The company is backing out of the development of several clinical-stage assets and will cut 170 positions while it changes its business strategy.

Against the prevailing headwinds in the biotech sector, two Chinese firms are bucking the trend of pipeline reorganization by eyeing the potential acquisition of assets from external partners to expand into more modalities and therapeutic areas.

Chinese pharma firms led by Kelun are moving fast to develop the next-generation of cytotoxic "warheads," a key component of antibody-drug conjugates, disclosed company executives at conference in Suzhou.

The European Medicines Agency has added five new drugs to its latest monthly list of medicines that are under review for potential EU marketing approval.