Last night, the Treasury Department issued a proposed rule to implement the COINS Act, the 2025 law that governs US investment in sensitive technologies in China and other countries. In a surprise turn, a broad set of drug technologies made the list of prohibited investments. China dealmaking has been the backbone of biopharma M&A over the past two years, creating dozens of new companies and partnerships. It’s also been the most divisive issue in biotech, with some arguing for a free flow of drugs, ideas and deals, and others insisting the transactions need to be shut down. Today at 11:30 am ET, my colleague Max Bayer and I will be talking about what the rule says, what it means for biotech, what we know, what we don’t and what happens next. You can watch on YouTube (set an Outlook or Google calendar reminder to join us). During the show, you can send us your thoughts and questions — this is a live show, and we want to know what you want to know. We’ll dig into whether the rule will really kill off China deals and how the industry is reacting, and talk about our latest reporting on this fast-developing story. See you then, — Drew Armstrong, Executive Editor
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