In recent 5 years 524 (disclosed) cross-border licensing deals occurred with Chinese biotechs and pharmas. The number of cross-border deals keeps increasing each year, with a peak in 2021 when there were 133 in-licensing deals done by Chinese parties. Of these 133 deals, 71 were done with US companies, and 34 with European companies (Source: MyBio) 
This also means that the Agio Capital Healthcare Vertical in 2021 supported almost 15% of the in-licensing deals done between Chinese and European parties, not included the equity or M&A transactions we were involved in!  
We see this trend growing even more in 2022 and beyond, as Chinese companies increasingly are focusing on European assets to in-license. 

Want to read more about this topic? Click here to read the full report on China Pharma Business Development Transactions.