Biogen’s monoclonal antibody felzartamab received its first global approval in China for multiple myeloma. The therapy is slated for second-line use in combination with lenalidomide and dexamethasone. The approval extends Biogen’s access to a growing myeloma market and adds another antibody-based option for treatment sequencing in a space already crowded with combination regimens. The drug’s entry also increases pressure on existing standard-of-care choices in second-line settings. For companies, China’s first approval also matters operationally, since it typically triggers commercialization planning around reimbursement, manufacturing supply, and localized clinical evidence requirements.