Bidding War As China Opens Up $2Bn COVID-19 Antigen Test Market
After the recent spike in COVID-19, China has allowed the public to buy rapid antigen home-use tests. Prices offered in a recent government tender were cut by over 50% as local manufacturers rushed meet the demand opportunity.
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The annual reimbursement price negotiations between pharma firms and China’s National Healthcare Security Administration are just around the corner. While some have chosen to walk away from the process completely, others including majors BeiGene and Hengrui are girding up for another round of potentially deep cuts.
Leading the group were Trinomab Biotech, which develops antibodies for infectious diseases, and cell and gene developers BRL Medicine and XellSmart.
Transactions involving Biocon/Zentiva, CrystalGenomics/PanGen, Umoja/IASO, Marinus/Tenacia, Ono/Captor and Daewoong/HitGen plus deals in brief.