The Rise of China’s Innovative Drug Competitiveness: ADCs, Bispecifics, and RNA Therapies Enter an Intensifying Race for Best-in-Class (BIC)

By:DengYue International Business Division

Amid the rapid restructuring of the global pharmaceutical industry and deepening cross-border collaboration, China’s innovative drug sector is expanding internationally at an unprecedented pace. As a key bridge connecting Chinese innovation with global demand, HKDengYueMed closely tracks breakthroughs and globalization trends in cutting-edge fields such as ADCs, bispecific antibodies, and RNA-based therapies—witnessing Chinese biopharma companies evolve from participants into true global competitors.

Between 2025 and 2026, China’s innovative drug globalization has entered a phase of qualitative transformation. According to industry data, total outbound licensing deal value reached approximately $135.7 billion in 2025, while Q1 2026 alone exceeded $60 billion, nearly half of the previous year’s total. Bispecific antibodies, ADCs, and GLP-1 receptor agonists have emerged as the “three driving forces” of global expansion, while the RNA therapeutics space continues to see large-scale deals.

Notably, nearly 70% of global Phase III and registration-stage bispecific pipelines originate from Chinese companies, while China’s share in ADC pipelines has surged significantly—marking a shift from technology import to export. Upfront payments have risen from an average of $52 million in 2022 to $172 million in early 2026, a 230% increase, with a further 22% growth projected in 2026. This trend signals that Chinese innovative drugs are no longer competing on cost-effectiveness alone, but increasingly on clinical data and platform capabilities to capture global pricing power and BIC status.

I. ADCs: From Fast Followers to Global Leaders — Bispecific ADCs as the Next Frontier

Antibody-drug conjugates (ADCs) remain one of the hottest areas in oncology. In 2025, global sales of 20 ADC drugs reached $16.51 billion, up 27% year-on-year, with several becoming blockbuster therapies. China’s ADC pipeline has expanded rapidly, transitioning from early-stage imitation to platform-driven innovation and technology export. In 2025 alone, outbound ADC deals from China generated $16.3 billion in upfront payments and $211.3 billion in total deal value, setting a new record.

Global landscape comparison:

● International players: Represented by Daiichi Sankyo/AstraZeneca’s Enhertu (DS-8201) and Gilead’s Trodelvy (TROP2 ADC), focusing on high drug-antibody ratio (DAR) and strong bystander effect payloads. By 2026, competition is shifting toward IO + ADC combinations, bispecific ADCs, and dual-payload ADCs, where high toxicity alone is no longer a sustainable advantage.

● China: Rich and diversified pipelines targeting HER2, TROP2, EGFR, CLDN18.2, Nectin-4, and more. Strength lies in rapid iteration driven by engineering capabilities and differentiated designs (novel linkers, payloads, dual-target approaches). China now contributes nearly 90% of global ADC licensing activity, highlighting strong platform value.

Key Chinese players and progress:

● Hengrui Pharma: Its HRMAP ADC platform (Dxh, the world’s second TOPO1 inhibitor-based platform) demonstrates strong engineering capabilities. Core asset Trastuzumab rezetecan (SHR-A1811) benchmarks against Enhertu, with multiple breakthrough therapy designations across breast cancer, gastric cancer, and NSCLC. It has secured international licensing deals and FDA orphan drug designation.

● Kelun-Biotech: Its OptiDC platform enables integrated ADC development. A major partnership with Merck worth up to $11.8 billion covers up to 9 ADC assets. Lead product Sacituzumab tirumotecan (SKB264) has shown strong efficacy and safety in TNBC and NSCLC, with multiple global Phase III trials underway.

● Other highlights: Biotheus’ BL-B01D1 (EGFR × HER3 bispecific ADC), partnered with BMS (upfront $800 million, total potential $8.4 billion), has demonstrated promising ORR across multiple tumor types.

BIC potential: Chinese companies are leading in bispecific ADCs and IO + ADC combinations. If Phase III data confirms superior efficacy and safety (e.g., lower ILD incidence, broader tumor coverage), several candidates could achieve BIC status in specific indications or combination settings. 2026 will mark a decisive “data-driven” inflection point.

II. Bispecific Antibodies: IO 2.0 Evolution with China Leading Globally

Bispecific antibodies, capable of targeting two antigens simultaneously, enhance efficacy and reduce resistance, representing a major evolution beyond PD-1 therapies. Nearly 70% of global Phase III bispecific pipelines are from China.

Global landscape comparison:

● International players: Focus on PD-1/CTLA-4 combinations and emerging targets like TL1A and IRAK4, but with lower pipeline density.

● China: Extensive pipelines across PD-1/VEGF, PD-1/TGF-β, EGFR/HER3, and more, with faster clinical progress. Combinations such as bispecific + ADC are emerging as a key trend.

Key players and progress:

● Akeso Biopharma: A leader in bispecifics. Its flagship Ivonescimab (AK112, PD-1/VEGF) is the first bispecific to outperform Keytruda (pembrolizumab) head-to-head in first-line NSCLC (HARMONi-2 trial with significantly improved PFS). It has gained multiple approvals in China and is advancing global Phase III trials with Summit.

● Others: Hengrui and Kelun-Biotech are expanding into multi-specific antibodies and ADC combinations.

BIC potential: AK112 demonstrates the potential for chemotherapy-free first-line lung cancer treatment. If overall survival (OS) data confirms its benefit, it could become a foundational IO 2.0 therapy. China’s speed and combinational innovation position it strongly for BIC breakthroughs.

III. RNA Therapeutics: Rewriting Chronic Disease Treatment

RNA therapies (siRNA, ASO, AOC) enable precise gene silencing and are particularly suited for chronic diseases. China is rapidly catching up in platform development and extrahepatic delivery technologies, with multiple large-scale deals emerging between 2025 and 2026.

Global landscape comparison:

● International leaders: Alnylam and Ionis dominate liver-targeted siRNA, now advancing toward extrahepatic delivery (muscle, CNS).

● China: Diverse platforms targeting hypertension, hepatitis B, metabolic and cardiovascular diseases. Technologies like AOC (antibody-oligonucleotide conjugates) are accelerating toward clinical translation.

Progress: Several Chinese companies, including CSPC, Innovent, and RemeGen, are advancing RNA pipelines, with multiple global Phase III trials initiated in 2026. Deal structures are evolving from single-asset licensing to platform-level partnerships.

BIC potential: China’s advantages in chemical synthesis and delivery optimization could drive breakthroughs. If extrahepatic delivery succeeds, RNA therapies may redefine treatment standards in chronic diseases such as hypertension and metabolic syndrome.

IV. Who Will Achieve BIC? Data, Platforms, and Global Execution Are Key

● Hengrui Pharma: Strongest overall pipeline across ADCs, bispecifics, and small molecules. Global BD and independent expansion strategies position it well for BIC in HER2-related cancers.

● Akeso Biopharma: A pioneer in bispecifics, with AK112 setting a new benchmark.

● Kelun-Biotech: Deep collaboration with Merck and strong ADC platform differentiation.

Overall, Chinese companies now demonstrate global competitiveness in target validation speed and engineering optimization (linkers, payloads, multi-target design). With 2026 as a pivotal year for Phase III readouts, sustained superiority in efficacy, safety, or combination strategies will determine true BIC leaders. RNA therapeutics may unlock a second growth curve in chronic disease management.

Challenges and outlook: As competition intensifies, “me-too” strategies are no longer viable. Companies must focus on differentiation (FIC/BIC), global execution (multi-regional trials, strategic partnerships), and full value-chain capabilities. Policy support and capital recovery continue to provide a favorable environment.

Conclusion

China’s innovative biopharma sector is transitioning from fast follower to global standard-setter. Across ADCs, bispecifics, and RNA therapeutics, the race for BIC will ultimately be determined by clinical evidence, platform strength, and global execution.

In this transformation, DengYueMed plays a critical role by integrating China’s innovative drug resources and connecting them with global clinical and market demand—helping accelerate access to advanced therapies worldwide. As more pivotal Phase III data emerges and global approvals progress, Chinese innovation is poised to establish leadership across multiple therapeutic areas.

China’s innovative drugs are evolving from “Made in China” to “Defined by China”—bringing new hope to patients around the world.