts for over 50% of the company’s total revenue. Moreover, the company is actively involved in other promising areas such as small nucleic acids, Cell and Gene Therapy (CGT), and vaccine development.

Leadership and Expertise

The success of Pengli Biotech is also attributed to the strong leadership of its founder, Jifeng Duan. Dr. Duan brings a wealth of experience and expertise to the company. He is a postdoctoral fellow in pharmacology from the University of South Alabama, a specially appointed expert in Shanghai/Pudong New Area, and holds USMLE/ECFMG certifications for clinical doctor qualifications in the United States. Prior to founding Pengli Biotech, he held positions at prominent pharmaceutical companies including Synta and Hutchison Whampoa Pharmaceuticals.

A History of Identifying Key Trends

Dr.Duan has demonstrated a keen ability to identify and capitalize on emerging trends in the pharmaceutical industry. This has led to two significant growth periods for Pengli Biotech:

• 2017: Pengli Biotech strategically entered the CRO services market for tumor immunotherapy, coinciding with the surge in domestic PD-1 drug research and development. This move propelled revenue growth from tens of millions to hundreds of millions of yuan.
• 2021: The company expanded into the field of small nucleic acids,positioning itself for future growth in this innovative area.

Looking Ahead

pengli Biotech’s current momentum suggests a continued trajectory of growth.By focusing on high-value, specialized services and leveraging the expertise of its leadership team, the company is well-positioned to thrive in the evolving landscape of the Chinese CRO industry. The company’s commitment to innovation and strategic foresight will likely be crucial in securing future success and solidifying its position as a leading provider of preclinical research services.

Key Takeaways

• Pengli Biotech is experiencing significant growth in a competitive CRO market.
• The company’s focus on large molecule drugs (including ADCs) and emerging therapies is a key differentiator.
• Strong leadership and a history of identifying key industry trends contribute to Pengli Biotech’s success.
• The company’s order backlog indicates continued positive momentum.