China’s two stock exchanges, Shanghai and Shenzhen, have liberalized the rules allowing Hong Kong listed companies to add a China listing. The Shanghai and Shenzhen--Hong Kong Stock Connect program, launched in 2014 and 2016, links mainland China’s stock exchanges with their Hong Kong counterpart. Under the new rules, there are 17 biopharmas listed in Hong Kong, none of them profitable, now eligible for a listing on the Shanghai STAR Board or the ChiNext Exchange in Shenzhen, according to a Pharma DJ article. More details....

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Sino Biopharm was approved to close its $161 million all-cash acquisition of F-Star, a Cambridge, UK company that develops bispecific antibodies. The purchase didn't look like would happen after it was held up for nine months by the US government’s Committee on Foreign Investment in the United States (CFIUS), which aims to slow China’s acquisition of advanced US technologies. F-Star, which has a NASDAQ listing and a US subsidiary in Cambridge, MA, develops bispecific drugs for immunotherapies using tetravalent (2+2) bispecific antibodies. More details....

Stock Symbols: (HK: 1177) (NSDQ: FSTX)

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China is planning to prohibit any export from biotech companies engaged in certain cutting-edge sectors -- cell cloning and gene editing technology for human use along with restrictions on the export of CRISPR gene editing technology and synthetic biology technology. Officially, the ban is in limbo during a public comment phase, though the edict will probably not change significantly. The proposed China export ban follows the 2022 US law that supported semiconductor chip manufacturing in the US and restricted export of the most powerful chips to China. More details....

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Boston’s EQRx backed off its promise to bring innovative medicines to the US market at a 50%-70% discount from big pharma prices. Now, the company plans to seek “market prices” for two drugs in-licensed from China companies and will drop development of an indication for a third drug. The abrupt change follows the FDA’s policy requiring companies to conduct US Phase III trials of new drugs rather than basing NDAs completely on China data. More Phase III trials means higher development costs, destroying EQRx’s business plan. More details....

Stock Symbol: (NSDQ: EQRX)

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China has banned a GSK generic drug, due to worries that a sloppy manufacturing process might cause infections. Avodart (dutasteride) is a generic therapy for urinary retention associated with benign prostatic hyperplasia (BPH). China banned Avodart for 18 months, until April 29, 2024 and also banned GSK from participating in volume-based procurement agreements for the same period of time. GSK said Avodart was its only drug that qualified for the hospital procurement program, implying that the ban would not materially affect the company’s China revenues. More details....

Stock Symbol: (NYSE: GSK)

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