China ADC Landscape: A New ADC Engine and What It Means for Global Development and BD

Locust Walk examined China’s antibody-drug conjugate (ADC) pipeline, from target and payload trends to next-generation modalities and select ASCO 2026 readouts, to assess what it means for oncology drug development and pharma BD.

1. China is now the dominant source of ADC programs for global pharma. It has the largest ADC pipeline and is maturing fast with a wave of late-stage clinical readouts and pharma deals. Modest upfronts relative to total deal value keep early entry cost-effective.
2. Strategic value has shifted from saturated first-generation targets to differentiated biology. Legacy targets are crowded, but a large, fast-advancing pool of post-proof-of-concept and first-in-class targets offers real partnering opportunity, and major global pharma is already moving at early clinical and preclinical stages.
3. China is leading the next generation of ADC technology, not just producing “me toos” or applying mature formats to new targets. Dual-payload, bispecific, and IO-ADCs plus novel linker-payload platforms are entering the clinic, tackling resistance, tumor heterogeneity, and immune evasion in ways conventional ADCs cannot.
4. Window for partners remains attractive but is narrowing: early-stage access is still available, but deals are trending earlier and valuations are increasing with each readout. China ADCs may not remain cost effective for long.

As new generations of ADC technologies come to the forefront, partners who engage thoughtfully and early will be best positioned to access the most differentiated assets.

We welcome the opportunity to connect and discuss further.