Top Chinese Biotech Companies to Watch in 2026
A curated guide to China's most innovative biotech companies with active out-licensing pipelines — organized by therapeutic area for Western BD executives.
China's Biotech Boom: By the Numbers
The transformation of China's biopharmaceutical sector from a generics-manufacturing hub to a global originator of novel medicines is now well advanced. At the start of 2026, China-headquartered companies held 31% of the global drug development pipeline, up from 18% in 2021, according to Citeline. This is not incremental growth; it is a structural reordering of where innovation happens in the life sciences industry.
The deal flow matches. China’s regulator reported more than $130 billion of outbound licensing deals across more than 150 transactions in 2025, up from $51.9 billion across 94 in 2024, and PharmCube counts $139.4 billion between January and 8 October 2026 — already above 2025. For full deal-by-deal tracking, see our China biotech outbound licensing tracker.
51% of Big Pharma’s Large Licensing Deals
Perhaps most striking is China's dominance in Antibody-Drug Conjugates. In 2026 Roche licensed MediLink’s B7-H3 ADC and a Hansoh ADC portfolio, Genentech licensed DualityBio’s DUPAC payload ADCs and Pathos AI took Alphamab’s bispecific ADC; in June China approved iza-bren, the world’s first bispecific ADC. Any Western BD executive who is not scouting Chinese ADC innovators is operating with a blind spot.
China Biotech: 2026 Headline Metrics
What Makes Chinese Biotechs Attractive for Licensing
For Western business development teams evaluating Chinese assets, the appeal is not simply one of cost. The structural advantages of China's biotech ecosystem now span clinical speed, molecular engineering depth, pricing flexibility, and territory design. Understanding each dimension is essential for building an accurate asset valuation and a defensible licensing thesis.
Clinical Validation at Population Scale
China’s large, concentrated patient populations and specialised hospital networks make early trials fast to run. China’s share of early-stage development programs reached 32% in 2024, and it overtook the US in the third quarter of 2025 (Georgetown University study, via Swissinfo); in oncology, 55% of trials starting in 2025 were in China, up from 25% in 2016 (GlobalData). As we told Swissinfo in September 2026, “more Western biotechs are considering doing trials in China because they can get early-stage data for much less money.” Chinese biotechs can therefore bring proof-of-concept data to BD discussions early in a program’s life.
Specialized Molecule Engineering
Chinese biotechs have developed genuine world-class expertise in two highly technical domains: ADC linker chemistry and bispecific antibody engineering. In ADCs, Chinese labs have pioneered proprietary linker technologies that improve payload stability and reduce off-target toxicity — a persistent limitation of first-generation Western ADCs. In bispecifics, Chinese companies like Akeso have generated first-in-class clinical data for PD-1/VEGF co-blockade that is reshaping global oncology treatment paradigms.
Competitive Pricing and Territory Structure
Most Chinese assets are licensed early, so upfront payments are a small share of headline value. The most common deal structure in this market — the “Greater China rights retained” model — means the Chinese originator handles NMPA and Chinese market access while the Western partner takes rights outside Greater China: 18 of the 38 large China out-licensing deals in our 2026 log were ex-China licences, and 14 granted worldwide rights.
The Speed and Territory Arbitrage
Top Companies by Therapeutic Area
The following company profiles are organized by therapeutic area for ease of BD navigation. Each entry reflects our assessment of licensing potential, pipeline maturity and track record with Western partners as of October 2026; deal terms are as disclosed by the companies. For the AI-platform players reshaping Chinese discovery, see our guide to Chinese AI drug discovery startups.
Oncology / ADC Leaders
Chinese ADC companies have built genuinely differentiated platforms, with novel payloads, linker chemistry and target choices. In 2026 they supplied several of the year’s largest oncology licences.
Kelun-Biotech
Headquarters: Chengdu, Sichuan; listed on HKEX
Key Assets: Sacituzumab tirumotecan (SKB264), a TROP2-targeting ADC built on Kelun’s topoisomerase I inhibitor payload and linker technology, plus a pipeline of further ADC candidates.
Notable Deals: Merck licensed SKB264 outside Greater China in May 2022 in a deal worth up to about $1.4 billion, and in December 2022 licensed up to seven preclinical Kelun ADCs for $175 million upfront and up to $9.3 billion, with Kelun keeping mainland China, Hong Kong and Macau.
Licensing Potential: Kelun’s ADC depth makes it a reference platform for the field. Programs not already committed to Merck are the ones to watch.
Hansoh Pharma
Headquarters: Shanghai; listed on HKEX
Key Assets: A portfolio of ADC programs, the oral IL-23 receptor antagonist HS-20118 and the GLP-1/GIP dual agonist HS-20094.
Notable Deals: In October 2026 Roche licensed a Hansoh ADC portfolio for $400 million upfront, $110 million at year one and a potential total above $15 billion. Avere licensed HS-20118 in July 2026 ($120 million upfront), and Regeneron licensed HS-20094 in June 2025 ($80 million upfront, up to $1.93 billion in milestones).
Licensing Potential: One of the most active licensors of 2025–26 across ADCs, immunology and obesity, with a track record of structuring deals that keep Greater China.
Duality Biologics
Headquarters: Shanghai; listed on HKEX
Key Assets: ADCs built on several proprietary platforms, led by the HER2-directed DB-1303, and the DUPAC platform of novel payloads.
Notable Deals: BioNTech paid $170 million upfront in April 2023 to license DB-1303. In August 2026 Genentech licensed next-generation ADCs built on DUPAC, for $45 million upfront and more than $1 billion in potential payments.
Licensing Potential: Two global partnerships validate the platform; payload innovation is the differentiator buyers are paying for.
MediLink Therapeutics
Headquarters: Suzhou, Jiangsu
Key Assets: ADCs built on its TMALIN linker-payload platform, led by YL201 (tambotatug pelitecan), a B7-H3 ADC already in Phase 3 in China.
Notable Deals: Roche licensed YL201 outside mainland China, Hong Kong and Macau in January 2026 for $570 million in upfront and near-term payments. BioNTech licensed a MediLink ADC in 2023 for $70 million upfront.
Licensing Potential: A young company (founded 2020) that has already signed two global ADC licences; further TMALIN programs are the next opportunities.
Bispecific Antibody Companies
Chinese companies have produced some of the most important bispecific antibody data of recent years, most visibly in PD-1/VEGF co-blockade.
Akeso
Headquarters: Zhongshan, Guangdong; listed on HKEX
Key Assets: Ivonescimab, a PD-1/VEGF bispecific approved in China in April 2025 for first-line PD-L1-positive non-small cell lung cancer after beating pembrolizumab head to head, and cadonilimab, a PD-1/CTLA-4 bispecific approved in China in 2022.
Notable Deal: Summit Therapeutics licensed ivonescimab for the US, Canada, Europe and Japan in December 2022 for $500 million upfront and up to $5 billion in total; Akeso kept the rest of the world, including China.
Licensing Potential: Akeso’s Tetrabody bispecific platform and two approved bispecifics make its earlier programs natural targets for global partners.
Hengrui
Headquarters: Lianyungang, Jiangsu; listed in Shanghai
Key Assets: One of China’s largest pharmaceutical companies, with a broad innovative pipeline across oncology, immunology, metabolic and cardiovascular disease.
Notable Deals: In 2026 Hengrui licensed 13 programs to Bristol Myers Squibb ($600 million upfront plus $350 million in anniversary payments, up to about $15.2 billion) and its oral GLP-1/GIP agonist HRS-1596 to Novo Nordisk ($300 million upfront, up to $2.6 billion). Its 2025 licence to Braveheart Bio, a NewCo, ended in a Nasdaq IPO in August 2026.
Licensing Potential: Pipeline breadth means there is usually an asset for most therapeutic focuses, and an experienced BD team used to complex structures.
InnoCare Pharma
Headquarters: Beijing; listed on HKEX and the Shanghai STAR Market
Key Assets: Orelabrutinib, a BTK inhibitor approved in China, and a pipeline in haematology, autoimmune disease and solid tumours.
Notable Deal: In September 2026 Eli Lilly signed a research collaboration and licence with InnoCare covering up to five targets, with up to $100 million in upfront and near-term payments and a potential total of about $3.35 billion.
Licensing Potential: Dual listing gives Western diligence teams audited disclosures in two markets; the Lilly deal shows appetite for its discovery engine.
CSPC Pharmaceutical Group
Headquarters: Shijiazhuang, Hebei; listed on HKEX
Key Assets: A large, diversified group with an innovative pipeline spanning obesity, RNA interference, ADCs and oncology small molecules.
Notable Deals: AstraZeneca licensed eight CSPC obesity and type 2 diabetes programs in January 2026 for $1.2 billion upfront and up to $18.5 billion — the year’s largest China deal — and took options on two CSPC siRNA candidates in July 2026.
Licensing Potential: Scale, manufacturing and regulatory infrastructure make CSPC a partner for later-stage assets as well as platforms.
Metabolic / GLP-1 Companies
China’s large type 2 diabetes and obesity populations have driven a deep metabolic pipeline — next-generation incretins, oral molecules and new mechanisms. See our obesity and GLP-1 deals guide for the 2026 licensing picture.
Innovent Biologics
Headquarters: Suzhou, Jiangsu; listed on HKEX
Key Assets: Mazdutide, a GLP-1/glucagon dual agonist that Innovent licensed from Eli Lilly for China and that became the world’s first approved drug of its class in China in 2025, plus a broad oncology and immunology pipeline.
Notable Deals: In February 2026 Eli Lilly signed its seventh collaboration with Innovent ($350 million upfront, up to about $8.85 billion), and in May 2026 Pfizer licensed 12 early oncology programs ($650 million upfront, up to $10.5 billion).
Licensing Potential: Long experience with Lilly and now Pfizer makes Innovent one of China’s most practised partners; its early ADC and multispecific programs are the main licensing pool.
Hua Medicine
Headquarters: Shanghai; listed on HKEX
Key Assets: Dorzagliatin, a glucokinase activator approved in China in September 2022 — the first drug of its class approved anywhere.
Licensing Potential: A mechanism distinct from incretins, of interest to partners looking to complement rather than duplicate GLP-1 portfolios.
Gan & Lee Pharmaceuticals
Headquarters: Beijing; listed in Shanghai
Key Assets: A leading Chinese insulin manufacturer moving into GLP-1 receptor agonists, including long-acting programs and insulin/GLP-1 combinations.
Licensing Potential: Existing diabetes commercial infrastructure creates co-promotion options for partners entering diabetes care.
Sciwind Biosciences
Headquarters: Hangzhou, Zhejiang
Key Assets: Ecnoglutide, approved in China in March 2026 as the world’s first cAMP-biased GLP-1 receptor agonist for weight management, with 15.1% placebo-adjusted weight loss in its Phase 3 SLIMMER study.
Licensing Potential: A China-approved, mechanistically differentiated incretin — the kind of asset buyers outside China screen for.
Cell & Gene Therapy Leaders
China’s cell therapy sector has moved from experimentation to commercial delivery, and in 2026 China approved the world’s first CAR-T therapy for a solid tumour.
Legend Biotech
Headquarters: Somerset, New Jersey; listed on NASDAQ
Key Assets: Carvykti (ciltacabtagene autoleucel), a BCMA-directed CAR-T approved by the FDA in 2022 for relapsed or refractory multiple myeloma.
Notable Deal: A worldwide collaboration with Janssen (Johnson & Johnson) signed in December 2017; Carvykti became the first CAR-T from a China-founded company approved in the US.
Licensing Potential: The benchmark for a China-founded cell therapy reaching global approval and commercial scale.
JW Therapeutics
Headquarters: Shanghai; listed on HKEX
Key Assets: Relmacabtagene autoleucel (relma-cel), a CD19 CAR-T developed on technology from Juno Therapeutics (now part of Bristol Myers Squibb) and approved in China in 2021 as the country’s first Class 1 CAR-T.
Licensing Potential: Commercial CAR-T infrastructure and hospital relationships in China make JW a natural partner for companies seeking China market access for cell therapies.
CanSino Biologics
Headquarters: Tianjin; listed on HKEX and the Shanghai STAR Market
Key Assets: A vaccine developer with an adenoviral vector platform scaled during its COVID-19 vaccine program.
Licensing Potential: Viral vector development and manufacturing experience is relevant to partners working on adenoviral-based products in Asia.
Gracell Biotechnologies (acquired by AstraZeneca)
Headquarters: Shanghai; part of AstraZeneca since February 2024
Key Assets: FasTCAR, a next-day manufacturing platform for autologous CAR-T, and GC012F, a BCMA/CD19 dual-targeting CAR-T.
Licensing Potential: AstraZeneca’s acquisition is the reference point for valuing Chinese CAR-T manufacturing platforms.
Autoimmune / Inflammation
Immunology is a growing share of Chinese out-licensing, with oral molecules and B-cell-targeting biologics drawing global partners in 2025–26.
Haisco Pharmaceutical
Headquarters: Chengdu, Sichuan; listed in Shenzhen
Key Assets: Small-molecule programs across immunology and other areas, including the oral factor B inhibitor NXP100 and a preclinical type 2 inflammation program.
Notable Deals: In 2026 Haisco signed a licensing and research collaboration with Eli Lilly (up to about $3.05 billion), licensed NXP100 and a BRAF inhibitor outside China to Nuvectis, and licensed its type 2 inflammation program to Sentivera, a new company founded by ARCH Venture Partners and Population Health Partners.
Licensing Potential: Three different structures in one year — pharma collaboration, biotech licence and NewCo — make Haisco a flexible counterparty.
RemeGen
Headquarters: Yantai, Shandong; listed on HKEX and the Shanghai STAR Market
Key Assets: Telitacicept, a BAFF/APRIL dual inhibitor approved in China for autoimmune diseases including lupus; disitamab vedotin (RC48), a HER2 ADC approved in China; and RC148, a PD-1/VEGF bispecific.
Notable Deals: AbbVie licensed RC148 in January 2026 for $650 million upfront and up to $5.6 billion. Vor Bio licensed telitacicept outside Greater China in June 2025 ($125 million initial payment, more than $4 billion in milestones), and Seagen licensed disitamab vedotin in 2021 in a deal worth up to $2.6 billion.
Licensing Potential: Three global licences across autoimmune disease and oncology show RemeGen’s ability to partner assets at different stages.
HUTCHMED
Headquarters: Hong Kong; listed on NASDAQ, AIM and HKEX
Key Assets: Fruquintinib, a VEGFR-1/2/3 inhibitor approved by the FDA in November 2023 for previously treated metastatic colorectal cancer and marketed outside China by Takeda as Fruzaqla; fanregratinib, an FGFR inhibitor approved in China in August 2026.
Notable Deal: GSK licensed the KRAS-EGFR antibody-targeted therapy conjugate HMPL-A830 outside Greater China in September 2026 for $110 million upfront and up to $1.295 billion.
Licensing Potential: A record of taking a China-discovered drug through FDA approval makes HUTCHMED one of the most credible Chinese partners.
How to Evaluate a Chinese Biotech for In-Licensing
With hundreds of Chinese biotechs now actively marketing their assets to Western BD teams, a structured evaluation framework is essential for separating high-quality opportunities from those that will fail diligence. Based on our cross-border advisory work, we apply a five-criteria framework to every Chinese asset assessment. For a comprehensive treatment, see our guide to in-licensing biotech assets from China.
1. Clinical Data Quality
Verify that trials were run at registered clinical trial institutions under GCP standards compatible with FDA and EMA requirements. Look for peer-reviewed publication of Phase II data — not just conference abstracts — and request source document access during formal due diligence. For a pivotal program, check whether the trial design will satisfy the FDA: it has declined to rely on China-only Phase 3 data in the past.
2. CMC Readiness
Assess whether the manufacturing process can be transferred to a Western-compatible CMO without loss of product quality or biological equivalence. Many Chinese biotechs use specialized local CDMOs with proprietary processes — verify that tech transfer documentation exists and that the process has been validated at clinical-representative scale. CMC gaps are the most common deal-breaker in Chinese asset diligence.
3. IP Position and Global FTO
Conduct a global Freedom-to-Operate analysis covering the US, EU, Japan, and China. Chinese patent linkage systems have improved significantly, but improvement patents, continuation filings, and co-inventor disputes can still complicate a global launch. Verify that the licensor owns — rather than simply licenses — the core IP, and check for hidden domestic utility model patents that may not appear in international patent databases.
4. Regulatory Pathway Clarity
Determine whether the company has engaged with the FDA via a pre-IND meeting, and whether existing Chinese clinical data is ICH-compatible for direct use in a US IND submission. Assess whether the NMPA approval pathway (if relevant) will run in parallel or sequentially with FDA/EMA review, as this affects both milestone timing and deal economics significantly.
5. Commercial Team and BD Infrastructure
Evaluate whether the Chinese biotech has an experienced, English-fluent BD team with a track record of closing Western deals. Companies that have previously completed one or more global licensing transactions have established term sheet precedents, legal templates, and regulatory frameworks that dramatically reduce deal execution timelines. First-time dealmakers require far greater transaction support and should be priced accordingly in your timeline assumptions.
Green Flags vs. Red Flags
Green Flags
- ICH-compatible GCP documentation
- FDA pre-IND engagement completed
- Existing ex-China BD team with deal history
- Published peer-reviewed Phase II data
- Clean FTO on core composition-of-matter patents
Red Flags
- Manufacturing partnerships with BIOSECURE-restricted CDMOs
- Incomplete or inaccessible GCP source documentation
- Weak or absent FTO analysis for US/EU markets
- No pre-IND FDA engagement for US-targeted assets
- Co-inventor disputes or undisclosed sublicensing arrangements
BIOSECURE Act: Which Companies Are NOT Affected
The BIOSECURE Act has generated significant anxiety in Western pharma BD teams evaluating Chinese assets. The anxiety is largely misplaced — but the supply chain implications are real, and understanding the distinction is essential before walking away from legitimate licensing opportunities.
BIOSECURE Targets Procurement, Not Licensing
Licensing an asset from the companies profiled here is not a BIOSECURE matter in itself: the law does not restrict licensing, data sharing or BD negotiations. Whether Chinese clinical data will support an FDA filing is a separate, regulatory question.
What you must assess separately is your downstream manufacturing supply chain. If the asset depends on a manufacturer that is, or could be, designated a company of concern, plan a manufacturing transfer as part of the licensing deal structure. This should be reflected in milestone timing and cost assumptions — but it is a manageable operational consideration, not a legal barrier to the licensing transaction itself.
For the complete impact analysis and compliance framework, see our dedicated guide: BIOSECURE Act: Pharma Impact 2026.
How Vision Lifesciences Connects You to Chinese Biotechs
Identifying the right Chinese biotech partner from a public list is only the beginning. The real challenge — and the real opportunity — lies in accessing pre-publication intelligence, getting warm introductions that actually reach decision-makers, and having the technical depth to assess clinical data before you commit to an NDA. This is where Vision Lifesciences operates.
Proprietary Deal Scouting
Our Shanghai and Hong Kong teams generate pre-publication deal intelligence from direct engagement with Chinese biotech management teams, academic medical centers, and regulatory advisors. We regularly identify licensing opportunities weeks or months before they appear on conference partnering platforms or in pharma deal databases.
Warm Introductions
We work with the BD teams, CFOs and medical leaders of Chinese biotechs day to day. A warm introduction from Vision Lifesciences reflects an existing relationship — it is categorically different from a cold partnership inquiry.
Technical Asset Assessment
Before you execute an NDA and begin formal due diligence, we conduct a rapid technical assessment of clinical data quality, CMC readiness, IP landscape, and regulatory pathway clarity. This pre-diligence screen protects your internal resources and ensures that formal diligence is reserved for assets that can realistically close.
Deal Structuring Support
Our team supports term sheet drafting, milestone optimization, territory carve-out analysis, and regulatory pathway design for cross-border licensing transactions. We ensure that your deal economics account for NRDL, VBP, HGRAC, and BIOSECURE supply chain considerations from the first negotiation session.
Frequently Asked Questions
What are the top Chinese biotech companies for in-licensing?
The most active and strategically relevant Chinese biotechs for in-licensing in 2026 include Hengrui, Innovent Biologics, Hansoh, CSPC, Akeso, Kelun-Biotech and Legend Biotech. Between them they lead in ADCs, bispecific antibodies, obesity drugs and CAR-T, and each has closed multi-billion-dollar global deals.
Which Chinese company has the most global licensing deals?
Hengrui is among the most active. In 2026 alone it licensed 13 programs to Bristol Myers Squibb (up to about $15.2 billion) and its oral GLP-1/GIP agonist HRS-1596 to Novo Nordisk (up to $2.6 billion). Innovent signed deals with Eli Lilly and Pfizer, and Hansoh with Roche (over $15 billion), in the same year.
Are Chinese biotech companies publicly listed?
Many leading Chinese biotechs are publicly listed on international exchanges. Legend Biotech (LEGN) and HUTCHMED (HCM) trade on NASDAQ. InnoCare Pharma, Innovent Biologics, Akeso, and RemeGen are listed on the Hong Kong Stock Exchange (HKEX). Public listing status, audited financials, and SEC/HKEX disclosures significantly reduce diligence friction for Western BD teams.
What is the best Chinese biotech for ADC licensing?
Kelun-Biotech, Duality Biologics, Hansoh and MediLink Therapeutics are leading ADC partners. Merck licensed Kelun's TROP2 ADC SKB264 in 2022 and up to seven more Kelun ADCs for up to $9.3 billion. In 2026, Roche licensed MediLink's B7-H3 ADC YL201 for $570 million upfront and near-term and a Hansoh ADC portfolio for $400 million upfront, and Genentech licensed ADCs built on DualityBio's DUPAC payloads.
Is it safe to license from Chinese biotechs after BIOSECURE?
BIOSECURE does not prohibit licensing a drug candidate. The law, enacted in December 2025 as part of the FY2026 National Defense Authorization Act, restricts US federal procurement and contracts involving biotechnology equipment or services from designated companies of concern; it does not name companies, and designations run through the DoD 1260H list and an OMB process. Check separately whether the asset’s manufacturing depends on a company that is or may be designated.
How do I contact Chinese biotech companies for licensing?
The most effective channels are major industry conferences (BIO International, JPMorgan Healthcare, ChinaBio Partnering Forum), established in-country BD networks based in Shanghai and Hong Kong, and cross-border advisors like Vision Lifesciences who work with Chinese biotech BD teams day to day. Cold outreach via LinkedIn or public channels is rarely effective given the relationship-driven nature of China's BD culture.
Sources
2026 deal terms come from our verified China outbound licensing tracker, where each deal links to its announcement.
- Vision Lifesciences research: our own deal tracking and insights from our day-to-day cross-border licensing and M&A advisory work (about us)
- Swissinfo, The numbers behind China’s pharma rise (3 Sep 2026; Citeline, GlobalData and Georgetown University data)
- Guangming Online, China approves record number of innovative drugs in 2025 (NMPA figures, incl. 2025 out-licensing)
- Reuters Breakingviews, China biotech’s ingenuity extends to dealmaking (16 Oct 2026; PharmCube data)
- J.P. Morgan, Q3 2026 Biopharma Licensing and Venture Report (DealForma data)
- Merck, exclusive licence with Kelun-Biotech for seven investigational ADCs (22 Dec 2022)
- Akeso, collaboration and licence agreement with Summit Therapeutics for ivonescimab (6 Dec 2022)
- Vor Bio (via PureTech), exclusive licence of telitacicept from RemeGen (Jun 2025)
- BioProcess International, BioNTech steps into ADC space with $170M payout to DualityBio (Apr 2023)
- BioWorld, NMPA nod gives Hua Medicine first GKA approval in diabetes (Oct 2022)
- Sciwind Biosciences, ecnoglutide approved by the NMPA for chronic weight management (6 Mar 2026)
- pharmaphorum, Merck snaps up cancer drug from China’s Kelun in $1.4bn deal (May 2022)
- Regeneron, licence of HS-20094 from Hansoh (Jun 2025)
- Johnson & Johnson, Janssen worldwide collaboration with Legend Biotech (Dec 2017)
- Gracell Biotechnologies, acquisition by AstraZeneca completed (22 Feb 2024)