Raising the sun: Japan biotech looks to level up

Japan is entering its most dynamic biotech phase in decades. After years of undercapitalization, inward-facing company building, and a reliance on pharma giants to carry scientific breakthroughs over the finish line, a new influx of domestic and Western venture capital promises to reshape the ecosystem.

Investors are pairing Japanese science with global management talent, while the government offers incentives designed to seed internationally competitive companies...