At a Glance
- Companies: Multiple Chinese biotechs (e.g. Innovent, SciNeuro, GeneQuantum, Hansoh) and global pharma partners
- Locations: Greater China (mainland, Hong Kong, Macau, Taiwan) with global partners in US, EU, Japan
- Deal value: ~$137.7bn out‑licensing value in 2025; 157 deals vs 94 in 2024; ~10x 2021 levels
- Focus area: Oncology and immunology assets including ADCs, bispecifics, RNAi and other novel biologics
- Next steps: 2026 deal value expected to set a new record as patent cliffs and R&D cost pressure intensify
What happened?
Cross‑border licensing deals involving Greater China biotechs surged to about US$137.7 billion in 2025, nearly tenfold higher than 2021 and more than doubling 2024’s US$51.9 billion, according to Pharmcube and Chinese regulatory data. Analysts expect 2026 to set another record as global pharma intensifies efforts to license Chinese‑developed antibody‑drug conjugates (ADCs), bispecific antibodies and RNAi medicines to fill looming patent‑cliff gaps.
Why does it matter?
With blockbuster drugs losing exclusivity and R&D budgets under pressure, big pharma is turning to China’s rapidly maturing pipeline of clinical‑stage assets for faster, cheaper innovation. Chinese programmes often reach proof‑of‑concept quickly thanks to dense oncology networks and lower trial costs, particularly in ADCs and bispecifics, where local companies have built strong engineering and linker/payload know‑how.
Who’s behind it?
Top Chinese dealmakers include Innovent Biologics—whose 2025 alliances helped push its total out‑licensing value above US$10 billion—and SciNeuro, which recently signed a Novartis licensing and collaboration deal for next‑generation CNS therapeutics. Others such as GeneQuantum (US$13bn Biohaven/Aimed Bio ADC pact), 3SBio (US$6bn Pfizer deal) and Hansoh are highlighted as key contributors to 2025’s record tally and likely leaders in the next wave.
How was it achieved?
In 2025 Chinese drugmakers inked 157 out‑licensing agreements worth about US$135–136 billion, up from 94 deals totalling US$51.9 billion in 2024, with the top 10 firms accounting for roughly 60% of value. Deal sizes and upfronts have risen sharply as assets move later in development and Western buyers gain confidence in Chinese R&D quality; average deal size in early 2026 reached around US$1.3 billion, up 76% on 2025 and almost six times 2021 levels.
What’s next?
Analysts see continued momentum in 2026, with more big‑ticket agreements expected around oncology and immune‑mediated diseases, particularly ADCs, bispecifics and RNA‑based drugs. Despite geopolitical tensions and tighter US scrutiny, Europe, Japan and other markets are expected to remain active partners as Chinese biotechs increasingly position themselves as global originators rather than solely domestic players.
What are people saying?
Commentators describe Chinese biotechs as “reshaping” global deal flow, with around a third of 2025 global out‑licensing value originating in China and average deal sizes climbing rapidly as competition for high‑quality assets intensifies.