Biotech & Pharma

Molecules got cheap. Proof got a passport.

In Q3 2026, designing molecules got cheap, proving them stayed slow, and the place where proof is generated became a priced variable. Insilico dosed the first Phase III patient of its AI-discovered rentosertib on September 10 at sites that are all in China, Chinese out-licensing hit a record $110 billion in the first half, and Washington answered with live Section 232 tariffs, MFN pricing deals covering about 90% of the branded market and a proposed 50% FDA fee cut for applications backed by a US-anchored Phase 1.