Multiple factors were behind Merck & Co’s rise to ace AstraZeneca and others to become the leading pharma multinational in the world’s second-largest pharma market in 2023, including partnerships and competition and a strong position in the growing HPV vaccine sector.

Although the domestic developer did not provide sales figures for 2023, a new homegrown shingles vaccine in China is poised to eat into the market share of GSK’s Shingrix in the country.

Two bioventures in China have jettisoned immuno-oncology assets, including PD-1/L1- and CD47-targeting agents, while four other firms have disclosed shifts in R&D priorities and employee lay-offs as they deal with challenging conditions.

Red Tree Venture Capital closed its first fund with $272m for biotech companies emerging from academic and research institutions, seeking to fill a need for early-stage funding on the West Coast.