In BioCentury's Finance Report: Lycia's strong first-day performance; Rezera, TriGemX, and Prana all look to list on NASDAQ via different methods; fundings for Disc, Arcus, Zai, Pathos, Estuary, Nouscom, and more buff.ly/KBCSpWA

Gilead's $1.3B acquisition of an IL-23 macrocyclic peptide from little-known PepStar marks the largest upfront on record for a product acquisition from China. The market potential and limited competition in the class help justify the price. buff.ly/anoZac8

After selling a clinical candidate to Incyte this year, Star Therapeutics is again a preclinical company -- with a new $200M crossover round to drive development buff.ly/b7IzKda

Draft U.S. outbound investment rule could chill cross-border collaboration: Proposed COINS Act implementing rule allows licensing Chinese drugs, but seeks to limit JVs, manufacturing, writes BioCentury's @SteveUsdin1 buff.ly/Hr9PLjH

Mixed messages on China's new export controls. They create certainty and are limited in scope. But there are worries that more restrictions may be in the works. buff.ly/NHcAiDi

Innovation Radar: Pancreatic cancer’s metabolic weak spots. New studies suggest PDAC vulnerabilities are defined by a tumor’s genotype, tissue site, and neighbors buff.ly/NLNEtVO

Milan-based AptaDir Therapeutics is developing RNA-DNA chimeras that reactivate silenced gene by blocking the DNA methyltransferase DNMT1 at a specific locus, starting with FMR1, the causative gene for fragile X syndrome buff.ly/JNW2rkI

In BioCentury's latest Management Tracks: CEO successions at CSL, Voyager; and more buff.ly/TllVCes

New rules for China's IIT dramatically reduced the number of trials approved during the first months after Order 818 was enacted, but the tradeoffs could protect patients and raise the profile of China's data on the global stage buff.ly/qoA0JVD

Tigermed’s take on running trials in the U.S. and China: Britney Winterberger on parallel U.S.-China development strategies, IITs, and easing friction in clinical development buff.ly/rUDt4p9

GSK’s Jemperli approval gives some rectal cancer patients a chance to avoid surgery. Data from #ESMO26 will show how other checkpoint inhibitors are advancing across colorectal cancer settings. buff.ly/e6zfX4e

China dealmaking is growing its first-in-class footprint. More than 40% of China’s deals through 3Q were for programs with first-in-class potential, the highest share in at least four years. buff.ly/BGbzj4D

In BioCentury's latest Management Tracks: Ironwood's CEO succession; Lundbeck taps ex-Novo CEO as chair; FDA official joining BetaNova amid merger; and more buff.ly/BKasLim

Paul Stoffels is back, leads spinout of Galapagos' cell therapy programs into newco Armed Cell Therapeutics, where he takes chairperson role and sparks €50M financing from Indian pharma Mankind Pharma buff.ly/zQMwP3g

On the latest #BioCenturyThisWeek podcast: A look at China trends from IITs to earlier deals on the eve of BioCentury-BayHelix China Summit Plus: @Roche-Hansoh, @MerckGroup-Silence; @ArrowheadPharma and tau & siRNA expansion and market signals buff.ly/ZI0lzZD

Hansoh Pharma CBO Weiyong Sun describes strategy behind Roche co-development deal in interview with BioCentury buff.ly/pGQmGYJ

Treasury finishing draft COINS Act rule. Final could be influenced by co-development deals like Roche-Hansoh. buff.ly/rAKAfMh

In BioCentury's Deals Report: An agreement with Roche around ADCs could allow Hansoh to opt into global development, expanding its reach around the world; plus Gilead/Vir, Merck KGaA/Silence and more buff.ly/EabQ9JE

A readout in polycythemia vera appears to have triggered an endgame for Silence Therapeutics, which said Monday that Germany-based Merck KGaA would pay $1.3B to acquire it buff.ly/wpPMFNA

An emerging biomarker reads mortality risk through a metabolic lens. Studies of the six-part MVX blood signature show prognostic information beyond established risk measures, hinting at uses in clinical trial design. buff.ly/J2eghwb