Capital flows in aging research are shifting from a focus on drugs to investment in “systems” centered on AI drug discovery, manufacturing infrastructure and M&A. Japan’s exit strategies are being redesigned around global capital and regulatory requirements.
Cases of capital moving into AI drug discovery are increasing. Insilico Medicine raised funds through a Hong Kong listing at the end of 2025 and is emphasizing a business model that shortens the development timeline for preclinical candidates. Partnerships with Eli Lilly and Takeda Pharmaceutical point to a trend of connecting with major pharmaceutical companies at an early stage by licensing out the “process” itself rather than a drug.
Investment in manufacturing infrastructure is also accelerating. Cellares, which is developing a network of automated manufacturing facilities for cell therapies, has raised substantial funding and is targeting more consistent quality and lower costs through automation of large-scale production. Alongside new US laws and regulatory developments, the sector is taking on stronger characteristics of B2B infrastructure investment.
Moves to treat aging directly as a drug remain limited, but exit strategies centered on acquisitions and in-licensing, using existing diseases as the entry point, are becoming mainstream. Transactions in which regulatory risk is shared through CVRs are increasing, including Roche’s acquisition of 89bio and the acquisition of Akero Therapeutics.
The lack of scale in listings and limited fundraising capacity have been identified as challenges for Japan’s market. At the same time, initiatives such as new listing criteria for the Growth Market and support from AMED (Japan Agency for Medical Research and Development) for building an ecosystem are getting under way. Companies are expected to incorporate overseas capital and regulatory requirements from the time of their establishment and develop their exit strategies accordingly.