The average return for companies that went public in the US through the end of September was 49.4% as of 5 October. The fourth quarter started with four additional initial public offerings on 1 October.

After a brief lull in US initial public offerings, PainReform and three special purpose acquisition companies kicked off September’s IPOs. Also, Immunovant offering grossed $173.9m, Carlyle Group bought 5% stake in China’s Salubris and Erasca increased its series B to $236m. 

In another clear signal that China's innovative drug R&D is coming of age, most global rights to I-Mab's promising early-stage CD47 antibody have been picked up by AbbVie in a deal valued at close to $2bn.

Recent serious developments and flare-ups between the US and China send chills in investor community, raising grave concerns and increasing uncertainty over cross-border deals and fund flows, amid an ongoing global health crisis.