The U.S. Treasury proposed new rules implementing the Comprehensive Outbound Investment National Security Act (COINS), adding biotechnology to the set of sectors that would face tightened outbound investment restrictions. The proposal would prohibit certain financial transactions between U.S. companies and Chinese biotech entities and makers of biotech equipment and tools, according to reporting tied to the Veda analysis. While the framework still allows American drugmakers to buy rights to medicines developed in China, the narrower permissions are likely to reshape deal flow for discovery and platform collaborations as well as venture financing. Industry reaction remains split, with some investors and operators arguing for the ability to continue cross-border R&D and others pushing for tighter controls on sensitive technologies. The final impact will depend on how the rule is interpreted and enforced, including exemptions and timelines.