Fosun Pharma announced it has licensed US rights to a PD-1 candidate from Henlius Biotech in an $840 million agreement. Meanwhile, Tenacia Biotechnology in-licensed greater China rights to a seizure therapy from Philadelphia’s Marinus Pharma.

Beijing YishengBio will merge with a SPAC vehicle, Summit Healthcare Acquisition, to list on the NASDAQ Exchange at a pre-money equity value of $834 million. The merger is expected to provide up to $230 million in cash to YishengBio.

China and the US are close to solving the accounting rules crisis that threatens to de-list 261 China companies from US exchanges. The list of affected biopharma companies includes BeiGene, Legend Bio, Zai Labs, and many more.

Vivo Capital held its first closing of a yuan-denominated private equity fund at $600 million, with a target of bringing the fund to $1.5 billion. Meanwhile, ProfoundBio closed a $70 million Series A+ financing round led by Sequoia China.

One year after raising $3.5 billion for three funds in 2021, OrbiMed, the world’s largest healthcare-dedicated investor, is back with plans for $4.75 billion in new funds despite the slowdown in biopharma exits over the past year.