Jiangsu Yahong and 11 Chinese biotechs raised a combined $1.1bn via public listings and VC/PE deals in the run-up to and first week of the new year.

GlaxoSmithKline has discontinued treatment with its ICOS agonist feladilimab in the Phase II INDUCE-3 trial upon the recommendation of the study’s data monitoring committee, another setback for the big pharma’s plans to become a major force in the cancer therapy area.

Acquisition is based on the prospects for Immunomedics’ Trodelvy, but regulatory changes, manufacturing challenges, and research dynamics could upset even the best-laid plans.

The company paid twice Immunomedics’ last closing stock price to access Trodelvy, approved for triple-negative breast cancer with potential in other solid tumors as monotherapy and in combinations.