Huyuan Biotechnology
合源生物
Huyuan Biotechnology (合源生物) is a Chinese cell and gene therapy (CGT) biopharmaceutical company co-founded in June 2018 by Dr. Lulu Lyu, who serves as its CEO . Lyu came from a multinational pharmaceutical background with experience bringing drugs like Gleevec to China, and launched Huyuan with a pitch to build "China's own CAR-T" — securing early funding from Dalton Venture within a month . The company's core focus is developing CAR-T therapies for hematological malignancies, with its flagship product being naxitamab injection (纳基奥仑赛注射液), which has treated over 100 Chinese patients with acute lymphoblastic leukemia in clinical studies as of 2023 . Dalton Venture, an early backer, has continued to feature Huyuan as a portfolio success story, noting in 2025 that it had grown into a "globally leading" cell and gene therapy innovator and was named a national-level "little giant" that year .
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Coverage
From Early Innovation to Industry Recognition: A Map of Dalton Venture's Specialized and Innovative Portfolio Companies
"Specialized, refined, distinctive, and innovative" enterprises are increasingly becoming a key benchmark for assessing the growth quality of China's technology and innovation companies. It represents not only a company's technical strength, innovation capability, and growth potential in niche sectors, but also serves as external validation from the industrial system of the value of outstanding SMEs. Recently, **Xuanyu Medical**, a **Dalton Venture family company**, was once again named to **Shanghai's second batch of 2026 specialized, refined, distinctive, and innovative SMEs. This marks Xuanyu Medical's continued recognition following its 2023 selection.
Steady Steps Toward Renewal, Momentum Into Waves | DTX 2025 Annual Review
Those who walk deeper into the cycle always spot the next beam of light.
A Decade of Dalton, Igniting a New Chapter of Intelligence | Dalton Venture's 2025 Annual Partners Meeting and 10th Anniversary Forum Concludes Successfully
Together, Toward the Brilliance and Distant Horizons of the Next Decade
Riding the Wind, Breaking Boundaries — Tides Surge in Hong Kong | Dalton Venture 2025 CEO Summit Successfully Concludes
At the intersection of technological revolution and industrial transformation, what should be the starting point for the globalization of the life sciences industry? Where should mainland Chinese healthcare innovators set their first foothold for overseas expansion? Against a backdrop of intensifying international competition and sustained policy tailwinds, is Hong Kong — a city that blends international perspective with institutional advantages — emerging as the bridge for tech ventures to reach the world?
Steadfast Progress, Grounded in Action | Dalton Venture's 2024 Year in Review
Looking back at 2024, "adjustment" and "patience" became the defining keywords for venture capital. Yet on the long-distance track of life sciences and medtech, Dalton Venture kept moving forward with steady, deliberate strides. We navigated market fluctuations, caught glimpses of innovation, and helped companies take root and grow through the cycles — writing a new chapter of innovation-driven development with the power of capital.
New Order, New Positioning, New Engine | Dalton Venture 2023 Annual Partners Meeting Successfully Held
One gathering closes, another horizon opens. Keep exploring the boundless frontier of innovation!
Inside Dalton Venture's Family of Companies | Boosting Long-Term Survival Rates with a Single Injection: How This Innovative Drug Developer Is Taking on Leukemia
CAR-T cell therapy is seen as a new hope in humanity's fight against cancer.
A Visit to a Dalton Venture Family Company | Heyuan Bio's Lulu Lyu: China's Homegrown CAR-T Therapy Is About to Become Reality, Bringing New Hope for Relapsed or Refractory Acute Lymphoblastic Leukemia Patients
"After nearly five years, He Yuan Bio's first core product, inaticabtagene autoleucel injection, has treated more than 100 Chinese patients in clinical studies for acute lymphoblastic leukemia — representing the largest accumulated dataset to date on CD19 CAR-T clinical safety and efficacy in a Chinese patient population."
The Essential GP Skillset Today: Reading Policy, Reading the Macro Trend, and Getting the Timing Right | Dalton Insight
China's past economic growth was bought with high-intensity input of production factors. The only way to break through going forward is to use technology to transform production relations and shift toward high-quality development.
The worse the market gets, the more GPs want LPs to have the guts to deploy capital.
GPs need to buckle down and get the work done — happily.
"6th Future Healthcare 100" Roundtable: Investing in Future Healthcare — How to Nurture World-Class Innovative Enterprises?
VBData's "6th Future Healthcare 100 Conference" took "China Story" as its theme. During the heavyweight panel discussion, titled *Investing in Future Healthcare: How to Support the Emergence of World-Class Innovative Companies*, six investment firms gathered to debate how China can continue producing world-class innovators and lead at the global frontier.
