Private Company Edition: In addition to Adiso, Creyon recently launched with $40m and TRexBio extended its series A by $26m to $85m total. Also, Kurma Partners raised the first €160m of a planned €250m fund to back companies transitioning from R&D to commercial operations. 

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. 

A recent trade group report points to a rising and alarming "Buy China" trend in procurement rounds in the country. Although largely in medical device bidding, it may potentially affect the pharma sector, an analysis from the recent “4+7” centralized bidding scheme show.

Multinationals are feeling the heat to win in China's latest drug procurement battle. The winning prices have surprised even previous winners and may have a profound and long-lasting impact on the pharma sector.