10 orphan drugs imported from overseas, and 40 new drug approvals, including many from domestic developers, capped 2023 as one of the busiest years for China's drug regulatory agency, as Beijing pivoted to emphasizing affordable innovation and expanding access to newer therapies for rare conditions.

Turnstone’s initial public offering comes just one week after Apogee and Sagimet launched US IPOs. Also, Westlake Village BioPartners raised $450m for its third venture capital fund and argenx grossed $1.27bn in a post-Phase III follow-on offering.