Global pharmaceutical firms can look no further than across the Taiwan Strait when working to get products approved and launched in China faster.

The Melbourne biotech firm Cytopia is challenging a merger between the Australian biotechs Progen Pharmaceuticals and Avexa, saying it can offer a better deal to Progen shareholders.

The Australian biotechnology companies Progen Pharmaceuticals and Avexaare set to merge. Progen has proposed to shareholders a A$20 million ($13.9 million) share buyback option at A$1.10 per share, to be completed before the merger. The combined company, which will be called Avexa Pharmaceuticals, will have around A$60 million in cash at the close of the transaction.

Pacgen Biopharmaceuticals and the Taiwanese firm Medigen Biotechnology have signed a letter of intent to merge, in a deal to be completed next February. Current Medigen shareholders would own a majority of the as yet unnamed combined operation.