US firm ArriVent’s plunge shows risks facing China’s biotech expansion into global markets

US firm ArriVent BioPharma’s shares plummeted after a late-stage trial failure involving a cancer drug licensed from China, a setback that analysts said highlighted the challenges facing Chinese biotech companies expanding overseas. New York-listed ArriVent closed down nearly 47 per cent on Tuesday after reporting that its cancer treatment firmonertinib failed to meet its main goal in a phase 3 trial. Firmonertinib was originally developed by Shanghai Allist Pharmaceuticals to treat non-small...