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.

InvoX Pharma, a Sino Biopharma subsidiary, will pay $161 million to acquire F-Star, a clinical stage company developing bispecific drugs for immunotherapies. Meanwhile, Reistone Biopharma completed a Series A financing of nearly $100 million.

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.

AffaMed acquired greater China rights to an ophthalmic drug from Hanmi Pharma in an $145 million agreement. Sperogenix Therapeutics in-licensed China rights to vamorolone from Santhera in a deal valued at up to $124 million, plus royalties