No megadeals, no retreat: China’s average deal fell to $1.7B, but it still holds 58% of global licensing value.
In the Asia-focused Episode 39, Geoff Meyerson, CEO of Locust Walk, reviews 2026 Q3 trends across China, Japan, and Korea. Last quarter’s question was whether China’s record deal sizes would hold. They didn’t, but volume did, and that matters more.
China: $25B in licensing across 15 deals and a third straight billion-dollar-plus venture quarter. The Hang Seng Biotech Index rebounded 22%, jumping 5% in one session on draft U.S. Treasury rules.
Japan: Biotech finally outpaced pharma (+20%) on a record ¥36.6T health budget request, but the IPO window stayed shut for a second quarter.
Korea: The KOSPI is up 98% on semiconductors while biotech fell 14%, yet venture rebounded 24% to $109M.
Watching: U.S. Treasury rules on China partnerships, Japan’s lack of an IPO window, and Korea’s R&D funding model.
Listen to the full episode, explore the complete 2026 Q3 report, and reach out to discuss what these trends mean for your strategy.
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