QL Biopharm's ¥500M+ Series C Signals a New Front in the GLP-1 Wars When OrbiMed leads a round into a Chinese biotech at this stage, it is worth paying attention — not because of the capital itself, but because of what it implies about where the global metabolic disease market is heading. QL Biopharm's Series C of over RMB 500 million (≈$70 million), closed in early March 2026, is not a bet on a me-too GLP-1 product. It is a structured wager on a specific technical hypothesis: that dosing frequency is the next major competitive axis in obesity and metabolic disease treatment, and that a company that cracks once-monthly peptide delivery — before the Western incumbents do — can capture a disproportionate share of what CIC projects could be a USD 209.5 billion global GLP-1 drug market by 2035. European founders and investors in the metabolic health space should…