Dan Liu is the Managing Partner at Pivotal bioVenture Partners, where he leads investments in the life sciences sector. With deep expertise in biotech innovation and cross-border collaboration, he focuses on advancing breakthrough therapeutics, medtech and healthcare tools while building global partnerships that connect China’s operational strength with U.S. innovation.
As managing partner of Pivotal bioVenture Partners China, I lead our investment team and oversee operations across Greater China. My responsibilities include setting investment strategy, identifying and evaluating opportunities in the life sciences sector and supporting portfolio companies in their growth. Working with an experienced team, I ensure each investment delivers strategic value and expertise.
Pivotal China focuses exclusively on life sciences. Our mission is to invest in and build companies that address significant unmet medical needs through breakthrough innovation. Our approach rests on three pillars: innovation, cross-border collaboration and globalized resource deployment. These guide us in navigating the biotech landscape, leveraging strengths from both China and the United States.
We focus on therapeutics in areas where differentiated solutions can drive major impact. Milestones like SanReno’s acquisition by Novartis, Zenas’s NASDAQ IPO and Visen’s HKEX IPO showcase how we accelerate therapies globally. We also invest in MedTech and life sciences tools, fostering growth from diagnostics to treatment delivery. Our goal is to build a resilient portfolio from early discovery to commercialization, integrating China’s capabilities with U.S. leadership to expand healthcare access worldwide.
Efficiency Innovation and ESG Growth
Investor enthusiasm for China is driven by three major USD capital trends. First, operational speed and capital efficiency are crucial. China advances drug development quickly and at lower costs, with biotech companies moving from early discovery to drug candidate selection ahead of the global average. Efficient patient enrollment and trial execution shortens timelines, reduces risks and increase investment appeal. Second, quality and differentiation are now critical. Investors seek strong therapeutic pipelines backed by robust preclinical and clinical data. While the U.S. and Europe lead in modalities like degraders and radiopharmaceuticals, China is advancing in multi-specific antibodies and antibody-drug conjugates. Assets with global potential attract the most, regardless of origin.
Third, investors value technology platforms that can produce multiple assets. Platforms such as siRNA and ADC technologies with strong clinical proof-of-concept and can be extended across diverse targets, turning breakthroughs into repeatable value creation. Growing acceptance of China’s clinical data strengthens this approach, as validated platforms are now increasingly licensed or partnered globally. Scalable innovation engines that move from a single molecule to a differentiated portfolio are leading the next phase of value creation.
“Our mission is to invest in and build companies that address significant unmet medical needs through breakthrough innovation”
Over the past decade, ESG has evolved into an essential part of investment, moving beyond a checklist to a critical lens for managing risk and supporting long-term value, especially in healthcare. ESG helps identify companies that can adapt to regulatory, environmental and social pressures. Firms with strong strategies, such as transparent governance and environmental controls, tend to be more resilient and perform steadily during uncertainty. For emerging fund managers, ESG should be embedded across the investment cycle. This includes integrating metrics in due diligence, engaging portfolio companies to improve practices and tailoring assessments to local market realities rather than relying solely on international standards. Given rising expectations from LPs and regulators, ESG is a practical, evolving tool to mitigate risks and add value. A flexible ESG framework helps identify operational and regulatory risks while highlighting companies with strong governance or sustainability practices.
Building Trust through Readiness and Collaboration
To succeed with cross-border capital, earlystage managers and startups should combine strong science with operational readiness. Understand regulatory requirements, build early relationships with regulators and adapt development plans to local guidelines. Second, manage capital effectively. Prepare for long development timelines and secure diverse funding sources for both R&D and commercialization to inspire investor confidence. Third, maintain high standards in scientific rigor. Provide validated data and rely on experienced research leadership to build credibility. Consider commercialization early by preparing for market access and relevant partnerships. Finally, adopt a global mindset to serve international markets. This integrated approach builds investor trust and drives productive cross-border partnerships.
One important trend is the rising value of collaboration with Chinabased healthcare assets. Multinational companies and global investors are partnering with Chinese biotech firms not only for capital access but also for cost efficiency, operational advantages and improved innovation quality.
Cost efficiency is a defining advantage. As life sciences companies face pressures from drug pricing changes and expiring patents, many are intensifying business development efforts in China. Upfront payments for out-licensing deals in China have risen, fueled by interest in high-potential assets, yet remain below global averages. Development expenses from R&D through clinical trials are significantly lower, aided by affordable patient recruitment and accessible core therapies, which enable faster trial execution. Operational efficiency is now widely recognized. Chinese biotech companies enroll patients quickly and conduct complex studies at scale, generating essential clinical data in shorter timelines. The number of first-in-class drug candidates from China has grown steadily. Third, the quality of clinical data is improving, gaining global credibility and supporting licensing and regulatory approval globally.
In summary, the climate for crossborder collaboration is highly promising. Efficient access to innovation, operational strengths and growing confidence in data quality make Chinese assets an increasingly important part of the global healthcare ecosystem. With a spirit of partnership and a focus on shared goals, such collaborations can meaningfully advance patient care worldwide.
