BEIJING — China’s outbound licensing of innovative drugs surpassed USD 80 billion in the first eight months of 2025, a record-breaking surge that is reshaping global pharmaceutical collaboration. Against this backdrop, the China Medical Tribune convened an exclusive dialogue with UBS senior banker Dr. Michiel Bröker and Hengrui Pharmaceuticals President and COO Jo Feng at the 2025 European Society for Medical Oncology (ESMO) Annual Congress, where Hengrui unveiled 46 oncology research results spanning 14 novel therapies.

The unprecedented deal momentum has placed Chinese innovators at the center of global drug development, with Hengrui topping China’s license-out transaction value in 2024. The China Medical Tribune invited the two leaders to examine the forces behind this acceleration and the opportunities—and challenges—that lie ahead.

Global Oncology Trends: “Innovation, Not Generics, Now Defines China”

Reflecting on the industry’s rapid evolution, Dr. Michiel Bröker, Head of Biopharma for EMEA at UBS Global Investment Banking, said that China’s role in global R&D has fundamentally transformed over the past two decades.

“When I joined the industry 20 years ago, conversations with multinational companies about China mostly addressed generics,” he said. “Today, these same companies—and their venture arms—actively seek partnerships with Chinese firms focused on genuinely innovative science.”

He identified three structural drivers behind China’s rise:

1.A surge in domestic R&D talent, significantly expanding scientific capability.

2.Large patient populations and extensive hospital networks, providing high-quality clinical resources.

3.Regulatory reforms, which have accelerated innovation and the global competitiveness of Chinese pipelines.

New deal data underscores this shift. Roughly 30% of global business-development transactions now involve Chinese companies, many in cutting-edge modalities including antibody–drug conjugates (ADCs), bispecific antibodies, and cell therapies.

Among the most notable examples, Bröker highlighted Hengrui’s recent out-licensing to global partners such as GSK, Merck and MSD, with GSK paying USD 500 million upfront for HRS-9821 alone. “Such figures demonstrate multinational companies’ willingness to pay for Chinese innovation,” he said.

He added that co-development models enable rapid global patient benefit: “A therapy proven effective in one country can now be quickly transferred to another. This trend is delivering value not just in China, but worldwide.”

Hengrui’s Perspective: From Me-Too to First-in-Class

In the interview, Ms. Jo Feng, President and COO of Hengrui Pharmaceuticals, described China’s innovation wave as both a national and corporate transformation.

“Hengrui has completed its transition from primarily Me-too and Me-better products to First-in-Class and Best-in-Class innovation,” she said. “Our strategy balances independent R&D and open collaboration, combining global operations with deep local expertise.”

Jo Feng outlined five pillars underpinning Hengrui’s global competitiveness:

1. Strong and Sustained R&D Commitment

More than 55% of Hengrui’s revenue now comes from internally developed innovative drugs. The company invests over 20% of annual sales into R&D—totaling RMB 8.3 billion in 2024.

2. Diversified Innovation Platforms

Hengrui’s pipeline covers small molecules, monoclonal antibodies, ADCs and protein degraders. With over 100 active programs, the company ranks among the industry’s most productive innovators.

3. International Strategic Partnerships

Global recognition for Hengrui’s science is reflected in major licensing deals with partners including GSK and MSD, with total potential deal values reaching tens of billions of USD.

4. Global Clinical Deployment

The company operates overseas R&D centers and is independently conducting around 20 global clinical trials, while joint ventures and licensing agreements are accelerating the worldwide rollout of its therapies.

5. Worldwide Talent Infrastructure

Hengrui has established R&D bases in the United States and Europe and partners with top universities such as Yale to cultivate global scientific talent.

International Academic Leaders Voice Support

The dialogue drew interest from leading oncology experts, including:

• Prof. Giuseppe Curigliano, ESMO President-Elect
• Prof. René Adam, President of the International Hepato-Pancreato-Biliary Association
• Prof. William Gradishar, Fellow of the American College of Physicians
• Prof. Mario Campone, CEO of the ICO Cancer Center

All expressed strong expectations for how China’s expanding innovation capacity may influence global standards of care.

Their perspectives reflect a broader trend: global academia, investors and industry are increasingly aligned in recognizing the strategic and scientific value of Chinese drug innovation.

A Turning Point for Chinese Innovators on the Global Stage

From valuation trends in international capital markets to the strategic transformation of Chinese pharmaceutical companies and the growing endorsement of leading medical experts, the momentum behind China’s life-science sector is unmistakable.

Whether Chinese firms can deepen international collaboration and ultimately contribute more substantially to global health equity is a question many observers—including those interviewed by the China Medical Tribune—believe will be answered soon, and at significant scale.

About the China Medical Tribune

This interview and on-site coverage at the 2025 ESMO Congress were produced by the China Medical Tribune, a leading medical news organization dedicated to bridging global scientific perspectives with China’s clinical and research community.

Company: China Medical Tribune

Contact Person: Lin Pan

Email: panl@cmt.com.cn

Website: https://www.cmtopdr.com

Telephone: (010)64036988

City: Beijing