Oct 20, 2026 · 30 min

China reshapes biotech deals as RNAi reaches the brain

Ep. 393 - China trends; Roche, Merck KGaA deals; Arrowhead & tau

The episode connects China’s rising biotech influence with a harder question for RNA medicines: how precisely should they act in the body and brain?

3 key takeaways

1Chinese biotech is moving beyond licensing supply into first-order innovation, while policy changes could reshape cross-border development.
2Roche’s Hanzo deal and Merck KGaA’s Silence acquisition show renewed pharmaceutical interest in RNAi platforms and Chinese-originated assets.
3Arrowhead’s brain-shuttle data demonstrate tau delivery and target engagement, but efficacy and the right degree of suppression remain unresolved.

Don't miss

The panel distinguishes Arrowhead’s evidence of brain delivery and tau target engagement from the still-unproven question of Alzheimer’s efficacy.

The brief

BioCentury’s panel frames China as a source of first-order biotech innovation, not merely a licensing market, while proposed export controls add uncertainty to global development.

Roche’s $15 billion Hanzo agreement and its ALK7 RNAi deal with RONA illustrate how multinational companies are using Chinese partners for assets and development speed.

Merck KGaA’s approximately $1.3 billion acquisition of Silence Therapeutics signals renewed interest in established siRNA platforms despite a broader biotech M&A slowdown.

Arrowhead’s brain-shuttle tau data show delivery and target engagement in healthy volunteers, but they do not yet demonstrate Alzheimer’s efficacy or establish the ideal knockdown level.

The deeper CNS challenge may be cell specificity: broad silencing could be harmful, making selected neurons or glial cells the next delivery frontier.

The panel closes by weighing whether a reported $40–50 billion valuation for Isomorphic Labs can match the expectations such financing would create.

What was said on this episode

12 statements · 5 positive · 7 negative

Josh Berlinon China MOFCOM export-control proposalNegative8:14
China’s proposed export controls could affect cell, gene therapy, and siRNA deals.
“could impact cell and gene therapy deals, SIRNA deals and others”
Listen at 8:14
Selina Kochon Chinese biotech companiesPositive11:56
Chinese biotech companies are particularly strong at engineering and deploying scientific innovations.
“one of the things that they do very well in China is engineering and thinking around new opportunities and new ways of deploying the science that they develop”
Listen at 11:56
Stephen Hansenon Arrowhead ALK7 siRNAPositive12:48
Arrowhead demonstrated Phase 1 delivery and ALK7 knockdown in adipose tissue.
“Arrowhead has already demonstrated phase one data showing that they can deliver and knock down ALK7 in adipose tissue”
Listen at 12:48
Simone Fishburneon Arrowhead tau siRNANegative15:57
Arrowhead’s tau siRNA has not yet shown Alzheimer’s efficacy in healthy volunteers.
“there's no efficacy signal at this point to say whether... this drug is going to help people with Alzheimer's”
Listen at 15:57
Simone Fishburneon Arrowhead tau siRNAPositive17:22
Arrowhead’s brain-shuttle siRNA reduced tau by up to approximately 73%.
“it knocks down tau, its intracellular target. an average of, I think it was up to 73%”
Listen at 17:22
Simone Fishburneon siRNA versus antisense oligonucleotidesPositive19:02
siRNA often produces stronger knockdown than antisense oligonucleotides.
“the siRNA often is more powerful”
Listen at 19:02
Simone Fishburneon Biogen antisense tau treatmentPositive20:18
Biogen’s antisense tau treatment produced greater knockdown at higher doses.
“the higher the dose, the more knockdown they got. Okay. There was a dose response.”
Listen at 20:18
Simone Fishburneon Biogen antisense tau treatmentNegative20:24
Biogen’s antisense tau treatment showed no dose response on efficacy endpoints.
“on the efficacy endpoints, there was no such dose response”
Listen at 20:24
Simone Fishburneon Tau knockdown in Alzheimer’s diseaseNegative21:14
Excessive tau knockdown may be harmful in Alzheimer’s disease.
“if you knock down too much tau, is that harmful?”
Listen at 21:14
Simone Fishburneon Cell-specific CNS target manipulationNegative22:34
Manipulating targets in unintended neurons or glial cells could be detrimental.
“it might even be detrimental if you do it in others”
Listen at 22:34
Stephen Hansenon Isomorphic LabsNegative27:57
“they effectively have to have a very, very almost near perfect development of at least one major blockbuster. Probably more, to be honest.”
Listen at 27:57
Stephen Hansenon Isomorphic LabsNegative28:19
Isomorphic Labs carries substantial risk despite its reported valuation.
“there's still a lot of risk there despite that evaluation”
Listen at 28:19

Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.

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