Latest data show a worrying public health trend that remains the top health concern in China despite surging COVID infections.

Public Company Edition: As their stock prices plummet, Adagio reshuffles its research plan and names a new CEO, while Yumanity restructures and seeks strategic alternatives. Also, Bristol sells $6bn worth of notes, Amgen issues $750m green bond, and Inhibrx and Amryt amend and refinance debt.

China has fielded several homegrown checkpoint inhibitors, using lower cost as an argument for the US market, but sintilimab – a key test case – has underscored FDA skepticism.

Multinationals including AstraZeneca are retreating from China’s overcrowded immuno-oncology market but one exception - Pfizer - remains steadfast.