The privately held biotech will bring J&J a pair of bispecific antibodies expected to target multiple pathologic pathways in atopic dermatitis and asthma.

Built around a TSLP-targeted antibody licensed from Merck, Uniquity begins with $300m from Blackstone to fund Phase II in asthma and COPD. But other anti-TSLP competition looms.

Chinese developers are racing to roll out bispecific ADCs with different target combinations, while a Biokin/SysImmune executive estimates more than $20bn in annual sales for the company's BMS-partnered EGFR x HER3 candidate, as R&D in the field continues to surge ahead in China.

In the private market, eight Chinese biotechs raised a combined $116m in deals backed by venture capital and private equity firms over the past few weeks.