International Deals

In 2025, Chinese drug makers signed 157 out-licensing deals with global pharmaceutical firms, totaling US$135.7 billion, up from 94 deals worth US$51.9 billion in 2024. Data released last week by China's National Medical Products Administration (NMPA) shows the number and value of these deals hit record highs, driven by dozens of multibillion-dollar agreements involving Hong Kong and mainland China-listed firms and international giants.