Two recent licensing deals involving Chinese firms underscore the record level of agreements being inked between innovative domestic biotechs and generic drug makers, at a time when corporate valuations and geopolitical tensions have made cross-border transactions harder to grab.

The latest immuno-oncology newcomers from Lee’s Pharma and Jiangsu Hengrui will further choke an already crowded field in China if they are approved following recent filings.

Despite multiple challenges including pricing pressures and slowing general economic growth, China offers attractive opportunities for emerging biopharma firms, helped by an encouraging regulatory environment. But weighing up options around challenging areas including partnering is essential, a new report states. 

EQRx has raised at least $750m since it launched in January 2020 and will have $2bn to fund its ongoing development of low-cost drugs after merging with a special purpose acquisition corporation.