Public Company Edition: OS Therapies launched this year’s smallest initial public offering, to fund its lead program in osteosarcoma. Also, Australian firm Telix, after opting out of a US IPO, grossed A$650m ($425.5m) from investors at home. Day One raised $175m in a private placement.

One Chinese biotech executive is entertaining hopes of China’s domestic market for novel drugs growing to CNY300bn ($41bn). However, the country’s public payer spent just CNY90bn on such products in 2023 and is expected to increase expenditure to more than CNY100bn this year.

With the sheen of inevitability now scuffed off the BIOSECURE Act, diplomatic efforts to reduce US dependence on Chinese APIs are increasing in prominence. And the power of the legislation itself could be determined by litigation about a video app.

The proposed US BIOSECURE Act is heading to a full committee vote amid heightening tensions, underscored by new US Congressional Oversight Committee letters to the FDA asking it to examine national security threats posed by Chinese 'biotechs of concern.'