Over the past two decades, Singapore has ambitiously set out to tap into the rise in biological technology (biotech) and establish itself as a world-class hub. The Biopolis Research and Development Centre, a government initiative, is a significant driving force behind the sector’s growth. This biomedical sciences research hub hosts over 50 biomedical companies and 10 A*STAR research institutes and consortia, fostering collaboration between researchers and non-researchers.
Singapore’s pharmaceutical exports and biotech-related companies have been skyrocketing, with the sector projected to grow by 8% annually. Supportive government policies, a robust academic and research environment, increasing market demand, and a skilled labour force fuel the growth of the city-state’s biotech sector.
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With its unwavering focus on innovation and an established biological technology sector, Singapore is on the cusp of a biotech boom, poised to become a global leader in this transformative industry.
Here’s a closer look at some of the top biotech startups in Singapore that are driving this growth:
Engine Biosciences
Engine Biosciences, a Singaporean-based biotech startup, is a shining example of innovation in the sector. The company leverages AI and machine learning to help pinpoint precision medicines for cancer and complex diseases. Its processes help expedite drug discovery and development.
Its precision medicine R&D platform deciphers biological networks to pinpoint fundamental genetic interactions that drive diseases, overcoming the challenges posed by biological complexity. This innovative approach enables the rapid identification of effective precision medicines for biomarker-defined patient populations.
In October 2023, the startup raised an additional USD 27 million in a Series A extension round, bringing its total funding to USD 86 million. The financing saw participation from Polaris Partners, with existing investors such as ClavystBio, Invus, and EDBI, as well as new investors Coronet Ventures and SEEDS Capital. With these additional funds, Engine plans to advance its biomarker and target discoveries toward clinical applications through internal development, collaborations, and partnerships.
Hummingbird Bioscience
Another local startup, Hummingbird Bioscience, a clinical-stage biotech firm, is making significant strides in developing antibody therapeutics for cancer and autoimmune diseases. Leveraging its AI-enabled Rational Antibody Discovery platform, the company designs tailor-made antibodies that inactivate cancer cells, inhibit tumour growth, and prevent drug resistance.
The company raised a USD 125 million Series C financing round in 2021 led by Novo Holdings, SK Inc and Heritas Capital, with new investors such as Frazier Healthcare Partners and Octagon Capital also participating. The funds are helping advance the clinical development of its lead assets, expand the capabilities of its Rational Antibody Discovery platform, and progress its next-generation pipeline, including HMBD-009, a BCMA-TACI dual-specific T cell engager.
Tessa Therapeutics
Tessa Therapeutics, a clinical-stage cell therapy company, is advancing the development of next-generation cancer treatments for both haematological malignancies and solid tumours through its innovative Virus-Specific T cell (VST) platform, designed to enhance the effectiveness of immunotherapies against solid tumours.
On June 9, 2022, Tessa announced closing a USD 126 million Series A financing round led by Polaris Partners with existing investors, including Temasek, EDBI, Heliconia Capital, and Heritas Capital. With this financing, Amy Schulman and Darren Carroll, Managing Partners at Polaris Partners, joined Tessa’s Board of Directors.
The funds will advance the clinical development of Tessa’s autologous CD30-CAR-T therapy (TT11) and allogeneic CD30.CAR EBVST therapy (TT11X) programs. Additionally, the CD30-CAR-T clinical trial supplies will be manufactured in Tessa’s newly qualified state-of-the-art commercial cGMP facility.
Takeda Pharmaceuticals (Asia Pacific) Pte. Ltd.
Established in 1781, Takeda Pharmaceutical Company Limited has a global reputation as an innovative disease treatment and prevention leader. The company’s expertise spans gastrointestinal and inflammatory diseases, rare diseases such as haemophilia and Hunter syndrome, plasma-derived therapies, oncology, neuroscience, and vaccines for dengue, COVID-19, and other infectious diseases.
In 2016, Takeda partnered with the Bill & Melinda Gates Foundation, receiving a USD 38 million grant to support global polio eradication in developing countries. Under this initiative, Takeda developed, licensed, and supplied at least 50 million doses per year of Sabin-strain inactivated poliovirus vaccine (sIPV) to over 70 developing countries, with production in its Hikari, Japan facility.
This initiative aligns with Takeda’s strategy of using innovation and partnerships to address critical unmet needs in global public health and the Sustainable Development Goals set by the United Nations.
Medical innovation at its peak
The biotech boom has significantly influenced the landscape of medical innovation, particularly in the region. Companies like Tessa Therapeutics, Hummingbird Bioscience, and Engine Biosciences exemplify the top biotech startups in Singapore, leading advancements in precision medicine, cell therapies, antibody therapeutics, and innovative vaccine development.
These companies not only contribute to global health through groundbreaking research and strategic partnerships but also bolster the city state’s reputation as a hub for cutting-edge biotechnology. With continuous support and investment, these startups are well-positioned to address some of the world’s most pressing health challenges, offering a hopeful outlook for the future of healthcare.