中国医疗健康：新闻报道称美国正考虑批准与中国的许可交易

On 18 September (local time), Reuters reported that the US Treasury Department is developing rules that would permit US pharmaceutical companies to pursue in-licensing agreements with Chinese counterparts. Recall that some adverse proposals had been previously raised against such cross-Pacific collaborations. Nevertheless, we have observed that China's out-licensing deal flow remains robust, with a record-high 81 transactions worth a total USD110bn completed in 1H26, according to NMPA data. According to the Reuters report, half of US in-licensing deals involved Chinese companies. In our view, investors now appear largely immune to intermittent geopolitical concerns;