AstraZeneca, Pfizer and other multinational drug companies have spent a record amount on medicines developed by Chinese biotechs this year, underscoring how Big Pharma is increasingly reliant on China even as the country faces US tariffs.
China has comprised 18 per cent of licensing deals globally for multinational companies so far this year, up from 17 per cent last year and its largest-ever share, according to a report this month from Jefferies. A third of the deal value came from China, also a record.
In these deals, a pharmaceutical company pays a Chinese biotech for exclusive rights to sell an early-stage drug, usually outside China. If the drug advances through trials, the Chinese companies can earn more.
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