A draft U.S. outbound investment rule under the COINS Act could constrain cross-border collaboration and limit certain deal structures for biotech and drug licensing with China. Policy details reportedly include a framework that would allow licensing of Chinese drugs but seek to restrict joint ventures and manufacturing arrangements. The proposal is expected to increase compliance burden for investors and pharma partners while changing how companies structure transactions—particularly where manufacturing know-how or platform capabilities are involved. The draft is also being described as creating uncertainty for companies that rely on global development and supply chains. For the biotech sector, the potential impact is not limited to capital flows. It could reshape partnering calendars, reduce options for technology transfer, and force re-scoping of existing collaboration plans.