China's Biotech Auction Has Europe Bidding Against Wall Street China's out-licensing boom is reshaping global pharma deal flow — and European in-licensing teams are now sitting at the same table as Pfizer and Merck. ## What happened in China China's pharmaceutical out-licensing market recorded approximately $137 billion in total deal value in 2025 — nearly triple the $51.9 billion recorded in 2024. The acceleration has not slowed: Chinese biotechs topped $52 billion in out-licensing in just the first two months of 2026. According to Reuters, total deal value is on track to double again within the next 18 to 24 months. The deal architecture has also shifted. The average deal size in early 2026 reached $1.3 billion, up 76% year-on-year. One individual transaction hit a potential total value of $4.4 billion, with a $60 million upfront payment to the Chinese biotech. In 2025, big pharma completed 18 in-licensing and…