China Healthcare: Expert call takeaways: Regulations slightly hinder BD momentum

研报英文原文证据摘录

China Healthcare: Expert call takeaways: Regulations slightly hinder BD momentum

Deutsche Bank

Research

Asia Industry Date

China 12 June 2026

Hong Kong China Healthcare

Industry Update

Health Care

Pharmaceuticals /

Biotechnology

Expert call takeaways: Regulations

slightly hinder BD momentum

Cyrus Ng, CFA

We hosted a call on the influence of recent regulations and geopolitical tensions on

Research Analyst

the China Healthcare industry, featuring a biotech Chief Business Officer who is a +852-2203-6208

seasoned professional with BD experience from both domestic and multinational

pharmaceutical companies.

The discussion covered (1) the outlook for cross-border deals amidst rising

geopolitical tensions; and (2) China's tightened control on technology export.

In conclusion, the regulations would have a slight negative impact on China's

out-licensing deal market by limiting cooperation models and potentially

reducing deal sizes. However, the out-licensing deal trend would not be halted

given the significantly lower valuation of assets and the emergence of many

potential assets.

Key takeaways

The expert thinks BINSA would likely pass, despite uncertainties in timing and

details. He expects significant opposition from pharmaceutical companies and

industry leaders, resulting in continuous debate on the legislation's proposals and

details. However, he feels that industry players in China are not too concerned at the

moment.

Out-licensing trend to continue despite potential regulatory policies. The expert

noted that the out-licensing trend, especially for early-stage assets, will continue for

several reasons: (1) MNCs have largely complemented their pipelines with late-

stage assets and are now shifting their focus to early-stage assets, which typically