The scale of the $8.5 billion deal signed between Innovent Biologics Inc. and Eli Lilly and Co. is eye-catching, but the structure is the real signal. By shifting phase II oncology development to China while reserving global rights ex-greater China, the partners are testing a model that could reshape how multinational drugmakers source innovation as well as how Chinese biotechs create value.

Delonix Bioworks Ltd. has obtained IND clearance from China’s National Medical Products Administration (NMPA) for its group B meningococcal (MenB) vaccine candidate, DX-104. This follows the successful completion last month of clinical trial notification (CTN) procedures and ethics committee approval in Australia.

Beijing Innocare Pharma Tech Co. Ltd. has gained IND clearance in China to conduct clinical trials of ICP-538, an orally administered molecular glue degrader targeting VAV1, which is a key protein downstream of T-cell and B-cell receptors. ICP-538 is being studied for the treatment of autoimmune diseases, such as inflammatory bowel disease, systemic lupus erythematosus and multiple sclerosis.

Insight Lifetech Co. Ltd. listed on the Shanghai Stock Exchange’s STAR market via an unprofitable biotech track reinstated last year, with the Feb. 5 IPO raising ¥998.64 million (US$143.93 million).

After raising $61 million in a series B round, Vibrant Therapeutics Inc. is gearing up to begin a U.S. phase I trial with its lead program, VIB-305, a masked T-cell engager (TCE) for treating EGFR-positive solid tumors.

China’s State Council updated its Drug Administration Law, and the changes mark a substantive evolution in the country’s drug regulatory framework.

Astrazeneca plc is investing $15 billion in China through 2030 to expand R&D and manufacturing, marking one of the largest long-term investments by a multinational pharma company in the country. The U.K.-based company also struck a deal worth up to $3.5 billion with China’s CSPC Pharmaceuticals Group Ltd. to accelerate the development of next-generation therapies for obesity and type 2 diabetes.

Genentech Inc. is paying $200 million up front and up to $1.5 billion in milestone payments to license one of Suzhou Sanegene Bio Inc.’s RNAi programs. Metabolic and autoimmune-focused Sanegene did not disclose specifics around the licensed candidate, except that it was derived from its LEAD (Ligand and Enhancer Assisted Delivery) platform.