Already partnered on antibody-drug conjugates and a Phase III breast cancer candidate, Merck could pay up to $9.3bn under its third pact in 2022 with Kelun. Eisai divests Fycompa to Catalyst.

BridgeBio’s partner Helsinn terminated its agreement to commercialize infigratinib, which was approved in the US last year for treating the rare bile duct cancer, cholangiocarcinoma.

The Biden Administration’s latest Executive Order is aimed at shoring up investment in the US and securing supply chains for pharma and biotech products and is already impacting China's CDMO sector, but the long-term impact may be more nuanced, experts predict.

US-listed Chinese biotechs are switching auditors in hopes of satisfying the US securities regulator's demands - but legal experts also see other considerations at play.