Industry discussions at major 2026 biotech conferences pointed to renewed deal activity, with Q1 2026 showing the highest number of deals since 2023—nearly double the level from the prior year. The messaging from BIO and DIA China emphasized portfolio expansion through partnerships and out-licensing as companies look toward the patent cliff. The coverage highlighted China’s pipeline scale and clinical trial volume, citing estimates that Chinese assets account for more than two-thirds of total deal values in 2026. It also noted ongoing considerations for regulatory routing, including potential alternative approaches such as the EMA amid proposals for additional U.S. restrictions on Chinese biotech. The same brief highlighted a large AI discovery partnership between Insilico Medicine and SK Biopharmaceuticals, described as potentially worth $2.5 billion, reflecting how AI is increasingly treated as a normalized discovery input rather than purely speculative fundraising fuel.