During Q4, biopharmas brought in an aggregate $17.5bn in financing and device company fundraising totaled $1.9bn; while in vitro diagnostic firms and research tools players raised $848m.

The latest mega deals aimed at bringing Chinese innovation to the US have rekindled go-global hopes for a sector badly needing some cheer. But some investors say out-licensing may be the best route and that Chinese biotech must scale back its do-all mentality and focus on what it does best amid a new reality.

The UK major’s Jesduvroq has become the first drug of its class to win US approval for anemic kidney disease but significant label restrictions have left some analysts lukewarm on its sales potential.

The hard going could get even tougher as a funding crunch continues for China’s biotech sector, which is being hit by a paradox that could see more pain ahead, leading investors to take the pulse of the sector as the Year of the Rabbit starts.