Two bioventures in China have jettisoned immuno-oncology assets, including PD-1/L1- and CD47-targeting agents, while four other firms have disclosed shifts in R&D priorities and employee lay-offs as they deal with challenging conditions.

Red Tree Venture Capital closed its first fund with $272m for biotech companies emerging from academic and research institutions, seeking to fill a need for early-stage funding on the West Coast. 

RemeGen touched down in Shanghai to score a dual listing on top of a 2020 initial public offering in Hong Kong. Meanwhile, domestic HPV vaccine maker Recbio and small molecule-focused Shouyao made their debuts on the Hong Kong and Shanghai markets respectively.

Chinese vaccine maker Recbio hopes an IPO in Hong Kong will bring investor attention to its mRNA COVID vaccine with potential against the Omicron variant.