China tightens grip on biotech platform ownership but foreign licensing deals still okay

China's ministries of Commerce and Science and Technology have proposed banning ownership transfers of five categories of biotechnology platforms, covering cell and gene therapy, small nucleic acid drugs and pathogenic microorganisms, but licensing deals are explicitly exempted. Locust Walk data show China-based assets account for 58% of global licensing deal value this year versus 26% for U.S. assets; in M&A, U.S. companies hold 91% of deal value and Chinese assets just 1%, showing direct acquisitions were already rare.