The U.S. Treasury proposed rules to implement the Comprehensive Outbound Investment National Security Act (COINS), adding biotechnology to the industries subject to restrictions. Under the proposal, U.S. companies would be prohibited from entering financial transactions with Chinese biotech companies and certain biotech equipment manufacturers, reflecting expanded national-security framing around cross-border capital flows. The rule would still allow U.S. drugmakers to buy rights to medicines invented in China, which Treasury framed as a carve-out that preserves limited transaction types. However, the scope and downstream effects on venture investing, licensing structures, and joint development arrangements remain central questions for biotech strategy. Dealmakers and investors will likely focus on how compliance boundaries map onto typical pharma collaborations, especially for co-development, manufacturing partnerships, and technology licensing that previously relied on cross-border investment and joint structures.