Among the newer modalities to tackle cancer, antibody-drug conjugates are fast emerging to rival targeted antibodies and China is fast emerging as a world class source of innovation in the field, as evidenced by a string of recent deals.

Like rival Moderna, company reported a steep drop in revenue, but it is still prioritizing its COVID-19 vaccine as an investment priority, while also moving ahead with multiple deals with China-based firms.

BioNTech is betting on China's innovative capabilities by inking multiple deals with local startups to expand its pipeline beyond mRNA vaccines.

BeiGene is the latest Chinese drug maker to showcase its antibody-drug conjugate programs, including in-house discovered molecules targeting B7-H3 and CEACAM5, as well as a B7-H4-targeting ADC in-licensed from Duality Biologics.