The anticipated business rebound for China after its post-COVID reopening of markets in 2023 has not materialized and structural market issues continue to affect EU firms' China sentiment.

China's deepening economic downturn is impacting foreign business confidence in China, while recent high-profile events have created uncertainties around the go-global push by Chinese pharma firms, at a time when this has become critical to their very survival.

During Q3, biopharmas brought in an aggregate $18.1bn in financing and device company fundraising totaled $5.1bn; while in vitro diagnostic firms and research tools players raised $771m.

Private Company Edition: Also, Medicxi’s new €200m fund will be reinvested in a portfolio of six life science companies and Silverback more than doubled its 2020 money with an $85m series C round.