China Biopharma Deals, 2019–2025: Part 1 — Oncology (ADC, Bispecifics, IO, Cell Therapy)

Oncology is the tip of the spear for China-origin innovation in global partnering. This article gives you a bird’s-eye view of the major deals, then goes deep into the operating logic behind ADCs, bispecific antibodies, checkpoint inhibitors, and cell therapy. We also translate the practical “ex-China” regional split into economics and execution steps you can use right away. (Last updated: 2025-09-19)

Overview Table: Notable Oncology Deals (2019–2025)

1. Why oncology leads: division of labor, clustering, and “implementation” excellence

Three reinforcing forces explain the surge. First, a clear division of labor: China teams excel from target discovery to clinical PoC and early clinical execution, while global pharmas bring late-stage regulatory, HTA, and commercial muscle across ex-China markets. Second, clustering effects: ADC/bsAb know-how spreads through a dense network of investigators, CROs, and CMOs, shortening the cycle from preclinical to IND to first-in-human and scale-up. Third, implementation discipline: governance models for joint steering committees and explicit ex-China allocations are now templated, aligning clinical, CMC, and commercial decisions against one P&L.

2. Modality playbooks you can actually execute

2-1. ADC: where differentiation really lives

Think in systems: target selection, linker chemistry, payload class, DAR control, and safety design. China-origin pipelines increasingly cover B7-H4, DLL3, HER2 low, TROP2, and exploratory payloads such as TOP1. The winning proposals front-load safety risk management (liver, myelosuppression, ILD), justify line of therapy choices, and sketch combination strategies from the outset. Contract terms should bake in manufacturing containment, cross-contamination controls, and dual-sourcing plans.

2-2. Bispecific antibodies (bsAb): practical implementation

VEGF x PD-1 exemplifies a two-front approach: normalize vasculature while enhancing T-cell activation. Operationally, three things matter most: 1) dose finding with safety margin awareness, 2) combination strategy and prior-line clarity plus biomarker-based subgroups, 3) external validity plans to bridge China-led data to US/EU via MRCT or pre-specified bridging and RWD.

2-3. Checkpoint inhibitors: reframing the value

Standalone differentiation is tough in PD-1/PD-L1. Value shifts to three pillars: 1) rational combinations that move lines of therapy, 2) diagnostics and CDx alignment that sharpen selection, and 3) global approval footprints that de-risk access. Document how your combo reduces discontinuations or improves depth/duration of response, and pre-align with regulators on endpoints and control arms. Plan for RWD to support persistence and real-world effectiveness post-launch.

2-4. Cell therapy (oncology and autoimmune): the realistic path

Platform M&A compresses time to integrated manufacturing, quality, IP, and talent. Deal value hinges on: 1) plant design and scale plan, 2) SOP standardization and deviation control, and 3) transparent cost structure. For autoimmune expansion, reset the benefit-risk narrative, and show how CMC scalability and QC sampling will hold outside oncology. Spell out slot reservation and vein-to-vein time targets in supply terms.

3. Making the ex-China split work economically

China NRDL price pressure is a given. Global IRR depends on combining fast China PoC and early domestic revenue with higher price and broader reimbursement ex-China. The ideal setup runs in parallel: China generates early data and initial sales; the global partner leads MRCTs, US/EU filings, HTA prep, and launch. Put data access, analysis ownership, and decision rights into a joint governance charter with escalation paths and SLAs.

4. Execution tips you can apply tomorrow

1. Bridging upfront: predefine PK/PD comparability, ethnicity effects, and SoC differences; add bridging cohorts or RWD as needed.
2. CMC auditability: for ADCs, validate OEL, containment, and cross-contamination controls; milestone tech transfer on deliverables.
3. Master protocols: use umbrella/basket designs to stop losing branches early and expand winning ones quickly.
4. Commercial math: let ex-China royalties and milestones carry global P&L while China absorbs price compression.

5. Quick FAQ

Q. Is China “looser” on parallel arms?

A. No. Frameworks align with ICH-GCP. Speed mostly comes from patient pools, site concentration, and operational agility.

Q. Where does ADC differentiation come from?

A. From safety-by-design, target-linker-payload coherence, and rational combination strategies documented at signing.

Next up

Part 2 dives into Obesity and Metabolic: oral GLP-1, multi-agonists, HTA

Edited by the Morningglorysciences team.