U.S. biotech companies spent approximately $60 billion acquiring Chinese molecules in the first three months of 2026, according to state figures. The pace of spending in the opening quarter puts the industry on track to double the total recorded for all of 2025.

The 2025 total was itself ten times larger than what U.S. biotech companies spent on Chinese molecules in 2021, reflecting a steep escalation in cross-border activity over a five-year span.

Damian Garde, who has covered the biotech industry for nearly 15 years and contributes to events organized by STAT, spoke with more than a dozen investors, entrepreneurs, and industry leaders about China's impact on partnerships in the biotech sector.

The growth from 2021 through the first quarter of 2026 marks a multi-year shift in sourcing patterns for the American drug business. Spending on Chinese molecules rose year over year across that period, with the rate of increase accelerating into 2026 based on the first-quarter figures. Further deal data for the remainder of 2026 will determine whether the first-quarter pace holds through the rest of the year.