Shanghai’s biopharma sector has started to regain momentum and is beginning to see its innovation bets paying off, with support from the local government.

Takeda’s collaboration with the private UK biotech includes NASH and other liver disorders. Reliance will take on Amazon in the India pharmacy space with acquisition of Netmeds.

In a bipartisan move, the US Senate is moving to impose new rules on companies - including those from China - seeking US initial public offerings, adding further uncertainty over such plans and further stoking trade tensions.

Private Company Edition: In addition to Erasca’s big series B round, Mabwell reportedly brought in $278m. Also, Kurma, Venrock and Section bring the number of new VC funds in April to eight, raising $5.89bn, and former AveXis execs launched the new gene therapy venture Taysha.