Although the domestic developer did not provide sales figures for 2023, a new homegrown shingles vaccine in China is poised to eat into the market share of GSK’s Shingrix in the country.

Genrix grossed $478.9m in the largest initial public offering from an innovative drug-focused biotech on Shanghai's STAR Market since February 2022. Meanwhile, Laekna and Cutia launched two smaller IPOs in Hong Kong.

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.

MAXVAX Biotechnology and Beijing Luzhu Biotechnology raise new funds to progress their recombinant herpes zoster vaccine candidates with novel adjuvants, while multiple other ventures in China complete new financings across multiple therapeutic areas and modalities.