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China-to-US/EU drug licensing set records while BIOSECURE targeted manufacturing
BIOSECURE hasn’t slowed Western pharma’s licensing of China-originated drugs: the law targets manufacturing and contract services, the WuXi end of the relationship, and licensing kept climbing. In Sleuth’s count of 164 disclosed deals since January 2020 in which a China-based originator licensed rights to a US, EU, UK or Swiss partner, disclosed value hit a record $91.6 billion in 2025 and reached $88.9 billion across 30 deals in 2026 by June 25. The trend is acceleration, not decoupling.
Disclosed deal value rose about 16-fold from 2020 to 2025
In 2020, 9 deals carried $5.6 billion in disclosed value. The annual count rose to 11 in 2021, 14 in 2022, 28 in 2023 and 30 in 2024, then to 42 in 2025, when value hit its record $91.6 billion. The 30 deals of 2026 through June 25 had nearly matched that full-year total in under six months, which in Sleuth’s view put 2026 on pace for another record.
Values are total disclosed potential value, upfront plus milestones (the “biobucks” headline), not guaranteed payments, and 31 of the 164 deals omit one or both economic terms. Sleuth’s China biopharma landscape counts a broader set of out-licensing deals with US and European buyers, April 2021 to April 2026 (107 in 2025), so its counts run higher.
Value grew far faster than deal count, about 16-fold against less than fivefold, so buyers are signing larger headline terms as well as more deals.
Licensing kept climbing through the BIOSECURE debate
BIOSECURE was first introduced in December 2023 and became law on December 18, 2025, in the fiscal 2026 National Defense Authorization Act. It bars US federal agencies from buying biotechnology equipment or services from designated “biotechnology companies of concern,” or contracting with companies that use them, which puts manufacturing and contract research in scope, not licensing. Deal count edged up while the bill was debated, from 28 in 2023 to 30 in 2024, then jumped to 42 in 2025.
AstraZeneca is the largest buyer in this deal set, with 12 China-origin assets worth about $36 billion, and Merck, GSK, Lilly, Pfizer and BMS are also among the most active.
As of September 2026 the law was still phasing in, with the first federal list of biotechnology companies of concern due by December 18, 2026.
BINSA targets the licensing channel BIOSECURE left open
On June 2, 2026, Representatives John Moolenaar and Debbie Dingell introduced the Biotech Investment National Security Act (BINSA). It would add biotechnology to the COINS Act’s outbound investment rules and bring licensing deals, joint ventures and equity investments involving Chinese companies under Treasury and Defense Department review. Senators Elissa Slotkin and Pete Ricketts introduced a Senate version on August 6, 2026, and as of August 2026 it had been referred to committee, not enacted.
In Sleuth’s view, the policy fight has moved to the channel that carries the value. If BINSA or a similar measure passes, licensing deals like these, which current outbound investment rules do not cover, would come under federal screening.
Deals announced January 1, 2020 through June 25, 2026, using total disclosed potential value; 2026 is a partial year. This page is a dated snapshot of that deal set. BIOSECURE status is current as of September 2026 and BINSA status as of August 2026.
Frequently asked questions about BIOSECURE and China drug licensing
Does the BIOSECURE Act restrict licensing deals with Chinese biotech companies?
Not directly. BIOSECURE, enacted in December 2025, restricts US federal purchasing from designated biotechnology companies of concern, which mainly affects manufacturing and contract services. Licensing is the target of BINSA, a separate bill introduced in June 2026 and not enacted as of August 2026.
How much were China-to-US/EU drug licensing deals worth in 2025 and 2026?
In Sleuth’s count of drug-asset deals from China-based originators to US, EU, UK or Swiss partners, 42 deals carried a record $91.6 billion in disclosed potential value, including milestones, in 2025. In 2026 through June 25, 30 deals had reached $88.9 billion.
Which Western pharma company has licensed the most China-origin drugs?
AstraZeneca, with 12 China-origin assets worth about $36 billion in disclosed value in Sleuth’s January 2020 to June 2026 drug-asset deal set. Sleuth’s broader China biopharma landscape, covering April 2021 to April 2026, reports higher AstraZeneca figures.
