Asia deals: Globalization is open for business

Dealmaking in Asia has been a bright spot in 2025, as the maturation of biotech in China converges with Western demand for innovative assets and — at least for now — favorable price arbitrage. The momentum has been building over the past few years, as constrained capital markets in China push companies to seek revenue sources and partnerships in the global arena. Amidst this, the rise of the NewCo Model has added a new dimension to East-West deal opportunities.

Together, these forces have created a fertile environment for deals that have begun reshaping global business development in the past two-to-three years...