Story perspectives

Bipartisan Bill Targets Chinese Biotech Deals, Sparks Access Concerns

6/3/2026

Summary

Moolenaar, Dingell Introduce

Rep. John Moolenaar (R-MI) and Rep. Debbie Dingell (D-MI) introduced the Biotech Investment National Security Act to screen investments in Chinese biotech.
The bill adds biotech to COINS Act’s restricted list, requires Treasury and Defense reviews, and cites Pfizer’s $10 billion Innovent deal and BMS’s $15.2 billion Hengrui alliance.
Critics warn the measure could limit life-saving drug access and urge the United States to boost its biotech competitiveness instead of isolationist policies.

Summary

Biotech CEOs Urge

On May 21, Kivu Bioscience CEO Mo Trikha said U.S. biotech must restore NIH funding to match China.
City Therapeutics CEO Andy Orth warned that NIH cuts hurt startups, urged FDA flexibility, and said Isomorphic Labs raised $2.1 billion for AI biotech, indicating a shift to another investor base.
Trace Neuroscience CEO Eric Green praised Chinese neuroscience advances and said his firm would partner on ALS projects that benefit patients worldwide.

Summary

Eli Lilly Buys

Eli Lilly became the most aggressive U.S. buyer, closing five major deals in five months for over $13 billion.
The average royalty floor fell from 7.1 % to 5.5 % in the first four months of 2026.
Chinese biotech firms accept royalty floors of 2 %-3 % to obtain higher upfront payments.
Platform deals dominate, as seen in the Madrigal-Ribo siRNA pact, the Eli Lilly-Insilico AI tie-up, and the GSK-Hengrui 12-candidate deal.

History

Historical Context

Congress created CFIUS in 1975 to monitor foreign investment, and the 2018 FIRRMA law gave it a $1.5 billion review trigger and broader authority over Chinese biotech deals. Building on that framework, Rep. John Moolenaar and Rep. Debbie Dingell introduced the 2024 Biotech Investment Act, which would add biotech to the COINS list and tighten foreign capital flows amid NIH budget cuts.

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Moolenaar, Dingell Introduce

Rep. John Moolenaar (R-MI) and Rep. Debbie Dingell (D-MI) introduced the Biotech Investment National Security Act to screen investments in Chinese biotech.
The bill adds biotech to COINS Act’s restricted list, requires Treasury and Defense reviews, and cites Pfizer’s $10 billion Innovent deal and BMS’s $15.2 billion Hengrui alliance.
Critics warn the measure could limit life-saving drug access and urge the United States to boost its biotech competitiveness instead of isolationist policies.

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