Chi-Med opted to raise modest funds in the US to extend its cash runway ahead of a ‘big year’ but still intends to pursue a larger Hong Kong listing at an appropriate time, its CEO tells Scrip.

2019 will be remembered as a banner year for international drug makers as many grew at phenomenal rates in China, despite expansion of the “4+7” centralized procurement scheme and steep price cuts in exchange for reimbursement. As the government continues to emphasize affordability for cancer drugs and major anti-infectives, competition is heating up quickly and immune-oncology alone has seen six PD-1s elbowing each other for market share.