In this deep dive, BioSpace investigates China’s rise as a biotech powerhouse.
Editor’s Note: This deep dive was originally published Sept. 24, 2025, as a special edition of Biopharm Executive. Subscribe to Biopharm Executive to receive market insights, deals, business stories and deep dives into key policy issues impacting biopharma.
China’s rise as a biotech powerhouse seemed to happen overnight. In late 2024, multinational pharmas suddenly began inking deals left and right with companies in the East Asian country.
But on the ground, Chinese companies and scientists have been working behind the scenes for years to build promising programs and, most importantly, trust. Chinese biotechs have risen to become global stars in oncology and offer the next generation of obesity treatments. Deals are now spreading out across modalities, indications and diseases.
Digging into how Chinese companies have been receiving the influx of interest revealed a more painful truth, however. Chinese biotechs have been struggling recently, subject to the same financing challenges as U.S. companies in the post-pandemic environment. The flow of Big Pharma cash has been a lifeline.
Now, these companies are ready to prove themselves.
“China has built up an ecosystem in biotechnology, and now won the approval of the global market,” one CEO told us. “I’ll say that it’s sooner than later that the IPs and assets from China’s biotech will command higher value and greater trust.”
We heard the same from Akeso, the biotech that serves as the other half to the much-talked about Summit Therapeutics partnership. Akeso developed ivonescimab, which the industry is closely watching for its potential to rival Merck’s mega-blockbuster Keytruda.
Akeso CEO Michelle Xia told BioSpace she never intended to start a company, but over the last 13 years, she has shepherded Akeso to become one of the most exciting biotechs in the industry.
“Choosing China felt natural,” Xia said.
You won’t slow [China] down. They are very good. What we can do is to focus, to be better than that, and that should be our goal.
Enter Trump
China has stepped into the global biopharma spotlight against rising geopolitical headwinds, with further crackdowns on Chinese pharmaceutical products threatened recently by President Donald Trump. All of the building blocks forged by the likes of Akeso and other Chinese biotechs could come crumbling down, as news reports suggest that Trump is preparing an executive order that could restrict drug licensing deals in the region.
Trump’s order is fueled by concerns that American biopharma is ceding ground to China. Chinese biotechs now represent nearly half of all biotech enterprise value, with nine of the top 20 companies headquartered there. In 2022, just four Chinese companies appeared on the list, with CAR T cell therapy star Legend Biotech appearing in the top slot with $6.5 billion in enterprise value.
Now, Akeso is number one, worth $15.7 billion, followed by Kelun Biotech at $14.3 billion. The U.S. makes up 10 of the companies on this list with the highest value company being none other than Akeso’s partner Summit, with a value of $13.8 billion.
These top companies are joined by many more, which as a whole are doing quite well despite Trump’s agenda. A recent report by Stifel notes that Chinese biotechs are up nearly 80% since April 2024, and 18% since Trump declared “Liberation Day” and rolled out tariffs around the world. These gains are no doubt due in part to the $48 billion pharmas have spent in the first half on licensing deals with Chinese companies.
Pfizer CEO Albert Bourla warned during a second quarter earnings call that China can’t be stopped—but America can build itself up.
“You won’t slow them down. They are very good. What we can do is to focus, to be better than that, and that should be our goal,” Bourla said.
