Cover Story: Chinese Pharma Turns to Global Deals to Cure Capital Crunch

After enduring the chill of a prolonged capital winter, China’s drugmakers have begun to feel a thawing breeze.

Deal-making has surged in 2024, with the nation’s pharmaceutical industry attracting increased attention from international rivals for their innovative treatments. Last year, Chinese drugmakers set a record for new drug out-licensing deals — in which a company allows another party to use its product, technology or intellectual property — and saw the first-ever acquisition of a domestic biotech firm by a multinational pharmaceutical giant.