China's Duality Biologics, founded in 2020, has developed two-thirds of its clinical-stage antibody-drug conjugates by combining antibodies acquired from domestic peers with its proprietary linker-payload platform.

Plus deals involving Immunis/Toray, AstraZeneca/Nona, Swixx/Biopas, Deimos/G1, Serum Institute of India/IntegriMedical/ImmunityBio plus tech transfer agreements and deals in brief.

Strong sales growth and licensing activity in 2023 helped multiple Chinese biotechs to a solid profit performance, some moving into the black for the first time.

Argenx has aggressive market expansion plans for Vyvgart. It also has several late-stage challengers in what is becoming a dynamic market.