Big pharmaceutical companies' flurry of drug-licensing deals in China means the country's assets are no longer cheap, Ipsen's Chief Business Officer Philippe Lopes-Fernandes says. China attracted big pharma in the first place because of the amount of innovative research being produced there, the speed at which it was being developed, and low costs, Lopes-Fernandes says in an interview. "In the past it was cheaper to do deals in China. That's not the case anymore," he says. "Because of the competition with large pharma, it's even becoming more expensive than in some other geographies." Ipsen shares fall 1.6%. (adria.calatayud@wsj.com)