Plus deals involving Ono/PeptiDream, Onconic/Livzon, Teijin/Novartis, Eisai/Biogen, Abbisko/Allist, Daewoong/M8, GC Biopharma/Catalyst and KYM Biosciences/AstraZeneca.

When the traditional fundraising window closes and clinical, regulatory or commercial success eludes, other routes to raise cash emerge. But these have also become more scarce recently, leaving all-stock consolidations.

Around the turn of the year, four Chinese biotechs including Kelun Biotech and BioRay ramped up funding with deals worth more than $100m, at a time when overall investment sentiment in the sector remains gloomy.

The past year witnessed only one major acquisition of a Chinese biotech by a major pharma company. However, some established firms such as Hansoh have set a new course for collaboration with much smaller peers by in-licensing preclinical assets.