Washington’s debate over outbound investment curbs broadened after a letter from Rep. John Moolenaar urged the Treasury Department to classify biotechnology under the COINS Act of 2025’s prohibited technology scope. The push followed a multibillion-dollar licensing alliance between Bristol Myers Squibb and Jiangsu Hengrui. The letter frames biotechnology as an area with high risk of US capital and know-how flowing into the People’s Republic of China. The policy angle adds uncertainty to cross-border licensing and partner selection for global biotech portfolios. For companies negotiating deals, the immediate impact is heightened compliance planning and timing risk—especially for late-stage programs where lead time is already constrained by clinical and manufacturing schedules.