Private Company Edition: Also, Medicxi’s new €200m fund will be reinvested in a portfolio of six life science companies and Silverback more than doubled its 2020 money with an $85m series C round.

Headquartered in both China and US, the new firm will help partners bring drugs to China and other Asian markets. Novavax licenses COVID-19 vaccine in Japan to Takeda, following previous week’s deal for the vaccine in India.

Deals among domestic Chinese biotechs are growing fast, reflecting a need to huddle up amid tightening scrutiny over biotech deal-making and an unusually competitive immuno-oncology market.

Still a largely self-pay market, China is in the middle of a new drug approvals rush with 48 clearances in 2018 and more pending, forcing manufacturers to innovate their access models. Among several emerging strategies, a "Three P" combination of pricing, private insurance and patient assistance seems to be winning the day.