Chinese biotechnology firms are making waves in the global market by securing technology in-licensing deals with major pharmaceutical companies. Despite the U.S. implementing a biosecurity law to curb Chinese bio corporations' influence, Big Pharma is aggressively partnering with them to develop obesity drugs. According to Deloitte Touche Tohmatsu Limited (DTTL) China, the value of technology export contracts by Chinese bio corporations hit $99.7 billion in the first half of this year, surpassing Korea's performance by tenfold. Eight of the world's top 10 bio-pharmaceutical transactions in the first half involved Chinese corporations, nearly doubling China's full-year 2024 technology export volume.
Big Pharma companies, including Roche, Novo Nordisk, AstraZeneca, Merck (MSD), and Pfizer, are racing to secure Chinese corporations' obesity drug candidates. AstraZeneca's largest contract this year was with China's CSPC, securing rights to two technologies for $18.5 billion. Roche partnered with China's Rona to develop an ALK7-targeted obesity treatment, while Novo Nordisk in-licensed HRS-1596 from Hengrui Pharmaceuticals for up to $2.6 billion. Pfizer and MSD also secured oral obesity drug candidates from Chinese firms, with deals worth up to $1.935 billion and $1.9 billion, respectively.
Chinese bio corporations are also gaining recognition for their clinical research. At the American Society of Clinical Oncology (ASCO) conference in May, a phase 3 clinical study of ivonescimab, a lung cancer drug candidate from Akeso, was presented in the plenary session. Chinese researchers made a significant impact with 94 oral presentations and 12 late-breaking abstracts. An official from the KoreaBio Association Bioeconomy Research Center noted that China's innovation capacity is being re-evaluated in the global market, emphasizing that true innovation will be rewarded.