Roche is deepening its China strategy by moving beyond licensing into new medicine discovery with Defand Therapeutics. Under the collaboration, Defand will discover and develop multiple molecular-glue medicines for cancer and immune-driven diseases, with financial terms not disclosed; a source said the opportunity could total close to $1 billion across milestones. The deal signals an incremental shift for large pharma: using partnerships to generate novel assets rather than primarily in-licensing late-stage candidates. It also underscores investors’ focus on molecular glues, where protein-redirecting biology can produce differentiated mechanisms. Roche’s approach will likely draw attention from peer firms attempting to balance speed, IP control, and translational risk as China-based biotechs expand their technical capabilities in hit finding and preclinical proof-of-mechanism work.