NewCo boom shows no signs of slowing

After a boom year in 2025, Asia’s NewCo model shows no sign of slowing. With Kidswell Bio’s cell therapy spinout announced Monday, at least three NewCos have already launched in 2026.

The model, in which assets from Asia are spun out into new biotechs in the West with backing from Western investors, exploded in popularity in 2025. The 13 NewCos announced that year more than doubled the six disclosed in 2024...