China’s booming biotechs can access foreign profits and investment without spending on R&D through NewCo licensing agreements. AstraZeneca is the biggest spender, says Aga, having signed nine licensing deals with Chinese companies over this period worth around $20bn altogether. The rise in NewCo licensingThere are several factors driving licensing deals out of China. This underpins the rise in NewCo licensing deals, according to Chen. Global confidence in promising candidates underlies the proliferation in NewCo licensing deals.