Just one year ago, biotechs were queuing up to list in Hong Kong following a relaxation of rules, but now many are postponing plans or simply shifting away, impacted by the market's low valuations, fast-changing environment and surprisingly strong competition from a new Shanghai trading section.  

Compass raises $132m in Series A as it moves from screening to the clinic, and start-up HotSpot Therapeutics comes out of stealth mode with a $45m Series A financing co-led by Atlas Venture and Sofinnova Partners.

Daiichi Sankyo gains worldwide rights to an antibody-drug conjugate version of Glycotope’s gatipotuzumab for various cancers. Also, Tasly buys China rights to Mesoblast's CV candidates and India's Cipla grows in Africa.

AZ’s MedImmune to use 4D’s AAV vector technology to deliver therapies for chronic lung disease, while Roivant spinout Dermavant licenses Phase III-ready autoimmune candidate tapinarof from GSK.