Record deals between international pharmaceutical and Chinese biotech groups

The most significant deal by upfront payment was Pfizer's deal with 3SBio: in May 2025, the US giant signed a licensing agreement for SSGJ-707, a bispecific antibody directed against PD-1 and VEGF. Pfizer paid USD 1.25 billion, plus USD 100 million in equity, and up to USD 4.8 billion will be paid in later stages, thus obtaining the rights to a phase III drug in China for the treatment of non-small cell lung cancer, metastatic colorectal cancer and several gynaecological cancers. Merck had moved in the same direction in 2024 by acquiring the global rights to develop, manufacture and market LM-299, a bispecific antibody from LaNova Medicines, currently in phase I in China for solid tumours, paying $588m upfront. And it was Merck that strengthened ties with the Chinese industry in March 2025 through a partnership with Jiangsu Hengrui Pharmaceuticals for HRS-5346, a cardiovascular drug, in a deal with a potential value of $1.97 billion, including $200 million upfront. The drug, in Phase II in China, is an oral lipoprotein(a) inhibitor that can reduce the formation of cholesterol, fat and protein in the blood, thereby lowering the risk of heart attack, stroke and other cardiovascular diseases.

In March 2025, Novo Nordisk announced its $200m upfront investment in a partnership with The United Bio-Technology for UBT251, a drug against obesity, type 2 diabetes and other diseases. More recently, in June 2025, Regeneron obtained the rights outside China to HS-20094, a GLP-1/GIP receptor agonist from Hansoh Pharma in Phase III, paying $80 million upfront.

AstraZeneca has also been particularly active on the front of operations in China in 2025. In March, the multinational announced a $2.5 billion investment in Beijing to set up a new R&D centre and the launch of several scientific collaborations. These include a strategic partnership with Harbour BioMed to develop next-generation multispecific antibodies in immunology and oncology. The agreement, which includes upfront payments, additional near-term payments and options totalling $175 million, will leverage Harbour BioMed's Harbour Mice® platform for the generation of complete human antibodies.

In June 2025, returning to work with a long-standing partner, AstraZeneca signed an agreement with CSPC Pharmaceutical Group, paying $100m upfront for the discovery and development of innovative oral candidates through CSPC's AI-based drug discovery platform and dual engine.

In recent years, Chinese companies have emerged as major players in the antibody-drug conjugates (ADC) market, with big pharma such as Merck & Co., Roche and GSK signing partnerships with local biotechs to gain access to these cancer therapies. The trend continued into 2025: in May, Astellas signed a $1.34 billion deal with Evopoint Biosciences for XNW27011, an innovative clinical-stage ADC against CLDN18.2, an emerging target for the treatment of gastric cancer.

"The rapidly expanding pipeline of Chinese biotechs, with a focus on oncology, cardiovascular disease, immunology and obesity, offers significant opportunities for big pharma in need of renewing their portfolios and mitigating patent cliff risks. At the same time, these deals allow Chinese companies to increase their international presence, strengthen revenues and validate their technology platforms globally," reads the IQVIA report, which continues: "The trend of backloaded deals - with limited upfront payments and milestones linked to clinical outcomes - is expected to consolidate further, fostering a more sustainable and less risky collaborative model for multinationals. With billion-dollar deals ranging from bispecific antibodies and ADCs to GLP-1 for obesity and RNAi inhibitors, China is confirmed as a strategic hub for the next generation of innovative therapies'.