MNC China Lens

In the first three quarters of 2026, Medtronic invested approximately $2.7 billion in intensive M&A activities. This included leading a $100 million Series D financing round for China-based Pulnovo Medical. Additionally, Medtronic made strategic investments of approximately $700 million in China's Cornerstone Robotics and Israel's Pi-Cardia; acquired three companies, including CathWorks and Scientia Vascular; and invested in Beluga Medical and CARDIOACC. Although the specific financial advisors were not explicitly mentioned in the text, PwC provided relevant data support. Leveraging its strong cash flow, Medtronic aims to address gaps in cardiology and neuroscience through strategic acquisitions, rapidly acquiring high-growth, near-commercialization innovative technologies to synergize with existing businesses and drive growth.

In late September, two global oncology BD deals worth about $2 billion each highlighted the value of Chinese innovative drugs. MSD is acquiring SciBrunch's preclinical oral KRAS G12D inhibitor SPR2015 for up to $2.13 billion to strengthen its solid tumor pipeline. AstraZeneca is investing $2 billion in Summit Therapeutics to advance combination therapies involving Akeso's ivonescimab and CLDN18.2 ADC, while expanding collaboration on multiple ADCs. Despite similar deal sizes and Chinese origins, the transactions reflect different strategies: MSD is using a preclinical small molecule to fill pipeline gaps, while AstraZeneca is leveraging a mature bispecific antibody to explore combination therapies. The deals highlight diverse asset stages, deal structures, and strategic approaches in global oncology BD, as well as the growing global value of Chinese biopharmaceutical innovation.

On September 28, 2026, Shanghai SciBrunch and MSD announced a global exclusive licensing agreement for SPR2015, a preclinical oral KRAS G12D (ON) inhibitor. Under the agreement, SciBrunch grants MSD exclusive worldwide rights to develop, manufacture, and commercialize SPR2015. The deal includes a $400 million upfront payment and milestone payments, with a potential total value of up to $2.13 billion. SPR2015 is a potent and selective molecular glue inhibitor targeting KRAS G12D, the most common KRAS mutation in human tumors. Preclinical studies showed significant antitumor activity across multiple models while maintaining favorable selectivity for wild-type KRAS. The collaboration validates SciBrunch’s R&D capabilities in RAS-targeted therapies and strengthens MSD’s precision medicine pipeline, with potential applications in pancreatic, colorectal, and lung cancers.

Dr. Friedemann Janus, Senior Vice President of Bayer's Pharmaceuticals Division, said China's innovative drugs are embedding deeply into the global system, with about a third of drugs in development originating from China. Multinational pharma's China strategy has shifted from license-in of mature pipeline assets to early engagement with biotech teams to grasp their innovation logic. Bayer, which sees China as a key source of high-quality innovation, has built a network linking startups with global capital and R&D experts via Co.Lab sites in Shanghai and Beijing, a venture capital alliance, and global roadshows during 2024–2025. Janus believes China's pharma industry has moved past "Me-too" and "Fast-Follow" toward "Best-in-Class." The core issue now is how multinational pharma can embed even earlier in China's innovation ecosystem and drive local innovation into global R&D, business development, and commercialization — a fundamental elevation of China's global pharma position.

China’s Center for Drug Evaluation (CDE) has nominated two MASH drug candidates for breakthrough therapy designation: Zhongsheng Pharmaceutical’s ZSP1601 tablets and GSK’s injectable Efimosfermin alfa. ZSP1601, a first-in-class pan-phosphodiesterase (PDE) inhibitor, has entered Phase III trials after showing significant pathological improvement in Phase IIb. At 48 weeks, response rates were 64.9% (100 mg) and 57.6% (50 mg), versus 32.5% for placebo. The drug demonstrated anti-fibrotic effects, reduced liver fat, and improved liver enzymes, with a favorable safety profile. Efimosfermin alfa, a long-acting FGF21 analog administered monthly by subcutaneous injection, is designed to reduce liver fat, improve inflammation, and reverse fibrosis. GSK acquired rights to the drug for up to USD 2 billion and has registered the Phase III ZENITH-2 trial in China following positive Phase II results showing significant histological response in patients with F2/F3 MASH.

On September 22, Suzhou BoomRay announced an exclusive global licensing agreement with Novartis for one of its preclinical radioligand therapy (RLT) assets. BoomRay is eligible to receive up to USD 900 million (approximately RMB 6 billion), including upfront and milestone payments, plus sales royalties. This marks Novartis’s second licensing of an early-stage RLT asset from China this year, following its January acquisition of assets from Hunan PepLib. Despite strong RLT sales, including over USD 1.9 billion in 2025 revenue from Pluvicto, Novartis continues to seek external collaborations to expand its next-generation pipeline targeting novel antigens, ligands, and radionuclides. Founded in 2018, BoomRay has developed an RLT platform covering multiple targets. The deal highlights the global licensing potential of Chinese biotech RLT assets and the growing focus of multinational pharmaceutical companies on early-stage RLT opportunities.