Recent billion-dollar successes in the French biotech ecosystem, such as Abivax and Medincel, are largely credited to their management teams. These leaders often have significant experience working in the US and other countries. This global perspective enables them to develop assets for a worldwide market, navigate different regulatory environments, and attract international funding, breaking the mold of previously localized French biotechs.
The commercial launch of Kymriah, the first CAR-T therapy, faced a unique logistical hurdle: Novartis, a pharma company, had to create a certification program to approve top-tier US medical centers like Dana-Farber, ensuring they could properly administer the complex treatment. This was an unprecedented requirement for a major pharma company interacting with renowned hospitals.
Unlike autologous therapies where one batch treats one patient, a single batch of an allogeneic therapy can treat thousands. This scalability advantage creates a higher regulatory bar. Authorities demand exceptional robustness in the manufacturing process to ensure consistency and safety across a vast patient population, making the quality control challenge fundamentally different and more rigorous.
The cell therapy Carvykti, now a multi-billion dollar product for J&J, originated from Legend Biotech in China. When initial data showing a spectacular 100% response rate was presented at ASCO in 2017, it was met with widespread skepticism. This highlights how groundbreaking innovation can emerge from unexpected regions and be initially overlooked by the established scientific community.
Jeito's investment strategy focuses on taking significant equity stakes in companies with early clinical data. This allows them to secure a board seat and actively influence strategy. They differentiate themselves by providing portfolio companies with access to a deep network of in-house experts in regulatory affairs, commercialization, and business development, acting as a true operational partner beyond just capital.
China's ability to accelerate biotech development stems from faster patient recruitment for clinical trials. With a large, treatment-naive patient population willing to participate in studies, early-stage oncology trials can be completed in about half the time it takes in the US. This provides a significant strategic advantage for de-risking assets more quickly and cheaply.
The $10 billion sale of Metsera to Pfizer highlights a massive valuation arbitrage opportunity in Europe. The company, funded by US VCs, derived significant value from an asset that originated from a London university spinout. This core asset was acquired for only $34 million upfront, demonstrating that European science can be undervalued and represents a source of hidden gems for savvy investors.
While in vivo CAR-T therapies eliminate complex ex vivo manufacturing, they introduce a new critical variable: the patient's own immune system. The therapy's efficacy relies on modifying T-cells within the body, but each patient's immune status is different, especially after prior treatments. This makes optimizing and standardizing the dose a significant challenge compared to engineered cell therapies.