On Dec. 4, Shanghai‑based Kulan Biotech struck a licensing pact with U.S. firm Crescent Biopharma, pocketing an $80 million upfront payment and unlocking up to $1.25 billion in milestones for a solid‑tumor therapy slated to start human trials in early 2026. The agreement is the latest in a wave of Chinese outbound deals that have already topped $92 billion in the first three quarters of 2025, with analysts expecting the total to break the $100 billion mark by year‑end – a record for the industry. According to McKinsey, China’s share of innovative drugs licensed to the U.S. and Europe has jumped from 2 % in 2018 to 20 % today, while FDA approvals of Chinese‑origin medicines have risen from 1 % to 6 % in the same period. The secret? Speed. Chinese teams can turn a molecular target into a clinical candidate two to three times faster than the global average, and once animal testing is cleared, they recruit patients for trials two to five times quicker thanks to a vast pool of unmet‑need patients. Faster cycles cut costs, boost the survival odds of early‑stage biotech firms, and let them test more ideas before discarding dead‑ends. A robust supply chain and a deep talent pool – from discovery scientists to line‑installation engineers – power every step of the process. In cutting‑edge fields such as antibody‑drug conjugates and multispecific antibodies, Chinese companies now hold 54 % and 48 % of Phase I/II assets respectively, putting the nation at the forefront of global drug innovation.
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