Source: GlobalData
China’s biopharma commands $30 billion in oncology licensing deals, triples US output in 2024, reveals GlobalData
Posted in Business Fundamentals
China’s biopharmaceutical sector experienced a notable increase in oncology drug licensing deals in 2024, particularly for monoclonal antibodies (mAbs) and antibody-drug conjugates (ADCs), with a combined deal value of $30 billion. The mAbs and ADCs licensed from Chinese biopharma accounted for 89% of all molecule types, with the total deal value being three times that of similar deals licensed out from the US, according to GlobalData, a leading data and analytics company.
This underscores the growing innovative capabilities of Chinese drugmakers, spurred by government policies that prioritize innovation. Significant reforms in clinical development processes and regulatory reviews in China have led to faster drug approvals, positioning the country as a vital source of novel therapies and a partner in innovative drug development.
The ongoing US-China trade developments pose significant implications for the global economy. An agreement announced on 12 May 2025, which reduced US President Trump’s tariffs on Chinese goods from 145% to 30% and China’s retaliatory tariffs on US imports from 125% to 10% for an initial 90-day period, has alleviated immediate tensions. However, persistent uncertainties and high tariffs may hinder economic growth and cross-border licensing, prompting Chinese companies to explore more stable opportunities outside the US.
In 2024, ADCs dominated oncology licensing activity in China, constituting 56% of the total deal value at $19 billion, followed by mAbs at 33% ($11 billion) and small molecules at 9% ($4 billion), according to GlobalData’s Pharmaceutical Intelligence Center Deals Database.
Ophelia Chan, Senior Business Fundamentals Analyst at GlobalData, comments: “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.”
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, signaling China’s emphasis on innovation and global confidence in its biopharmaceutical assets. In 2024, 27 deals worth $28 billion were made with non-Chinese companies, 68% ($18.7 billion) of which were licensed to US companies, marking a 269% increase in deal value from 2023, reflecting growing US interest in Chinese oncology innovations.
Chan concludes: “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 the existing agreements and deter future partnerships.”
For further insights into the latest Deal Trends in the Pharma Sector, please see GlobalData’s Venture Capital Investment Trends In Pharma – Q1 2025 and M&A Trends in Pharma – Q1 2025 reports.
Note: A single deal may include multiple drugs across various indications and modalities. This figure includes all announced and completed oncology licensing agreements across all active development stages (marketed, pre-registration, Phase III, Phase II, Phase I, pre-clinical, and discovery) for target companies headquartered in China and the US from 2020 to 2025 YTD with lead drug in the deal. The analysis includes the highest deal stage, which is the highest development stage of the most advanced drug in the deal at the time of the deal. “Other” includes all remaining modalities encompassed within the deals.