This Emerging Risk Is Unlike Anything the Biotech Industry Has Ever Experienced

For most of the past three decades, U.S.-listed biotech companies were fair proxies for homemade American science. But now, that assumption is fraying. By one estimate from investment bank Jefferies, roughly a third of the industry's licensing spending in 2025 went toward drugs and candidates that originated in China, where lower costs and faster regulators have turned its labs into a firehose of ready-to-license molecules and programs.In antibody-drug conjugates (ADCs) -- an increasingly sophisticated class of targeted therapies -- Chinese biotechs now supply close to 90% of global licensing activity. The question is, when you buy a U.S. biotech stock whose most promising programs were invented elsewhere, by another company, what are you actually holding?In some cases, the answer to that question might contain an unpleasant surprise for investors, which is why this trend of importing innovation is also an emerging risk worth understanding.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool