The U.S. Treasury proposed implementing the Comprehensive Outbound Investment National Security Act (COINS) with biotechnology added to the list of covered industries. Under the proposal, U.S. companies would face prohibitions on entering certain financial transactions with Chinese biotech companies and biotechnology-equipment manufacturers. Biopharma market participants are likely to focus on deal structures that preserve access to intellectual property without prohibited financial involvement, since the proposal also indicates American drugmakers may still be able to buy rights to medicines invented in China. The announcement lands amid heightened scrutiny of cross-border clinical and translational collaborations, with investors and licensors reassessing timelines, due diligence, and counterparty risk.