Weekly intelligence on China biotech deals, CDE filings, and BIOSECURE compliance.
16 issues published · Every Thursday since December 2025
Showing 6 briefings tagged “ADC”
GSK-Hengrui's multi-asset deal valued at ~$12B reveals a new template for China out-licensing. Plus: 10 months to the BCC list, what CDE accepted this month, and the WuXi supply chain exposure that 34 US biotechs disclosed to the SEC.
Antibody-drug conjugates dominate China's out-licensing pipeline. We analyze why Chinese companies have built durable advantages in ADC development, break down the Merck-Kelun platform deal, and track this week's CDE filings in the bispecific-ADC space.
Early 2026 deal data confirms the acceleration: average deal sizes are tracking 76% larger than 2025, with average values reaching $1.3 billion. We analyze the structural drivers, track the BIOSECURE BCC list countdown (9 months to go), and preview the spring conference season.
A new deal structure is emerging: Chinese biotechs creating Western-capitalized NewCos to develop their assets ex-China, instead of traditional out-licensing. We analyze the model, track the first examples, and explain why this changes the competitive dynamics for BD teams.
Takeda paid $1.2 billion upfront to Innovent Biologics for rights to IBI363 and IBI343 — the largest upfront payment ever for Chinese-developed antibody assets. We analyze the deal structure, the competitive implications, and what this signals for 2026 BD strategy.
Chinese drug makers signed 157 out-licensing deals worth $136 billion in 2025 — nearly triple 2024. We break down the full-year numbers, the five mega-deals that defined the market, and what the data tells us about 2026.
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