Chinese biotech firms surge to dominate global pharma deals, investors warn

While preparing for a panel at JPMorgan’s annual healthcare conference in San Francisco, Patrick Malone, a doctor now managing partner at KdT Ventures, encountered a report that shocked him: Chinese firms moved from virtually no participation to representing 44% of global pharmaceutical deals exceeding $50 million in 2024, up from 23% in 2022. He interpreted the rapid climb as a sign of China’s unprecedented capture of biopharma development.

Across the industry, Stifel Institutional’s healthcare-stock specialist Tim Opler reached a comparable conclusion after an investor asked about Chinese involvement; his analysis projects that in 2025 Chinese start-ups will command nearly 70% of the $137.7 billion allocated to worldwide pharma deals. Both observers see the accelerating trend as a potential strategic challenge for the sector. The data underscores a shift in where new drug innovations are sourced and financed, with China emerging as a dominant player.