The Pharmaletter

BioRay Pharmaceutical

A commercial-stage biopharmaceutical company based in China, with operating sites in Taizhou and Hangzhou (Zhejiang), and additional presence in Shanghai and San Diego. The company states it has an integrated footprint spanning R&D, manufacturing, and commercialization.

Founding and History

BioRay was established in 2019 as part of the broader Hisun biologics platform build-out. The company traces its biologics R&D roots back to earlier Hisun activities, with commercial expansion accelerating from 2015 onward. In January 2026, BioRay disclosed that it had filed an application to list on the Hong Kong Stock Exchange.

Therapy Areas and Focus

BioRay’s portfolio is centered on immune-mediated diseases, with additional programs in oncology. Its marketed and clinical-stage activities include autoimmune biologics and oncology biologics, including both biosimilars and innovative antibodies.

Technology Platforms and Modalities

BioRay’s R&D emphasis is antibody-based biologics. The company describes capabilities across:

Biosimilars and bio-better biologics
Novel monoclonal antibodies
Antibody-drug conjugates
Bi- and tri-specific antibodies

The manufacturing platform is positioned to support commercial-scale biologics production.

Key Personnel

Liu Min serves as chief executive officer.

Strategic Partnerships

BioRay uses partnering for regional commercialization and portfolio expansion. Recent publicized arrangements include:

Regional commercialization agreements for multiple biosimilars (including deals covering Turkey and parts of the MENA region)
A China commercialization agreement with UCB for bimekizumab (Bimzelx)
Cross-border regulatory and commercialization partnerships supporting international market entry

FAQ Section

BioRay develops and commercializes antibody-based biologics, combining a biosimilar franchise with development of innovative antibodies, including ADC and bispecific formats, supported by in-house capabilities from discovery through manufacturing.

The company focuses on immune-mediated diseases and oncology, with an autoimmune commercial base and an oncology pipeline that includes CD20-directed and ADC programs.

BioRay reports a portfolio that includes multiple marketed products and more than 10 clinical-stage candidates. Disclosed pipeline activity spans biosimilars and innovative biologics, including ROR1-targeting ADC development and additional antibody programs advancing through early and mid-stage clinical development. Trial phases are program-specific and include early clinical studies and later-stage evaluations.

Recent disclosed developments include BioRay’s January 2026 Hong Kong listing application and a series of international partnering steps, including a March 2025 overseas licensing deal covering three biosimilars for the Turkish market and a 2025 regional collaboration in the Middle East and North Africa for biosimilar commercialization.

BioRay has publicly highlighted late-stage results for its CD20 antibody program zuberitamab in oncology, including publication of Phase III study results in 2024. The company has also reported regulatory progress for oncology ADC programs, including U.S. clinical trial authorization for BRY812 and China regulatory acceptance for a ROR1-targeting ADC.

Key regulatory milestones in recent updates include U.S. clearance to proceed with clinical testing for BRY812 and ongoing China regulatory progression for innovative oncology biologics. Near-term execution is expected to remain focused on advancing clinical-stage oncology assets and expanding international registrations and commercialization for biosimilars.

BioRay is led by a management team with experience in biologics development and commercialization within China’s established biologics manufacturing ecosystem, overseeing a portfolio that includes marketed autoimmune products and an expanding oncology pipeline.

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