Everything seemed to be aligned for success, but shares in leading Chinese antibody developer RemeGen recently dropped by nearly 40%, reflecting a range of internal and external likely factors.

As COVID-19 vaccine sales decline, the company is investing billions in a diverse oncology pipeline including antibody drug conjugates, immunotherapy and cancer vaccines

The company, which brought in four antibody-drug conjugates last year through dealmaking, outlined development plans for its Phase III candidate during a Q4 sales and earnings call.

Chinese developers are racing to roll out bispecific ADCs with different target combinations, while a Biokin/SysImmune executive estimates more than $20bn in annual sales for the company's BMS-partnered EGFR x HER3 candidate, as R&D in the field continues to surge ahead in China.