Qiming Venture Partners closed two new China healthcare and technology funds with $3.2 billion in fresh capital, both of them at their hard cap limits. The USD Fund VIII has $2.5 billion and the first round of RMB Fund VII closed at RMB 4.7 billion.

Shanghai Fosun Pharma will pay $158 million to acquire a 60% stake in a Singapore oncology medical center chain, Oncocare Medical Pte. Oncocare is one of Singapore’s largest private medical oncology specialist centers.

RemeGen, a Yantai biotech with a portfolio of antibody and dual therapies, completed a $410 million IPO on the Shanghai Star Exchange. Although the offering was oversubscribed, the company’s stock slipped 10% lower in the first two days of trading.

A US FDA oncology advisory panel rejected the NDA submitted by Innovent and Lilly for their partnered anti-PD-1 antibody. Lilly tried to influence the panel by announcing it would offer the drug at a wholesale price 40% lower than the competition.

Mabwell Bioscience completed a $547 million IPO on Shanghai's STAR Board. Abbisko Therapeutics formed a global collaboration worth up to $258 million with Lilly to continue discovery and development of novel molecules for cardiometabolic diseases.