VelaVigo was incubated by Panacea and was founded by Dr. Jing Li, the former head of early-stage discovery at WuXi Biologics. Dr. Li successfully led over 200 discovery programs during his tenure at Wuxi, and several programs became foundational drug candidates for major biotech companies worldwide. The company aims to be a major discovery engine for antibodies, extending to new constructs and technology platforms e.g., bi-specific antibodies and antibody drug conjugates. The company has a fully operational state of the art lab in Shanghai, 50 discovery engineers and is constructing a proprietary pipeline. Its business model is to self-develop, co-develop and partner with global players.