RISING TIDES
Observations from the IMC Research Process

Global Pharma Knocking on China’s Door

 

From Boston to Beijing: Cheaper labor and fewer regulations are shifting drug discovery from the US to China.

  • In-licensing deals are booming. Multinational pharmaceutical companies are increasingly tapping Chinese biotechs for innovative R&D. Over 30% of large pharma in-licensed drugs are now from China. The latest: Pfizer licensing an oncology asset from 3SBio for up to $6B in milestones.
  • China is now R&D-advantaged. Clinical trials are 30-50% cheaper and faster with new policies in April 2025, cutting approval timelines to <20 weeks.
  • Momentum continues to build. Recent out-licensing deals by China biotechs like Akeso/Summit for $5B, Biokin Pharma for $8B, Shanghai Argo for up to $4B, and 3SBio for $6B.

 

This report is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. IMC or its clients may hold positions in securities mentioned; the mention of specific companies does not imply endorsement or a recommendation. Past trends do not guarantee future results.