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Major US pharmaceutical companies are accelerating partnerships with Chinese biotech firms despite efforts to decouple from Beijing’s biomedical sector. Bristol Myers Squibb Inc. (NYSE: BMY) inked a $15.2 billion collaboration with Jiangsu Hengrui Pharmaceuticals in May, spanning 13 early-stage programs in oncology, hematology, and immunology. Merck & Co. Inc. (NYSE: MRK) sealed a $2 billion licensing deal in March 2025 for HRS-5346, a cardiovascular drug entirely developed in China. A June survey of 117 industry leaders revealed China’s advancement in clinical drug development, surpassing the US in certain aspects. While the US leads in technology and capital, China excels in…
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