Riding a wave of booming cross-border dealmaking, China’s AI-driven drug-design firms are charging onto the global stage despite Washington’s growing scrutiny of Chinese biotech firms. The value of out-licensing deals struck by Chinese biotech companies with top global multinational pharmaceutical companies climbed to US$75 billion in the first five months of 2026, up from zero before 2020, according to Linda Shu, head of China healthcare research at HSBC. In total, over the five months, these...