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.

RemeGen touched down in Shanghai to score a dual listing on top of a 2020 initial public offering in Hong Kong. Meanwhile, domestic HPV vaccine maker Recbio and small molecule-focused Shouyao made their debuts on the Hong Kong and Shanghai markets respectively.