Out of the more than 40 approvals granted to new drugs in China in 2021, domestic companies bagged around half to catch up with their multinational peers in the annual innovation scorecard.

Private Company Edition: Jeito says its new first fund is Europe’s largest life science-focused fund. Illumina will use its venture capital to support tools, diagnostics, therapeutics and more. Also, IASO closed a $108m series C round and Amolyt raised $80m in series C financing.

A review of drugs and supplemental uses since the project’s inception shows roughly one-third of the products reviewed have been NMEs.

The approval of China's second CAR-T therapy has come amid reimbursement challenges, despite the pricing of its direct competitor being much lower than in the US. Chinese developers are pinning their hopes on rapid domestic market expansion via commercial insurance tie-ups as other CAR-Ts move through local development.