China's Innovative Drug Out-Licensing Reaches 81 Deals, $110 Billion in H1 2026

In the first half of 2026, China reached 81 out-licensing deals for innovative drugs, with a total transaction value of approximately $110 billion, representing 80% of the full-year 2025 total and setting a new half-year record. The deals spanned 10 therapeutic areas, including oncology, metabolism, immunology, and neurology, with licensees from 20 countries and regions, including the United States, the United Kingdom, France, and Italy. At the Frost & Sullivan Life Sciences New Investment Summit held in Shanghai on August 5, experts discussed strategies and challenges for innovative drug out-licensing in overseas markets.

According to the National Medical Products Administration, out-licensing transactions for innovative drugs have remained active.

In the radiopharmaceutical sector, most domestic research and development is based on known targets for molecular iteration, with limited development of minibodies and antibody fragments. The overseas clinical research outsourced system and high-standard production facilities are still incomplete. Some companies noted that multinational pharmaceutical companies continue to screen Chinese antibody-drug conjugate pipelines, and that industry transaction opportunities will be ample in the coming years.