With only weeks to go in 2022, the three major pharmas each had inked between 16 and 20 deals. Meanwhile, Pfizer has been less busy with 12 deals, but those include M&A totaling $18.2bn.

Farewell established products, hello innovative new drugs! As pricing pressures mount, more multinational companies including Lilly and Roche are switching their business focus in China, looking at product divestments and partnering with local firms.

Ascletis was the first with a new listing under new Hong Kong rules, but BeiGene also sold shares on the HKEX; the companies raised more than $1bn combined. Also, TherapeuticsMD sold stock in the US to commercialize Imvexxy, Curon raised the latest $150m VC mega-round, and NewLink cut jobs in R&D refocus.

Pipeline Watch is a weekly snapshot of selected late-stage clinical trial events announced by pharmaceutical and biotech companies at medical and industry conferences, in financial and company presentations, and in company releases and statements.