Antoine Papiernik

You know, the sea turtles, these people, first, a direction by the government, the central government, say, this is going to be important.

Red carpet to those sea turtles, people who had been at Genentech and Amgen and Gilead and all these companies for 10, 15 years, post their postdoc.

And these people are the people who have developed amazing, you know, from scratch, this industry by...

hard work, just relentless work, and not reinventing the wheel, but just doing the job properly as they should with the idea.

So today, yes, you know the statistics, 40% of all business development deal pharma were done in China.

And that's just no, there's no mystery.

People nowadays, you know, in the Western world are very cagey about even mentioning what target they're after because, you know,

Three months later, there will be 10 companies that have done those in China, small companies, often not very well-funded companies that have done incredible with very little money.

So it is what it is, and we shouldn't be surprised.

And we need to up our game.

As European, my view, and maybe as Europeans, I think we should play this situation.

We should, as I told you, we have relationships dating 20 years in China.

These are super strong people.

They know what they're doing.

And, you know, we have, initially it was more licensing our products to Chinese partners, but nowadays it's the opposite.

And so, you know, we are active in the States.

We haven't said much about this, but today I would argue it's an opportunity for Europe.

to continue with these relationships and leverage those in the next five to 10 years.

Because the geopolitical situation, I don't think it's something that's going to change much over the next 10, 15 years.

I think the three areas, China, US, Europe are important.