Public Company Edition: Direct Biologics, YishengBio and Estrella Biopharma will go public by merging with special purpose acquisition corporations. Also, Vir lands a government contract worth up to $1bn, Idorsia raises CHF164m ($167.4m) in a real estate deal and Adamis reviews alternatives.

The Biden Administration’s latest Executive Order is aimed at shoring up investment in the US and securing supply chains for pharma and biotech products and is already impacting China's CDMO sector, but the long-term impact may be more nuanced, experts predict.

Biopharma stock prices overall are trending down again, but standout firms are raising cash, including the first company to price an IPO over $100m since May, Third Harmonic. Also, Sarepta and Alnylam launched large note offerings, totaling $1bn and $900m, respectively.

Legend/J&J’s CAR-T cilta-cel and Chi-Med’s surufatinib would follow BeiGene’s Brukinsa, which won FDA approval in November 2019.