HONG KONG - U.S. and China-based Terns Pharmaceuticals Inc. closed an $87 million series C financing round that will pave the way for the company’s pipeline of candidates to treat nonalcoholic steatohepatitis (NASH).

BEIJING – Beigene Ltd. out-licensed its anti-PD-1 monoclonal antibody tislelizumab to Novartis AG in a deal worth up to $2.2 billion, including $650 million up front. Novartis gains rights to develop and commercialize tislelizumab in the U.S., Canada, Mexico, the EU, the U.K., Norway, Switzerland, Iceland, Liechtenstein, Russia and Japan.

HONG KONG – China National Biotec Group (CNBG) said that BBIBP-CorV, one of the two COVID-19 vaccines it currently has under development, provides 79.34% protection against the coronavirus.

Chinese regulators granted a first approval for general use to a COVID-19 vaccine to China National Biotec Group’s (CNBG) BBIBP-CorV. “The NMPA granted conditional approval to the vaccine on Dec. 30,” said Chen Shifei, deputy head of the National Medical Products Administration (NMPA) during a Dec. 31 press conference. The company is required to continue with phase III trials as planned, submit subsequent data and report any adverse reactions.

HONG KONG – With the sale of a group of noncore assets to a little-known Chinese company, Takeda Pharmaceutical Co. Ltd. took another step in a multibillion-dollar string of divestitures that is part of a plan to cut debt and focus on five key business areas. Takeda announced on Dec. 21 the sale of a portfolio of noncore prescription drugs marketed in China to Hasten Biopharmaceutic Co. Ltd. (China).

HONG KONG and BEIJING – China’s Sinovac Biotech Ltd. delayed releasing trial data from its Coronavac COVID-19 vaccine while the National Medical Products Administration (NMPA) accepted an NDA from China National Biotec Group (CNBG) for its own vaccine, BBIBP-CorV.

China has added 119 new drugs to its national reimbursement drug list (NRDL) with an average price cut of 50.64%, a move that biopharmaceutical insiders said will further encourage drug innovation at home, despite lower drug prices. More innovative drugs, notably all homegrown PD-1 inhibitors, are included in the latest NRDL that will take effect from March 1, 2021 to the end of 2023.

HONG KONG – Shanghai Junshi Biosciences Co. Ltd.’s toripalimab has reached its prespecified primary endpoint of progression-free survival at the interim analysis of a phase III study in non-small-cell lung cancer (NSCLC), as efforts to expand approval of the anti-PD-1 antibody into other cancer types are underway.