Market intelligence
Targeted briefs on indications, modalities, and counterparty universes. Quarterly China desk read on what's clearing term sheets and why.
Trial cost vs. US
~60%
Indicative on Phase 2 oncology pivotal
Hong Kong (HQ)ShanghaiZurichChicago
HKG time - 14:32 HKTEN/ZHLinkedIncontact@visionlifesciences.com
China Biotech
Your access point to China biotech.
Greater China is the most dynamic source of clinical-stage innovation in life sciences today. We help global pharma and biotech navigate it: market intelligence, asset sourcing, principal introductions, and end-to-end deal execution.
Resident China deskBilateral sourcing / no brokersMandarin-native China coverage
China desk / pulse2026
$73B
Outbound deal value originating in Greater China, 2024 - H1 2026
VLS China desk analysis
Enrollment speed vs. US
2 - 5x
Driven by site density and patient pool
Greater China outbound deals
120+
Calendar 2025, all modalities
VLS mandates in corridor
Hundreds
Since the firm began operating
How we help
Four ways to work the corridor with us.
Whether you are scoping a market thesis, sourcing a specific asset, or executing a deal: partner-led across every step.
Asset sourcing
Bilateral search across Greater China innovators, academic spin-outs, and listed pharma. We triage candidates to your thesis, with written rationale.
Principal introductions
Direct introductions to BD heads and decision-makers at validated counterparties. No brokers. No mass outreach.
Deal execution
End-to-end from term sheet through definitive: diligence coordination, regulatory pathway, IP, CMC, and post-close integration.
Why now
Four shifts that turned a curiosity into a corridor.
The pace of outbound deal flow is not a cycle. It compounds four structural changes every global buyer should be operating with.
Clinical infrastructure has matured.
NMPA pivotal data is increasingly accepted by FDA and EMA in MRCT designs, narrowing the trial-quality gap and shortening parallel filings.
Capital has reset on the seller side.
Domestic financing dynamics have shifted incentives toward earlier, cleaner partnership conversations and away from holding for IPO at any cost.
Modality leadership has emerged.
ADCs, bispecifics, GLP-1 combinations, and cell therapy are no longer follow-on. Chinese assets now lead several sub-categories outright.
Buy-side BD has caught up.
Global pharma is dedicating standing capacity to inbound sourcing from Greater China. What was opportunistic in 2022 is structural in 2026.
What is hot
Where deal flow is most concentrated right now.
A read on which modalities are clearing the most term sheets, what stage of the curve they are at, and how that shapes diligence.
Modality
What is distinctive
Stage
Activity
ADC
Topoisomerase and novel-payload chemistry leading in-class on multiple solid tumor targets.
Phase 2 / 3 - Late-stage tail forming
Very hot
Bispecific
T-cell engagers across CD3-paired tumor antigens; subcutaneous administration emerging.
Phase 2 - Expansion
Very hot
GLP-1 / Metabolic
Dual and triple incretin agonists; oral bioavailability programs maturing.
Phase 2 readouts - Active
Very hot
Cell & gene
CAR-T and allogeneic platforms; engineered safety switches differentiated.
Phase 2 - Maturing
Hot
Immunology
JAK1-selective and S1P-modulator small molecules with cleaner safety than first-generation in-class.
Phase 2 / 3 - Selective
Hot
CNS / Rare
Targeted small-molecule and gene-therapy programs; deal flow more concentrated, fewer credible assets.
Phase 1 / 2 - Emerging
Steady
House view
The China outbound conversation is not about price any more. It is about who you trust to source for you.
From the partnersVision Lifesciences / China Desk
Diligence framework
What changes when an asset comes from Greater China.
Standard diligence frameworks miss six questions that decide outcomes on cross-border Chinese mandates. We have run each of them, on the buy and sell side.
Trial population translatability
Standard-of-care benchmarks in a Chinese pivotal may not map to your primary commercial geographies. Diligence reads the trial through the buyer's reimbursement lens.
CMC & ex-China supply
Manufacturing readiness for ex-China supply is now deal-determining. Capacity, comparability, and supply-chain redundancy surface value or risk at term-sheet stage.
IP freedom in target geographies
Patent estates may have material gaps outside the home jurisdiction. A current FTO opinion in target territories is now a baseline deliverable.
NMPA to FDA regulatory path
MRCT design, breakthrough designations, and parallel filings can compress timelines significantly when set up correctly and add years when not.
BIOSECURE Act & sanctions exposure
We assess counterparty exposure under BIOSECURE, EAR, and adjacent regimes at intake. Documented written conclusions before signature.
Counterparty operational maturity
Domestic Chinese counterparties vary widely in BD discipline and post-signing execution. We map the operating reality, not the deck.
Selected reading
From the desk.
Long read15 Jan 2026
The new China ADC corridor: what global pharma should source for in 2026.
Antibody-drug conjugates originating in Greater China have shifted from a curiosity to a structural pipeline source.
14 min
Strategy09 Jan 2026
Cross-border partnerships: the Asia to US corridor in 2026.
Where the second wave of Chinese outbound is forming, and how buyer behaviour has changed since 2024.
10 min
Geography28 Feb 2026
China clinical trials: cost, speed, and regulatory advantages.
NMPA IND process, MRCT strategy for FDA acceptance, BIOSECURE Act clarification, and the China CRO landscape.
9 min
Regulatory11 Feb 2026
NMPA drug approval process - a complete guide for 2026.
Pathways, IND filing, breakthrough designation, conditional approval, and NDA timelines for global pharma companies.
11 min
China brief
Start with a confidential brief from the China desk.
Whether you need a market read, an asset shortlist, an introduction, or a full mandate, share the brief in a line or two. A partner from the China desk responds within one business day, NDA-first.