China outlicensing tops US$52 billion in first 2 months on rise in global deals

The pace and size of outlicensing deals between Chinese drug makers and global partners have accelerated this year, highlighted by two agreements announced this week, each worth more than US$1 billion. The string of deals shows how China is becoming a sought-after source of drug candidates for multinational pharmaceutical companies, which are increasingly looking for long-term partnerships rather than one-off arrangements, analysts said. The latest deals, Sino Biopharmaceutical’s agreement with... AdvertisementMade in China 2025BusinessChina BusinessChina outlicensing tops US$52 billion in first 2 months on rise in global dealsThe latest deals are Sino Biopharmaceutical’s partnership with France’s Sanofi and Antengene’s agreement with Belgium’s UCB2-MIN READ2-MIN ListenJulie ZhangPublished: 5:30pm, 4 Mar 2026Updated: 5:33pm, 4 Mar 2026The pace and size of outlicensing deals between Chinese drug makers and global partners have accelerated this year, highlighted by two agreements announced this week, each worth more than US$1 billion.The string of deals shows how China is becoming a sought-after source of drug candidates for multinational pharmaceutical companies, which are increasingly looking for long-term partnerships rather than one-off arrangements, analysts said.The latest deals, Sino Biopharmaceutical’s agreement with France’s Sanofi worth up to US$1.53 billion and Antengene Corporation’s agreement with Belgium’s UCB valued at about US$1.18 billion, came as cross-border transactions by Chinese drug makers in the first two months of the year outpaced any single quarter last year in upfront payments and total value, according to Yang Huang, head of China healthcare research at JPMorgan Chase.AdvertisementTotal 2026 deal value from China-originated outlicensing activities reached US$52 billion from 41 transactions as of February 24, following a record 157 deals worth a combined US$135.7 billion last year.Exterior view of the Sanofi head office in Gentilly, France, March 21, 2021. Photo: Shutterstock ImagesAgainst this commercial backdrop, markets are watching for signals of government support for innovative drug development as China’s “two sessions” begin on Wednesday, although industry analysts largely expect only limited “moral support”.AdvertisementHong Kong-listed Sino Biopharmaceutical said in an exchange filing on Wednesday that its Chia Tai Tianqing Pharmaceutical unit had granted a subsidiary of Sanofi the exclusive worldwide rights to develop, manufacture and sell rovadicitinib, an oral drug to treat blood cancer and immune-related diseases.AdvertisementSelect VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x