After immuno-oncology, mRNA is fast becoming a hot area in China as a flurry of biotechs from I-Mab to Kangtai partner with a little-known developer.

Created to take on Nasdaq in the US, the Shanghai Stock Exchange’s STAR Market is celebrating its two-year anniversary with star performers such as CanSino. But its viability as an alternative will be tested by BeiGene, which is set to start trading in Shanghai following dual listings in New York and Hong Kong, with the latter continuing to attract other biopharma IPOs.

Junshi and Coherus's PD-1 was already gaining attention for a particularly difficult cancer type even before the meeting, but new data add to its luster ahead of a potential US approval. 

EQRx is one of several Western companies that have been looking to China for new PD-1 inhibitors at a lower cost.