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.

Tasly Pharma acquired Greater China rights to an antibody-drug conjugate from Sutro Biopharma in a deal worth up to $385 million. Sutro will receive an upfront payment of $40 million and be eligible for $345 million in milestone payments.