Western investors are increasingly investing in Chinese biotechnology firms, driven by a surge in demand for cutting edge treatments for the novel coronavirus and other new therapies being developed in China.
Over the past five years, Chinese firms have moved away from their historic focus on developing generic drugs, pushing instead to develop innovative, branded pharmaceuticals. That has spurred interest from Western drug developers in partnering with, and in some cases acquiring, their Chinese competitors.
The trend has gotten a further boost from the pandemic, with investors eager to meet the pressing need for a cure for Covid-19.