Despite no mega-deals (yet), the J.P. Morgan Healthcare Conference’s first day brings the usual flurry of deals, including a pair of tie-ups each for Bristol and Pfizer. BioNTech moves into cancer with Crescendo.

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.

Heading into the J.P. Morgan Healthcare conference, pharmas have been focusing on discovery alliances. J&J’s deals look into novel tissue-targeted drugs, ionic liquid delivery technology and cancer vaccine R&D. Lilly teams with Entos on novel methods for delivering neurology drugs.

Multinationals including AstraZeneca are retreating from China’s overcrowded immuno-oncology market but one exception - Pfizer - remains steadfast.