China's Innovative Drug Outbound Deals Reach $99.7 Billion in H1 2026, Signaling Global Recognition of Domestic R&D Capabilities

　　【Pharmaceutical Network | Industry Trends] In recent years, with the rapid rise of innovative drugs in China, the global expansion of Chinese innovative pharmaceuticals has intensified. Data shows that the total value of overseas transactions for Chinese innovative drugs in the first half of 2026 reached $99.7 billion, approaching 73% of the full-year level in 2025 and approximately 1.9 times that of the full year 2024.
 

In May this year, Hengrui Pharma entered into a global strategic collaboration with BMS to jointly advance 13 early-stage R&D projects, with a potential total transaction value of up to USD 15.2 billion. Under the agreement, the two parties will collaborate on the development of four oncology and hematology projects originally developed by Hengrui, four immunology projects originally developed by BMS, and five innovative projects co-developed leveraging Hengrui’s technology platforms. All projects are currently in the preclinical stage, and Hengrui holds an option to co-develop specific projects.
 

In May, Innovent and Pfizer signed a global strategic collaboration agreement covering 12 oncology R&D projects with breakthrough potential, focusing on early-stage and source innovation, with a total transaction value of $10.5 billion. This collaboration encompasses an oncology portfolio comprising 12 projects, including eight early-stage pipeline assets from Innovent and four novel (de novo) projects to be proposed by Pfizer. As the projects advance through different stages of clinical development, the two parties will engage in co-development for selected programs and share the associated costs. The agreement features diverse collaboration models, including licensing, co-development, and co-commercialization (Co-Co). The collaborative asset portfolio includes multiple antibody-drug conjugates (ADCs) with novel, differentiated payloads, as well as multispecific antibodies characterized by differentiated immunomodulatory properties and unique structural designs.
 

In May, Haisco and Eli Lilly will enter into a strategic collaboration on the research and development of innovative drugs across multiple therapeutic areas. Under the agreement, Haisco will leverage its small-molecule innovation technology platform and efficient new drug development capabilities to conduct discovery and early-stage R&D for up to five innovative drug projects targeting indications selected by Eli Lilly. The total value of the collaboration could reach up to USD 3.054 billion.
 

For another example, CSPC and AstraZeneca have reached multiple collaborations this year. In January, AstraZeneca paid a $1.2 billion upfront fee to secure rights to SYH2082, an early-stage obesity therapy from CSPC that is a long-acting dual GLP-1/GIP receptor agonist, along with three additional preclinical assets targeting obesity and other weight-related diseases. The agreement also covers four new projects to be jointly advanced by both parties. Under this deal, AstraZeneca may potentially pay up to $3.5 billion in R&D milestone payments and up to $13.8 billion in sales milestone payments. In June, AstraZeneca collaborated with CSPC again, paying an upfront fee of $110 million to leverage the biotech company’s artificial intelligence engine for the development of oral medications for chronic diseases. Milestone payments for this collaboration include $1.62 billion in R&D milestones and $3.6 billion in sales milestones.
 

In addition to deal values repeatedly hitting new highs, Chinese innovative drugs are transitioning from “product exports” to “industry globalization.” Research reports indicate that collaboration models have evolved from simple license-out arrangements to co-development and profit-sharing (Co-Co) models, with multinational pharmaceutical companies deeply integrating into the early-stage R&D pipelines of Chinese firms. This shift marks comprehensive recognition of China’s innovation capabilities. Other research institutions note that the pharmaceutical sector is experiencing a rebound following a correction, with favorable industry trends signaling an opportune moment for medium- to long-term investment. The outlook remains positive for the global expansion of Chinese innovative drugs, with a focus on core therapeutic areas such as antibody-drug conjugates (ADCs), bispecific antibodies, small nucleic acid therapies, and weight-loss drugs.
 

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