Intensifying Competition in the 2026 ADC Arena: Chinese Pharma Companies Rush to Secure Strategic Positions

　　【Pharmaceutical Network Industry DynamicsIn recent years, the ADC (antibody-drug conjugate) market has been experiencing rapid growth. According to predictions by Frost & Sullivan, the global ADC market is expected to reach 115.1 billion US dollars by 2032, with a compound annual growth rate (CAGR) of 30.6% from 2023 to 2032. Notably, as the market scale continues to expand, pharmaceutical companies are also accelerating their strategic deployment in this field.
 

On January 14, WuXi XDC proposed a cash offer acquisition plan with a 99% premium, intending to acquire Tot Biopharm for up to HK$2.79 billion. According to the announcement, the total offer valuation is approximately HK$3.105 billion, with the maximum offer price being about HK$2.79 billion, which the company plans to pay using internal resources. After the completion of the transaction, Tot Biopharm will become a subsidiary of WuXi XDC and WuXi Biologics, and its financial performance will be consolidated into the financial statements of both WuXi XDC and WuXi Biologics respectively.
 

WuXi XDC's acquisition this time aims to enhance operational manufacturing capacity, enrich project portfolios, expand the customer base, and further consolidate its market position in the field of antibody-drug conjugates contract development and manufacturing organizations.
 

On January 9, MediLink announced that it had reached a new exclusive licensing agreement with Roche for the YL201 project, under which they will jointly advance the development and commercialization of this innovative B7H3-targeted antibody-drug conjugate (ADC) candidate across multiple solid tumor indications.
 

MediLink will receive an upfront payment of $570 million and near-term milestone payments, and is entitled to additional development, registration, and commercialization milestone payments, as well as tiered royalties based on net sales after YL201 is approved for overseas markets. It is reported that YL201 has shown remarkable potential in the clinical stage. Phase III clinical trials targeting small cell lung cancer and nasopharyngeal carcinoma have been initiated, and it has also received Breakthrough Therapy Designation from the U.S. FDA and multiple Orphan Drug designations.
 

In addition to acquisitions, the ADC track has recently seen many positive developments in clinical and regulatory breakthroughs by domestic pharmaceutical companies as well as advancements in bispecific ADC technology. For instance, on January 4, Kelun-Biotech's Class 1 new drug, SKB105 for injection, was approved for clinical trials, with plans to develop it for the treatment of advanced solid tumors. This is an ADC drug targeting integrin β6 (ITGB6). Preclinical studies have shown that the drug exhibits favorable characteristics in terms of efficacy, safety, and pharmacokinetics (PK).
 

On January 17, CDE announced that the clinical application of Qilu Pharmaceutical's Class 1 innovative drug, QLS5132 for injection, has been accepted. This drug is the company’s first self-developed Claudin-6 (CLDN6) targeted antibody-drug conjugate (ADC). QLS5132 is a Class 1 innovative biologic, intended for the treatment of advanced solid tumors.
 

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Overall, at the start of 2026, the ADC sector in China has already shown frequent BD transactions, accelerated capacity acquisitions, and breakthroughs in clinical trials and regulatory filings. In the future, this sector's momentum is expected to continue rising, and with the increasing number of companies entering the field, pharmaceutical enterprises are anticipated to focus more on achieving breakthroughs in clinical value, ensuring commercial returns, and maintaining technical independence and control.
 

　　Disclaimer: Under no circumstances shall the information or opinions expressed in this article constitute investment advice to any person.