RA Capital and industry peers submitted comments to the U.S. Treasury Department opposing a proposal to add pharmaceuticals and biotechnology to the COINS Act framework under an outbound investment security program. In the filing, RA Capital argues the draft rule could undermine U.S. national security by hollowing out the biotech sector. The comment contends that the proposed structure may shift control and profits from medicines originated in China to European stakeholders, while also chilling early-stage investment in U.S. biotechs due to reduced visibility into global innovation landscapes. RA Capital’s submission emphasizes that it does not expect the rules to slow China’s biotech capacity, arguing that China already has strong biopharmaceutical R&D momentum and can continue learning through European partnerships even if U.S. equity investment becomes less available. The dispute highlights how outbound investment controls are becoming a central regulatory risk for biotech funding and dealmaking, not just corporate compliance.