10 orphan drugs imported from overseas, and 40 new drug approvals, including many from domestic developers, capped 2023 as one of the busiest years for China's drug regulatory agency, as Beijing pivoted to emphasizing affordable innovation and expanding access to newer therapies for rare conditions.

With the success of the partnership between J&J and partner Legend, more Chinese cell therapy developers are now looking to enter the US market. But for a complex product like a CAR-T therapy, the journey to the West is not short of challenges. Nasdaq-listed Gracell Bio wants to give it a shot based on quicker delivery and cost-effectiveness advantages.

Shanghai’s biopharma sector has started to regain momentum and is beginning to see its innovation bets paying off, with support from the local government.

Private Company Edition: Acelyrin will use its latest funding for Phase III development of izokibep in inflammatory diseases. Also, ArsenalBio raised $220m to take its programmable cell therapies into the clinic and RayzeBio’s $160m series D round will fund clinical trials for its radiopharmaceuticals.