The sizzling race for China’s first approved KRAS inhibitor has seen Amgen/BeiGene’s Lumakras drop out and Mirati/Zai Lab’s Krazati lag in a confirmatory Phase III trial, while domestic fast-followers are in the meantime eyeing their first approval filings by the end of this year.

Public Company Edition: The closure of Silicon Valley Bank sank biotech stocks in the first full week of March, but valuations rose the next week when two big acquisitions were announced. Also, J&J’s consumer health spinout sold $7.75bn in notes ahead of its future IPO and Karuna grossed $400m in a follow-on offering.

Large or small, Chinese biotechs are receiving the cold shoulder from some investors amid souring investment sentiment. HanBio, Frontier and InnoCare have all seen their fundraising efforts hampered to various degrees.

InventisBio and Akeso seek to gross a combined $384.3m in an initial public share sale in Shanghai and a private placement in Hong Kong respectively, while Chipscreen completed raising $74.4m by selling convertible bonds in Shanghai.