BREAKINGVIEWS — China biotech's ingenuity extends to dealmaking

(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Katrina Hamlin HONG KONG, Oct 16 (Reuters Breakingviews) — Chinese drugmakers' 2026 overseas licensing deals just hit $139 bln, beating last year's record. As Big Pharma turns to the country's labs for breakthroughs from cancer to obesity, rising stars like $44 bln Hengrui Pharma are capturing more of the upside from their discoveries. Full view will be published shortly. Follow Katrina Hamlin on Bluesky and LinkedIn Context News China-based biotech companies’ deals to license the commercialisation of their drugs in overseas markets reached $139.4 billion for the year to October 8, 2026, according to data provider PharmCube. Last year, the total value, including milestone payments, reached $138.8 billion. Upfront payments in those agreements reached $8 billion in the first three quarters, higher than the $7.2 billion total in 2025. (Editing by Una Galani; Production by Aditya Srivastav) ((For previous columns by the author, Reuters customers can click on HAMLIN/ katrina.hamlin@thomsonreuters.com; Reuters Messaging: katrina.hamlin.thomsonreuters.com@reuters.net)