At BIO 2026, U.S. biotech leaders debated how far Congress should go in restricting licensing deals tied to Chinese biotech, amid rising alarm in the industry. Lawmakers signaled interest in adding the biotechnology sector to investment scrutiny lists under U.S. national security frameworks and in disincentivizing certain cross-border transactions. The dispute is playing out in real dealmaking. The article points to multiple multi-drug alliances since 2025, including Pfizer–Innovent Biologics and Bristol Myers Squibb–Hengrui Pharmaceuticals, and it frames those deals as shifting from opportunistic bolt-ons to core strategic pipelines. BIO CEO John Crowley acknowledged the pressure to protect U.S. biotech, while warning about unintended consequences from bans or overly broad restrictions. The centerpiece is whether policy should slow licensing and in-licensing—or push companies to outcompete through faster innovation without cutting access to capital.