China’s edge in early-stage drugmaking ‘likely to persist,’ Pitchbook says

BioPharma Dive January 26, 2026
Ben Fidler

The ongoing surge in licensing deals for early drug prospects is expected to continue this year and involve more cell and gene therapies, the firm said in a new report.

Dive Brief:

• Licensing deals between China-based biopharmaceutical companies and their U.S. and European counterparts should continue in 2026 and broaden in scope, according to a new report from analytics firm Pitchbook.
• The report published Friday and written by analyst Ben Zercher noted that China’s biotech ecosystem has “gained the lead” in generating early promising drug candidates. That edge will “likely persist” as those prospects are “underfunded” in other markets including the U.S., and China’s own sector has become more self-sufficient.
• Licensing deals have historically concentrated around antibody drugs...

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