Ten Chinese biotechs raised at least a combined $221m in venture capital and private equity deals after the turn of the year.

Johnson & Johnson splashed a lot of cash to get hold of the FcRn inhibitor and is exploring nearly a dozen indications. Nipocalimab has advanced in one of those this week, severe hemolytic disease of the fetus and newborn.

Even with top-seller Biktarvy and its preventive therapy, Descovy, protected beyond this decade from generics, Gilead is investing aggressively in long-acting HIV candidates and its oncology pipeline.

Loss of exclusivity and other competitive pressures will continue to offset J&J’s pharmaceutical growth as its former blockbusters accumulate in ex-growth "other" categories. Can the pipeline take up the slack?