Leo Chen Managing Director, Asia-Pacific.
Former VP of Business Development at a top-10 pharma. 15+ years structuring cross-border licensing deals across Greater China, Japan, and Korea.
Out-Licensing Asia Rights: A Playbook for US Biotechs
How US biotechs license Greater China, Japan and Korea rights to regional partners for non-dilutive capital: real deal terms from BridgeBio, Karuna, Cytokinetics, Deciphera, Blueprint and Exelixis, partners by territory, economics, the clauses that protect a later global deal, the process and the risks.
Bay Area Biotech: Companies, Startups and the Silicon Valley Ecosystem
The San Francisco Bay Area raised more biotech venture capital than any other US cluster in 2025. Where the region’s companies cluster, the leading biotechs, investors and incubators, AI and biology, recent deals, and how Bay Area biotechs partner with Asia.
J.P. Morgan Healthcare Conference 2027: The Dealmaker’s Guide to JPM Week
The 45th J.P. Morgan Healthcare Conference runs January 11–14, 2027 in San Francisco. How the invitation-only conference and JPM Week work, the partnering events around it, the deals it produces, China’s growing role, and a preparation timeline for biotechs and buyers.
Pricing a China Biotech Asset: NRDL, VBP & Why Domestic Economics Don't Travel
Why a Chinese drug is cheap at home but valuable ex-China: how NRDL negotiation (~63% cut in 2025) and volume-based procurement (VBP, >70% in the 11th round) structurally cap a molecule’s domestic P&L — and why that makes the ex-China rights the real value in a cross-border deal.
Chinese AI Drug Discovery Startups: The 2026 Guide
China files ~70% of AI drug-discovery patents and drives a third of global out-licensing value. A dealmaker’s guide to the Chinese AI biotech leaders — Insilico, XtalPi, the “Four Little Dragons” — and how to source and structure cross-border deals.
China Out-Licensing Report 2026
The signature annual analysis of China→West pharma out-licensing: a record ~$136B across ~157 deals in 2025 (now ~a third of global deal value), the biggest transactions, the ADC and PD-1/VEGF bispecific breakdown, deal-structure trends, and the BIOSECURE context.
The China Discount: Arbitraging Undervalued Chinese ADC & Bispecific Assets
Clinical-stage Chinese assets have traded at upfronts ~60-70% below Western comparables — a discount rooted in domestic price compression, a capital drought and a geopolitical premium. Why the discount exists, how Western pharma arbitrages it (buy global rights cheap, commercialize in the richer West), and whether it is closing in 2026.
China Biotech News: Deals & Approvals (June 2026)
A regularly-updated China biotech news digest for dealmakers — NMPA approvals, record out-licensing deals (AstraZeneca–CSPC, GSK–Hengrui, Pfizer–3SBio), HKEX IPOs, and VBP/NRDL/BIOSECURE policy, each with a one-line read on why it matters.
NMPA Approvals Tracker: China Drug Approvals 2026
NMPA approval news, updated October 2026: 38 Class 1 innovative drugs approved in H1 2026 after a record 2025, the notable approvals, and what each signals for cross-border out-licensing.
China Clinical Trials: Cost, Speed & Regulatory Advantages
Run clinical trials in China and save 60% on costs with 2-5x faster enrollment. NMPA IND process, MRCT strategy for FDA acceptance, BIOSECURE Act clarification, and China CRO landscape guide.
NMPA Drug Approval Process: Complete Guide 2026
China's FDA equivalent explained. Complete guide to NMPA drug approval pathways, IND filing, Breakthrough Therapy Designation, Conditional Approval, and NDA timelines for global pharma companies.
In-Licensing China Biotech Assets: Strategic Guide 2026
A practical playbook for Western BD executives on scouting, evaluating, and acquiring Chinese biotech innovation. Due diligence, deal structuring, NMPA data strategy, and BIOSECURE compliance covered.
Top Chinese Biotech Companies to Watch in 2026
The definitive guide to China's most innovative biotech companies with active out-licensing pipelines. ADC, bispecific, GLP-1, CAR-T leaders and their global deal pipelines — organized by therapeutic area.
China Biotech Outbound Licensing Tracker 2026: $135.7B in Deal Value
China out-licensing hit $139.4B by early October 2026, already above 2025. Our verified log of the year’s largest China-to-global deals, with stage and terms.
BeOne Medicines (BeiGene): From China Biotech to Global Pharma Powerhouse
$3.8B revenue in 2024, BRUKINSA surpassing Imbruvica, and a 50+ asset pipeline. How BeiGene became China's most successful global biotech.
The BIOSECURE Act: Impact on Pharma Supply Chains & China Partnerships
How the landmark legislation signed December 2025 reshapes global biopharma manufacturing, CDMO relationships, and cross-border deal strategy.
Cross-Border Licensing Term Sheet Guide: Structuring Pharma Deals That Work
A practical, clause-by-clause walkthrough of pharmaceutical licensing term sheets—with real-world benchmarks and China-specific negotiation strategies.
Japan Pharma Market Entry Guide: Navigating the World's 4th Largest Market
How to enter Japan's ~$64B pharmaceutical market. PMDA pathways, NHI pricing, partnership models, and cultural considerations.
Pharma Business Development: The 2026 Definitive Guide
Transforming the BD function from a transactional support role into a core scientific strategy engine.
China Biotech Licensing Opportunities 2026: Assets, Rights and Rules
What global pharma licenses from China, how 2026 deals split worldwide vs ex-China (ROW) rights, and the NMPA, HGR and NRDL rules behind the terms.
NewCo Formation: The 2026 Strategic Blueprint
A definitive guide to biopharma asset-centric company formation and venture strategy.
Investigator-Initiated Trials (IIT) in China: Why Dealmakers Care, and Whether the Data Travels
China runs ~90% of its early cell-therapy studies as investigator-initiated trials (IITs) — cheap, fast human proof-of-concept that de-risks assets before a registration trial. A dealmaker's guide to IIT vs IND, Order No. 818, and whether IIT data supports an FDA filing.