10:13 AM EDT, 05/15/2024 (MT Newswires) -- Genmab ( GMAB ) Chief Executive Jan van de Winkel said "anti-Chinese sentiment" in US life sciences should not deter Western pharmaceutical firms from tapping into China's "mind-bogglingly impressive innovation," the Financial Times reported Wednesday.

The head of the Danish biotechnology company said Chinese biotech companies that are growing fast, with "massive" investment support from the Chinese government, could not be ignored by pharma groups, the report said.

"It's like a new industrial revolution in biotech and life sciences," the report quoted Van de Winkel as saying. "All the major companies are there and I don't think it's something to be scared of."

In April, Genmab ( GMAB ) said it was acquiring US-Chinese drugmaker ProfoundBio for $1.8 billion in cash.

The Genmab ( GMAB ) CEO said the company planned to move some of the drugs from ProfoundBio to its own validated suppliers outside of China to de-risk, noting that intellectual property from the deal was based in the US, the report said.

Genmab ( GMAB ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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