Western pharmaceutical companies are increasingly licensing drugs from Chinese biotechs to address the upcoming patent cliff, with Novartis signing a $7.8 billion deal with Abogen Biosciences for an mRNA therapy and Novo Nordisk committing up to $2.6 billion to Hengrui Pharma for a GLP-1/GIP treatment. China's share of biotech innovation is projected to grow significantly, with analysts estimating Chinese drugs will comprise about a third of new molecules in global pharma pipelines by 2026.
Mattel shares surged nearly 20% Thursday after the Wall Street Journal reported that Authentic Brands Group expressed interest in acquiring the toymaker for over $6 billion. The preliminary discussions value Mattel at more than $20 per share, though company officials declined to comment on the speculation.