At BIO 2026, U.S. biotech executives highlighted mounting tension around U.S.-China licensing deals, where lawmakers are weighing new restrictions amid national security and competition concerns. BIO CEO John Crowley told reporters that protecting U.S. biotech is a “national security imperative,” while also warning that bans could produce “unintended consequences.” According to BioPharma Dive data cited at the conference, nearly 100 licensing agreements involving Chinese biotechnology assets have been publicly announced since the start of 2025. Industry examples include deals such as Pfizer-Innovent Biologics and Bristol Myers Squibb-Hengrui Pharmaceuticals, alongside venture-built NewCos and program-specific partnerships. UBS research cited in the coverage describes China-originated assets increasingly being treated as core strategic pipelines rather than opportunistic add-ons—fueling policy pressure to apply enhanced investment scrutiny and reshaping how early venture investors and big pharma structure cross-border collaborations.