Three years since the first cluster of SARS-CoV-2 infections were reported in Wuhan, China has finally put the first nail in the coffin of its strict "COVID Zero" policies. But as Beijing begins to relax its most restrictive rules, citizens remain concerned about ballooning infections, while a low vaccination rate among seniors and vaccine fatigue appear to be dimming hopes of a quick revitalization of the hard-hit economy and bruised consumer confidence.

Clearance by UK regulator allows trial to restart, with pivotal US trial hoped to follow suit to keep AstraZeneca and Oxford's candidate on track for a potential late 2020 readout. Plus, new results with Sinovac's vaccine in the elderly and progress with antibodies.

Biopharma financing totaled $3.7 billion in Q1 2012, $1 billion more than the previous quarter. A total of 22 M&As – with a potential value of $9.28 billion – were completed. Acquisitions of private biotechs structured with earn-outs were a highlight. About a quarter of the alliances involved Big Pharmas, with GlaxoSmithKline and Novartis taking the lead.

Merck is including its vaccine distribution partner Chongqing Zhifei in its development plan for at least two vaccines in China, while global firms regain a footing after new standards in the Chinese Pharmacopeia stilted their market growth.