The US Treasury proposed major restrictions under the Comprehensive Outbound Investment National Security Act (COINS), aiming to limit future US financial transactions with Chinese biotech companies and makers of biotech-related equipment. The proposal would prohibit US companies and investors from entering specified financial transactions with covered Chinese biotech entities. The move would narrow the traditional cross-border licensing and financing pipeline that has underpinned much of biopharma collaboration in recent years, while still allowing US drugmakers to acquire rights to medicines invented in China. Treasury’s draft rule adds biotechnology to the list of industries of concern. Industry stakeholders are expected to focus on deal-structuring details, exceptions, and the extent to which contract licensing, JV structures, and manufacturing-related transactions remain permitted—key variables for how quickly collaborations could shift or freeze.