Full-Life Technologies (辐联医药)

Radiopharmaceutical company founded in Shanghai in 2021 that is building its own actinium-225 GMP plant in Belgium.

1. Core Product / Service

Full-Life develops radiopharmaceutical conjugates (RDCs) from its UniRDC discovery platform. It aims to own the whole value chain, from isotope supply to manufacturing to commercialization [2][4].

[225Ac]-FL-020: prostate cancer, in clinical development [2].
[225Ac]-FL-261: multiple solid tumors, in clinical development [2].
Goal: three clinical-stage programs by the end of 2026 [2].

2. Target Users & Pain Points

Patients with cancers addressable by targeted alpha therapy. The industry bottleneck is a scarce supply of actinium-225, which limits how many radiopharmaceuticals can reach patients. Full-Life's answer is to produce its own isotope [2].

3. Competitive Landscape

Player	Positioning	Vs. Full-Life
Global radiopharma leaders and recent big-pharma acquirers	Approved lutetium RLTs; buying alpha-emitter biotechs	Full-Life bets on Ac-225 plus its own supply
yili-pharma	Hangzhou radiopharma startup founded in 2024	Much earlier; China-only footprint
Other Chinese nuclear-medicine biotechs	Mostly rely on third-party isotope supply	Full-Life integrates isotope manufacturing

4. Unique Observations

Wet-lab and manufacturing model: it is vertically integrated.
- In May 2023 it bought 17,000 m² of land in Gembloux, Belgium, and broke ground in December 2023 on a 4,000 m² GMP building [5][6].
- The 2026 Series D funds the start of GMP-grade Ac-225 production there [2].
- Its China-side radiochemistry lab footprint is not disclosed.
Debt as well as equity: the B, C and D rounds each paired equity with debt, which suits capex-heavy plant construction [2][4][5].
Founder background: the founding CEO is a serial entrepreneur from finance and drug-discovery services, not a radiochemist [4].

5. Financials / Funding

Round	Date	Amount	Lead
Seed	2021	US$10M	Chengwei Capital, Geding Ventures [4]
Series A	2022-05	RMB 250M	Sequoia China [4]
Series B	2024-01	US$47.3M equity + US$16M credit	Prosperity7 Ventures and an unnamed fund [4]
Series C	2025-09	US$50M equity + US$27M debt	Junson Capital [5]
Series D	2026-05-18	≈US$110M equity + ≈US$40M debt	Vivo Capital; SK Biopharmaceuticals participated [2][3]

Total raised: nearly US$350M including debt [2].
SK Biopharmaceuticals (2024-07): global rights to FL-091 (NTSR1), for up to US$571.5M including upfront and milestones. The upfront was not disclosed. SK also has a right of first negotiation on other programs [7].

6. People & Relationships

Co-founder & CEO: 孙沛淇 (Sun Peiqi). He previously founded Silicon Therapeutics (硅康医药), acquired by Roivant in 2021. Press releases name the CEO as "Lanny Sun"; matching the two names is an inference [4][7].
Co-founders: 黄仲廉 (Huang Zhonglian), a cancer biologist, and 丁航海 (Ding Hanghai), former China general manager of Amersham [4].
President & CFO: Julie Wu (吴艺霞) [2][3].
Partner/investor: SK Biopharmaceuticals.
Peers: yili-pharma.