Bristol Myers Squibb, Sanofi looking at China MA employees
AstraZeneca, Novartis have done China deals this year
Political risks are a consideration analysts

SHANGHAIHONG KONG, July 23 Reuters Some of the biggest global drugmakers, undeterred by mounting SinoU.S. tensions, are scouring for deals in China to replenish drug pipelines and boost their presence in the world39;s secondbiggest pharmaceutical market, industry executives and investment bankers said.

Several major deals have already been completed this year, including AstraZeneca39;s 1.2 billion purchase of Chinabased cell therapy developer Gracell Biotechnologies and Novartis39; acquisition of remaining shares of kidney disease therapy developer SanReno Therapeutics for an undisclosed amount.

Bristol Myers Squibb and Sanofi are also hunting for deals, according to company employees, even as some rivals have looked to exit China in the wake of COVIDrelated supply chain disruptions, a local economic slowdown and price cuts to get state insurance listing.

The foreign interest in Chinese drugmakers is a blessing for struggling local firms and weary investors eager to cash out on their investments as regulators tighten initial public offering rules, putting pressure on businesses that have faced difficulty in raising cash to support their research work.

Manas Chawla, chief executive of global political risk advisory firm London Politica, which has worked with multinational pharmaceutical clients, said…