The China conundrum – why so many US law firms are pulling out

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The China conundrum – why so many US law firms are pulling out

Once seen as the next big thing for all self-respecting international law firms, China is now seeing a wave of retrenchment by US firms, with Morrison Foerster the latest to close an office in Beijing – Alex Ryan spoke to those who know the market to find out why

As statements of intent go, they don’t come much bolder than Dentons’ groundbreaking 2015 tie-up with China’s Dacheng. In one move the firm became the biggest in the world by headcount, with the verein combination bringing together more than 6,500 lawyers and granting Dentons access to what was then seen as the must-have market for truly global firms, dwarfing the efforts of many UK and US players to build up a presence in the country. Continue reading “The China conundrum – why so many US law firms are pulling out”

Sponsored thought leadership: China life sciences – Transaction insights and notable industry trends

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Sponsored thought leadership: China life sciences – Transaction insights and notable industry trends

China’s life sciences and healthcare (LS&H) industry underwent an unprecedented transformation in 2023 consisting of numerous challenges and opportunities. Within this year, BD transactions primarily included out-licensing of ex-China rights, China commercialisation partnering, asset acquisition and regaining drug product rights, which reflected the courage of China’s LS&H market players to proactively seek changes and rebuild corporate strategies in a quickly shifting market landscape.

Fangda Partners’ life sciences team remained active in advising on LS&H corporate transactions in 2023 and recent key deal highlights included (a) Hengrui Pharma (600276.SH)’s out-licensing partnership with Aiolos Bio to exploit the innovative anti-TSLP mAb (SHR-1905) outside of Greater China; (b) Kanghua Biological (300841.SZ)’s grant of exclusive rights to HilleVax for exploitation of recombinant hexavalent VLP norovirus vaccine outside of Greater China; (c) CStone Pharma (2616.HK)’s sale of the Tibsovo® (Ivosidenib) business, asset and goodwill thereof in Greater China and Singapore to Les Laboratoires Servier; and (d) a number of commercialisation arrangements entered into by multinational pharmaceutical companies with leading CSOs. Continue reading “Sponsored thought leadership: China life sciences – Transaction insights and notable industry trends”

Sponsored Q&A: Fangda Partners

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Sponsored Q&A: Fangda Partners

1. What are the current regulatory frameworks governing the life sciences industry in China, and how have they evolved in recent years?

Legislation wise, the Drug Administration Law and its implementation rules are pivotal to the pharmaceutical sector, overseeing the entire lifecycle of chemical and biological products. For medical devices (including in-vitro diagnostics), the Regulations for the Supervision and Administration of Medical Devices form a fundamental framework. Continue reading “Sponsored Q&A: Fangda Partners”

Bumpy road for US firms in Asia as Reed Smith, Cleary and Shearman lose out to local players

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Bumpy road for US firms in Asia as Reed Smith, Cleary and Shearman lose out to local players

China and Hong Kong are becoming increasingly challenging places for the global elite as the competition for talent from local shops intensifies. Among the most recent victims were Reed Smith, Cleary Gottlieb Steen & Hamilton and Shearman & Sterling, which lost out to Australian firm MinterEllison, King & Wood Mallesons (KWM) and Fangda Partners respectively.

A six-partner disputes team of David Morrison, William Barber, Nathan Dentice, Alex Kaung, Eddy So and Desmond Yu quit Reed Smith’s Hong Kong base over what Asia-Pacific managing partner Denise Jong described as client conflict issues. They will join MinterEllison at the beginning of next year. Continue reading “Bumpy road for US firms in Asia as Reed Smith, Cleary and Shearman lose out to local players”

Letter from… Shanghai: Despite high hopes, it turns out there is no such thing as a free trade lunch

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Letter from… Shanghai: Despite high hopes, it turns out there is no such thing as a free trade lunch

‘The thing about China is there have always been those who think the bubble is going to burst and the die-hard optimists on the other side,’ says Holman Fenwick Willan (HFW) Shanghai head Nick Poynder. Indeed, though the second group (to which Poynder belongs) has lately been the noisiest. Not that optimists lack evidence for their confidence. With over 100 Chinese companies in the Fortune Global 500 hungry for overseas expansion, the assets of Asian banks surging since the banking crisis and an economy still growing more than twice as fast as the US, the market is impossible to ignore. Says Osborne Clarke (OC)’s Steve Yu: ‘[International firms] have to be there because their clients are there.’

Continue reading “Letter from… Shanghai: Despite high hopes, it turns out there is no such thing as a free trade lunch”