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.

Plus deals involving Dong-A/Polifarma, Intas/Syna, Kissei/Synmosa, Ono/Memo, Takeda/Shionogi, Fosun/Lilly and JW Therapeutics/2seventy bio.

During Q3, biopharma merger and acquisition value reached $15.4bn and drew in $37.6bn in potential deal value from alliances. Device company M&A values reached $550m, while in vitro diagnostic firms and research tools players completed M&A activity that totaled $1.9bn.

Private Company Edition: The Paragon Biosciences-founded Emalex previously raised $35m when ecopipam was in Phase II. Also, Catalio Capital launches a “special situations” fund, Zenas raises $118m to develop a pipeline of autoimmune disease treatments and Lusaris emerges with $60m.