Chinese biopharmaceutical companies achieved unprecedented success in global oncology licensing deals in 2024, commanding $30 billion in transactions for monoclonal antibodies and antibody-drug conjugates. This figure represents three times the value of similar deals licensed from the United States, according to GlobalData's analysis, signaling a dramatic shift in the global pharmaceutical landscape.
Record-Breaking Deal Activity
The surge in licensing activity continued into 2025, with Chinese drug makers landing 33 deals with overseas healthcare firms in the first quarter alone, totaling $36.2 billion according to DrugTimes. This represents an increase from 28 overseas deals in the first quarter of 2024, building on the momentum from 98 transactions worth $59.5 billion recorded throughout 2024.
The largest single transaction in the first quarter of 2025 involved GeneQuantum, headquartered in Suzhou, Jiangsu province, which secured a $13 billion deal with Nasdaq-listed Biohaven and Seoul-based AimedBio for antibody drug conjugates designed as targeted cancer therapies.
ADCs Lead Innovation Wave
Antibody-drug conjugates emerged as the dominant force in China's oncology licensing landscape, constituting 56% of the total deal value at $19 billion in 2024. Monoclonal antibodies followed at 33% ($11 billion), while small molecules accounted for 9% ($4 billion), according to GlobalData's Pharmaceutical Intelligence Center Deals Database.
"Notably, over half (52%) of these ADC deals involved bispecific ADCs, indicating a shift towards more complex biologics and a growing interest in China's next-generation innovative assets," said Ophelia Chan, Senior Business Fundamentals Analyst at GlobalData.
Growing Global Confidence
The data reveals a striking reversal in global pharmaceutical licensing trends. From 2023 to 2024, the licensing value of oncology drugs from Chinese biopharma increased 24% to $33 billion, while the value from US biopharma fell 24% to $35 billion. This shift reflects both China's emphasis on innovation and growing global confidence in its biopharmaceutical assets.
US companies showed particular interest in Chinese innovations, with 68% ($18.7 billion) of the $28 billion in deals with non-Chinese companies going to US firms in 2024. This represents a 269% increase in deal value from 2023, demonstrating substantial American appetite for Chinese oncology innovations.
Strategic Partnerships Drive Growth
High-profile collaborations underscore the strategic value of Chinese biotech assets. Hong Kong-listed Harbour BioMed entered into a $4.7 billion strategic global collaboration with AstraZeneca to develop next-generation, multi-specific antibodies for immunology and oncology applications.
These partnerships reflect how Chinese pharmaceutical companies are expanding their global footprint through out-licensing agreements and joint ventures, leveraging their innovative capabilities to access international markets.
Regulatory Reforms Fuel Innovation
The surge in licensing deals stems from significant reforms in China's clinical development processes and regulatory reviews, which have accelerated drug approvals and positioned the country as a vital source of novel therapies. Government policies prioritizing innovation have spurred the growing innovative capabilities of Chinese drugmakers.
Trade Tensions Create Uncertainty
Despite the positive momentum, US-China trade tensions introduce uncertainty into the licensing landscape. An agreement announced on May 12, 2025, reduced US tariffs on Chinese goods from 145% to 30% and China's retaliatory tariffs from 125% to 10% for an initial 90-day period, providing temporary relief.
"Despite the growing appeal of Chinese innovation, US-China trade tensions create uncertainty in the licensing landscape. Temporary tariff reductions provide short-term relief, however shifting policies and potential new restrictions may disrupt existing agreements and deter future partnerships," Chan noted.
The persistent uncertainties and high tariffs may hinder economic growth and cross-border licensing, potentially prompting Chinese companies to explore more stable opportunities outside the US market.
