The U.S. Treasury proposed regulations to implement the Comprehensive Outbound Investment National Security Act (COINS), adding biotechnology to an industries-of-concern list. Under the draft rule, U.S. companies would face broad limits on entering financial transactions with Chinese biotech entities and related equipment manufacturers, while allowing some licensing routes. The proposal signals a tightening of cross-border capital flows that have driven recent biopharma dealmaking and portfolio formation linked to China-origin assets. Industry reaction is expected to focus on deal structuring, licensing scope, and what counts as prohibited “financial transactions” versus permitted technology transfers. For biotech strategists, the development is a high-impact planning constraint—potentially changing who can invest, how syndicates underwrite deals, and which partnership structures remain workable.