Shares of U.S. biopharmaceutical company ArriVent BioPharma plummeted nearly 47% on Tuesday after it reported that firmonertinib, a cancer treatment licensed from Shanghai Allist Pharmaceuticals in China, failed to meet its primary endpoint in a Phase 3 clinical trial. Analysts noted that this highlights the challenges Chinese biotech companies face in expanding into overseas markets. Firmonertinib was originally developed by Shanghai Allist Pharmaceuticals for the treatment of non-small cell lung cancer, and ArriVent obtained exclusive development and commercialization rights for the drug outside of China in 2021.