Notes from the practice.
Frameworks, field notes, and structural reads on cross-border life-sciences advisory. Partner-written, regularly updated.
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.
HKEX Chapter 18A: How Pre-Revenue China Biotechs IPO in Hong Kong (2026)
How pre-revenue China biotechs list in Hong Kong under HKEX Chapter 18A: the eligibility bar (HK$1.5B market cap, a Core Product through Phase 1, a sophisticated investor, the "-B" marker), the post-2024 recovery (14 new 18A listings in 2025), 18A vs Chapter 18C vs the STAR Market, lock-ups, and how a pending listing reshapes leverage in an out-licensing or M&A negotiation.
China's Biotech Innovation Clusters: A Site-Selection & Partner-Sourcing Map (2026)
Where to base a NewCo and scout assets across China's four biotech clusters — Suzhou BioBAY, Shanghai Zhangjiang, Beijing Zhongguancun and the Greater Bay Area — with incentives, anchor companies, guiding funds and entry routes for Western firms.
China Biotech in 2026: The Cross-Border Dealmaker's Guide
The dealmaker map of China biotech in 2026: a ~$138B out-licensing supercycle (~186 deals, ~a third of global value), why it happened (NMPA/ICH reform, returnee talent, cost/speed), where the assets are (ADC, PD-1/VEGF, GLP-1, cell therapy), how Western buyers access them (in-license, NewCo, partnership), and the BIOSECURE risk layer.
Who Funds China Biotech: The Cross-Border Investor & VC Map (2026)
A dealmaker’s map of who actually funds China biotech in 2026 — the USD vs RMB two-pool fund structure post-BIOSECURE, license-out as a financing substitute, VCs moving upstream into labs, and how a Western strategic or fund co-invests or builds a NewCo alongside Qiming, OrbiMed, LAV, Hillhouse and 5Y.
The China CRO Landscape 2026: How Drug Development Gets 30%+ Cheaper
A dealmaker’s guide to the China clinical CRO landscape in 2026 — the named providers (WuXi AppTec, Pharmaron, Tigermed, Novotech and peers), the real cost and speed basis behind the China discount, and how CRO choice plus BIOSECURE exposure shape asset diligence and deal de-risking.
Best Biotech Deal Advisors & Investment Banks 2026: An Objective Comparison
The leading biotech and pharma deal advisors and investment banks in 2026, compared by deal focus, geography, and engagement model — from bulge-bracket banks to specialist life-science banks to cross-border BD & licensing leaders.
AI in Drug Development 2026: The Dealmaker’s Guide
A business-development view of AI drug discovery: market size, the $11B funding wave, the platform landscape, the first clinical proof points (Insilico’s rentosertib), and how pharma actually buys AI through partnerships.
AI Drug Discovery Companies: The 2026 Power List
The leading AI drug discovery companies in 2026 ranked by capital and clinical validation — Isomorphic Labs, Xaira, Recursion, Insilico, Generate, Iambic, XtalPi and more — with a dealmaker’s read on who is real.
Generative AI in Pharma: What Dealmakers Need to Know
How generative AI differs from predictive AI, where it actually works (molecule and protein design), the FDA’s 2025 stance, the IP and inventorship questions, and what it all means for deals.
AI Drug Discovery Deal Tracker 2026: Partnerships & M&A
A running tracker of the major AI drug discovery deals — Isomorphic–Lilly/Novartis/J&J, Lilly–NVIDIA, Recursion–Roche, Noetik–GSK — with upfronts, biobucks, and a dealmaker’s analysis of the structures.
Drug Discovery AI News: Latest Developments (2026)
A regularly updated digest of the most important AI drug discovery news — clinical proof points, billion-dollar pharma deals, IPOs, infrastructure, and FDA policy — each with a dealmaker’s read on why it matters.
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 and a tracker of notable China drug approvals (updated June 2026). How to read priority review, breakthrough therapy and conditional approval — and what each approval signals for cross-border out-licensing.
Every Humira Biosimilar: The Complete 2026 List
A complete, verified reference list of FDA-approved Humira (adalimumab) biosimilars — manufacturer, approval year, interchangeability status, and concentration — plus the pricing/PBM dynamics and what the Humira playbook means for the next biologics losing exclusivity.
Biosimilar News: Latest FDA Approvals (June 2026)
A regularly-updated biosimilar news digest for dealmakers — recent FDA approvals (denosumab, pertuzumab, ustekinumab, aflibercept, tocilizumab), interchangeability shifts, the Stelara and I/O biosimilar waves, and pricing dynamics — each with a one-line read on why it matters.
Most-Favored-Nation Drug Pricing, Explained
What most-favored-nation (MFN) drug pricing means, the 2025 executive order and its mechanics, how it interacts with IRA negotiation and international reference pricing, and what it means for pharma strategy, launch sequencing, and cross-border licensing economics.
The 505(b)(2) Pathway, Explained: A Dealmaker’s Guide
What the FDA 505(b)(2) pathway is, how it differs from a full NDA and an ANDA, eligible product types, bridging studies, patent certifications and exclusivity, and why 505(b)(2) assets are attractive, lower-risk in-licensing candidates.
FDA Breakthrough Therapy Designation: Criteria, Benefits & Strategy
FDA Breakthrough Therapy Designation explained: the criteria, the benefits, how it differs from Fast Track, Accelerated Approval and Priority Review, the grant statistics, the NMPA analog, and what BTD signals in BD diligence and valuation.
FDA Fast Track Designation: What It Is & How to Get It
FDA Fast Track Designation explained: eligibility, benefits, how to request it, and how it relates to Breakthrough Therapy, Accelerated Approval and Priority Review — plus what it signals for cross-border BD and diligence.
Radiopharmaceutical Licensing & Deal Landscape 2026
The radiopharmaceutical market is the hottest modality in oncology dealmaking — over $13B in M&A since 2023. A dealmaker’s guide to the deals (BMS–RayzeBio, AstraZeneca–Fusion, Lilly–POINT), the players, the isotope supply crunch, and the China cross-border angle.
siRNA & Oligonucleotide Licensing Landscape 2026
The siRNA and oligonucleotide modality: approved products (Alnylam, Ionis, inclisiran), the move beyond the liver, the deal and M&A wave, key players, and the China cross-border sourcing opportunity for RNA-silencing assets.
Biotech Investment Banking: The Complete Guide for 2026
Complete guide to biotech investment banking: top life science IB firms, deal types (M&A, IPO, licensing), valuation methods, and how to choose the right advisor for your transaction.
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.
Clinical Trial Patient Enrollment: Strategies to Accelerate Recruitment
80% of trials miss enrollment deadlines. Evidence-based strategies for faster patient recruitment — including why China's 2-5x faster enrollment advantage is transforming global drug development timelines.
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.
Life Sciences M&A 2026: Trends & Strategic Analysis
$280B+ projected deal value. Patent cliff urgency, AI-driven targets, and Asia's emergence as a deal epicenter are reshaping the M&A landscape for life sciences executives.
Biotech Venture Capital 2026: Definitive Investor Guide
$38B deployed in 2025. Top VC firms, investment stages, therapeutic area preferences, geographic trends, and the NewCo/platform creation trend reshaping biotech funding.
Life Sciences Consulting: The Complete Guide for 2026
Comprehensive guide to life sciences consulting: types of services, when pharma and biotech companies need it, how to choose a firm, and 2026 industry trends.
Top Life Sciences Consulting Firms 2026: Complete Guide
Compare MBB, Big 4, mid-size specialists, and boutique deal advisors. A strategic guide to choosing the right life sciences consulting firm for your needs.
Biotech Partnerships: Types, Structures & How They Work
A guide to biotech partnership models including co-development, platform licensing, and equity alliances.
CDMO Market Analysis 2026: Size, Trends & Key Players
Comprehensive CDMO market analysis covering market size, key players, selection criteria, and outsourcing trends.
Biotech Licensing Deal Tracker 2026: Top Deals, Trends & Strategic Analysis
$250B+ across 516 licensing deals in 2025. Average deal size surges 76% in 2026. Track the biggest transactions and what they mean for your BD strategy.
Gene Therapy Market 2026: Approved Products, Pipeline & Licensing Deals
Zolgensma ($1.24B), Elevidys ($820M+), and CRISPR-based Casgevy are transforming rare disease. Track AAV, CRISPR, and in vivo gene therapy licensing opportunities.
Orphan Drug Designation & Rare Disease Licensing 2026: Market & Strategy Guide
The $217B orphan drug market covers only 5% of rare diseases. 7-year exclusivity, premium pricing, and BioMarin's $4.8B Amicus deal signal massive BD opportunity.
ADC Market 2026: Antibody-Drug Conjugate Pipeline, Deals & Licensing
15 FDA-approved ADCs, $13.5B market, and Enhertu leading at $3.75B. Analysis of platform deals, China-origin assets, and licensing strategy for BD executives.
CAR-T Cell Therapy Market 2026: Products, Pipeline & Licensing Opportunities
The CAR-T market surpassed $5B with CARVYKTI growing 93% YoY. Allogeneic platforms, autoimmune expansion, and Lilly's $2.4B Orna deal reshape the landscape.
China Biotech Outbound Licensing Tracker 2026: $135.7B in Deal Value
Track every major China-to-global licensing deal. $135.7B cumulative value, AstraZeneca-CSPC $18.5B mega-deal, and BIOSECURE Act implications.
Biosimilars & Patent Cliff Licensing 2026: $100B+ Revenue at Risk
Humira, Stelara, Keytruda — the biggest patent cliffs in pharma history are creating a $39.6B biosimilar market. Licensing guide for BD executives.
Pharma M&A Tracker 2026: Every Major Acquisition & What's Driving the Surge
$228B+ in pharma M&A in 2025. J&J-Intra-Cellular ($14.6B), Novartis-Avidity ($12B), and the patent cliff imperative reshaping deal strategy.
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.
PD-1/VEGF Bispecific Antibody Landscape 2026: Pipeline, Deals & Licensing
Ivonescimab's $5B Summit deal, HARMONi-2 data beating Keytruda, and 9+ pipeline candidates. The hottest bispecific antibody space in oncology.
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.
Pharma Deal Tracker 2026: The Definitive M&A & Licensing Roundup
$240 billion in life sciences M&A. $250 billion across 516 licensing deals. The biggest dealmaking year in pharma history—and what it means for 2026.
Drug Development Stages: The Complete Guide from Discovery to Approval
A definitive walkthrough of every stage in the pharmaceutical development process—with timelines, costs, success rates, and strategic deal implications.
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.
GLP-1 Licensing Landscape 2026: The Hottest Deal Space in Pharma
$50 billion in deal value. 8+ mega-deals. The race for next-gen oral, monthly, and combination obesity treatments.
rNPV Valuation Guide: The Gold Standard for Pharma Asset Valuation
A practical, step-by-step guide to risk-adjusted NPV—the methodology behind every major pharma licensing deal and acquisition.
Biotech IPO & Funding Landscape 2026: The Window Reopens
The biotech IPO market surged back to life in late 2025. Track the biggest offerings, venture trends, and what makes a successful biotech IPO.
Pharma Due Diligence Checklist: The Complete Guide for Licensing & M&A
A comprehensive, practical checklist covering scientific, IP, regulatory, commercial, financial, and manufacturing due diligence for pharma deals.
Japan Pharma Market Entry Guide: Navigating the World's 3rd Largest Market
How to enter Japan's ~$90B pharmaceutical market. PMDA pathways, NHI pricing, partnership models, and cultural considerations.
Biotech M&A 2026: Navigating the $200B Patent Cliff
A technical analysis of valuation multiples and integration savings in the consolidation wave.
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 2026: The Definitive Technical Guide
Navigating the world's second-largest market: From NMPA acceleration to the ADC licensing surge.
NewCo Formation: The 2026 Strategic Blueprint
A definitive guide to biopharma asset-centric company formation and venture strategy.
In-Licensing vs Out-Licensing: The Complete Guide
A strategic framework for cross-border asset acquisition, monetization, and partnership structuring.
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.
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