Chinese biotech is having a 'DeepSeek moment'
CHEN XI and HAN WEI, Caixin
In a resounding vote of confidence in China's biotechnology sector, leading global pharmaceutical companies are striking multibillion-dollar deals for innovative therapies developed by Chinese firms. These deals mark a pivotal point for China's role in global drug development and have sparked a capital market frenzy.
In late May, Pfizer agreed to pay $1.25 billion upfront to 3SBio, a Shenyang-based biotech firm, for the rights to a promising anti-tumor drug. The agreement could eventually be worth up to $6.05 billion.
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