BioRay Pharmaceutical Co Ltd based in Taizhou, East China's Zhejiang province. [Photo/WeChat account: tzfb001]

BioRay Pharmaceutical Co Ltd, headquartered in Taizhou, East China's Zhejiang province, has been listed as a 2022 unicorn company in China. 

The inclusion of BioRay Pharmaceutical on the prestigious list was recently announced in a report by Greatwall Strategy Consultants, a private think tank specializing in new economic models, located in Beijing.

This distinction marks a significant milestone for Taizhou, as BioRay Pharmaceutical becomes the first unicorn company to originate from the city.

To be considered a unicorn in China, a company must fulfill certain criteria, such as being established for no more than 10 years, having a valuation exceeding $1 billion, and being a high-growth, innovative company that has received private equity investment but has not yet gone public.

With over 1,000 unicorn companies globally, China ranks second in terms of the number of such enterprises, with most concentrated in first-tier cities like Beijing, Shanghai, and Guangzhou.

BioRay Pharmaceutical's inclusion on the list is not only an acknowledgment of the company's prowess in the field of biopharmaceuticals and its innovative research and development capabilities but also highlights the strength of the healthcare industry in Taizhou.

BioRay Pharmaceutical specializes in the field of immunology and currently boasts a portfolio of over 20 major R&D projects. More than 10 of these projects have entered clinical trials, and six have already been successfully commercialized and launched.

A notable achievement for the company occurred in May, when the National Medical Products Administration approved its independently-developed drug, Zuberitamab Injection, for market release. The new drug will provide new treatment options for patients battling lymphoma.