Clear Strategy, Focused Approach: Servier’s Cynthia Wang on Dealmaking in China
ChinaBio Thought Leadership Series part2
Brian Yang
Cynthia Wang, Head of Business Development for Asia at French drugmaker Servier, has witnessed a dramatic transformation in China’s biotech landscape over the past decade. From her time at Pfizer and Johnson & Johnson to her current role at Servier, Wang has observed a common theme: the rise of Chinese innovation is drawing increasing interest from multinational pharmaceutical companies—and that trend is here to stay.
Whether it's licensing deals, joint ventures, or asset acquisitions, Wang has been at the center of cross-border dealmaking. “My goal is to develop, through partnership, oncology assets from China for global markets to achieve synergistic results,” she told me in an exclusive interview marking the 16th anniversary of the ChinaBio Partnering Forum.
From Skepticism to Strategic Priority
As the local liaison for Servier’s headquarters, Wang helps the company navigate China’s increasingly complex licensing and biotech innovation landscape. With roots as a copycat market, China has rapidly matured into a global biotech innovation force. That evolution has caught the attention of European specialty pharma firms like Servier, known for its focus on oncology, especially hard-to-treat cancers. Meanwhile, the company also views neuroscience as a future growth driver.
Wang evaluates and scouts over 100 opportunities annually from China. “The speed of innovation in China can be mesmerizing,” she noted.
Indeed, the pace of change is evident. In 2024, more than one-third of all new assets licensed by multinationals originated in China. Once met with skepticism, made-in-China innovation now requires far less convincing for global leadership. “Chinese biotechs have made huge strides, especially in execution. If they commit to a timeline, they almost always deliver,” Wang said.
Servier has a clear focus in China: oncology, particularly in less common tumor types such as gastrointestinal tumor, brain tumors and some liquid tumors. This strategic clarity has help to streamline Wang’s BD efforts.
In December 2023, Servier acquired the Greater China rights to Tibsovo (ivosidenib), a small molecule inhibitor of IDH1 and approved by US FDA with an indication for acute myoloid leukemia, from Shanghai-based CStone Pharmaceuticals for $44 million, with an additional $6 million to be paid upon completion of the transition. CStone had previously licensed the rights from Agios, a U.S. biotech that Servier acquired in 2021.
The deal was negotiated at a time when Chinese biotech firms started refocusing on their core research and development strengths and retreated from investing heavily in commercial expansions, against a backdrop of a severe and lingering capital market downturn, and China’s health reimbursement agency’s aggressive price cutting through including newly approved novel drugs in the National Reimbursement Drug List (NRDL).
What Makes a Deal Work?
Wang emphasized that dealmaking is as much about timing and mutual fit as it is about science. “It’s not always a sure win. You need the right timing, the right company, and the right valuation,” she said. “Keeping a proactive attitude, staying positive, and being resilient is key.”
When it comes to partnerships, Servier emphasizes robust data. The company expects potential assets to rank among the global top three in their class—a high bar, but one that Chinese companies are increasingly reaching.
To be able to partner with international biopharma, Chinese biotechs must have their assets, even in early-stage Phase I only but can use a lead-in study to reach simutaneous development in the U.S. and China, that’s why she sources early-stage programs, some as early as investigative new drug (IND) stage or IND-enabling stage.
In terms of dealmaking process, some Chinese biotech remain less sophisticated, Wang noted. Although they are responsive and checking and responding emails during the weekends and off hours, but they need to align their assets well with the potential partners pipelines well before going to the meeting.
Sometimes, they could misunderstand non-confidential disclosure and disclose data prior to reaching to the key negotiations stage.
China’s Biotech: Version 3.0?
Wang rated current Chinese biotech innovation as being between version 2.0 and 3.0. She pointed to examples like hina’s leadership position in innovtions such as antibody-drug conjugates (ADCs) and T-cell engager antibodies.
That kind of best-in-class potential—though not necessarily first-in-class—is what’s fueling growing confidence among global pharma executives and investors in Chinese innovation.
However, challenges remain. The ongoing capital crunch has forced many Chinese biotechs to proactively court international partners—sometimes to a fault. “Some startups bypass us entirely and reach out directly to our global BD executives. Eventually, it still comes back to my team,” Wang said. “It shows the desperation that still exists. Funding is tight, and survival is top of mind.”
Even so, the future looks promising. With a clear focus, a methodical approach, and a maturing biotech ecosystem, Wang believes that China will remain a vital engine of global biotech innovation—and Servier is ready to partner with it.
[Editor’s Note: This is the second part of ChinaBio Thought Leadership Series. In the first part, we talked with Irene Hong, founding partner of CEC Capital, in which Hong shared her views on partnering models in China, her views on the next big thing and China’s biotech innovation capabilities. China Bio Partnering Forum, a premium biotech partnering event in China, to be held in on April 23 to April 24 marks the 16th Anniversary this year. Secure your spot Now. Click link here. We hope to see you in China soon!]
Brian Yang is a health journalist who has covered China's rising biotech sector for over 12 years. He writes for STAT News, In Vivo, among others.