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ByteDance Spins Out AI Drug Unit at $1.5B — Sep 16, 2026ByteDance spun off its AI drug discovery unit, Anew Labs, into an independent company and just closed a $290 million first-round financing valuing it at about $1.5 billion, with ByteDance retaining a 56% controlling stake. The round, led by HSG, IDG Capital, Hillhouse, and 5Y Capital among others, bolsters Anew Labs’ global footprint and its pipeline and technology stack built around AI-driven drug discovery.

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