Shanghai-based Harbour BioMed’s acquisition of a stake in US-based Spruce Biosciences is the latest example of China’s novel drug developers progressing from one-time licensing deals into long-lasting equity partnerships with overseas partners. The deal, detailed in a Hong Kong stock exchange filing on Monday, also showed Chinese firms’ growing clout on the global pharmaceutical stage, analysts said. “The coming years will see more Chinese biotech firms engaging in equity investments and joint...