Most of what’s written about China in biopharma stops at deal value. We wanted to know what it looks like from the inside: in negotiations, in the boardroom and in how teams are built.

Over the last three months, China came up in conversation after conversation with CBOs, heads of BD and other senior leaders, usually before we asked. This paper draws on 30 of those conversations, alongside the latest deal data, to show what senior leaders are seeing and how they are responding.