Insights

YAFO Weekly Wrap-up Report on Global Biotech Transactions

In the first half of December 2023, there are total of 21 Licensing Deals globally including Licensing deals in China. In particular, there are 4 out-licensing deals; 1 in-licensing deal; 2 domestic deals; and 14 overseas deals. The largest deal out-licensing of the year is the deal between Systimmune and Bristol-Myers Squibb amounting $800 million upfront payment including $7.6 billion milestone payment with the total potential consideration of up to $8.4 billion.

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CHINA INNOVATIVE DRUG TRANSACTIONS: 2025 Annual Review

2025 marked both "volume growth" and a "value explosion." While cross-border deal count grew 18% y/y to 136 deals, aggregate upfront value increased at a faster pace than deal volume growth—total China-related licensing and acquisition value reached ~$7.1B (vs. $4.0B in 2024), with average upfront value nearly doubling from $56M (2022) to $116M (2025). For deals with >$100M upfront, China-originated assets accounted for 36% of global deals in 2025, up from 26% in 2024.

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2026 Jan-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

In January 2026, 105 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 26 out-licensing deals, one in-licensing deal, and 16 domestic partnerships. Domestically, the top out-licensing deal involved CSPC Pharma and AstraZeneca for multiple next-generation therapies for obesity and type 2 diabetes, with a total deal value of $18.5 billion and an upfront payment of $1.2 billion. The top domestic deal was between Raynovent and Qilu Pharmaceutical for the Phase III asset RAY1225, with a total deal value of $139 million and an upfront payment of $28 million.

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2025 Dec-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

In December, 134 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 18 out-licensing deals, 7 in-licensing deals, and 29 domestic partnerships. The top in-licensing deal was signed between Crescent and Kelun-Biotech for the preclinical asset CR-001, with an upfront payment of $20 million and a total deal value of $50 million. The top out-licensing deal involved Fosun Pharma, YaoPharma, and Pfizer for the Phase I asset YP05002, with a total deal value of $2,085 million and an upfront payment of $150 million. The top domestic deal was between Hasten Biopharma and Everest Medicines for several approved and filed assets, with a total deal value of $339 million and an upfront payment of $29 million.

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Vol. 72, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From November 14 to 20, a total of 23 agreements were signed worldwide. Within China’s biotech industry, there were three out-licensing deals. The top deal in China was between LTZ Therapeutics and GSK for four first-in-class, preclinical candidates, with an upfront payment of $50 million. Globally, 20 deals were announced. The top deal was between Valo Health and Merck KGaA for preclinical, AI-enabled Parkinson’s treatments, with a total deal value of $3,000 million.

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Vol. 67, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From October 1 to 10, a total of 12 agreements were signed worldwide. Within China’s biotech industry, there were three out-licensing deals and one domestic deal. The top deal in China was between InnoCarePharma and Zenas BioPharma, covering the approved and preclinical assets orelabrutinib, ZB021, and ZB022, with a total payment of $2,095 million.  Globally, eight deals were announced. The top deal was between Chiesi Group and Arbor Biotechnologies for clinical-stage gene editing asset ABO-101, featuring up to $115 million in upfront and near-term payments, and $2,115 million in total payments.

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Vol. 65, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From September 6 to 12, a total of 10 agreements were signed globally. Within the China biotech industry, there were two domestic deals. In China, the two domestic deals were LIVZON Pharmaceutical’s in-licensing of a novel oral GnRH antagonist and the global strategic partnership between Escugen and Huahui Health for next-generation targeted ADC therapies. Globally, 8 deals were announced. The top global deal of the week was signed between Kaerus Bioscience and Servier for the Phase I/II asset KER-0193, with a total deal value of $450 million.

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2025 Aug-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

In August, a total of 68 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 12 out-licensing deals and 17 domestic partnerships. In China, the top out-licensing deal of the month was between BeOneMedicines and Royalty Pharma for an approved asset, Tarlatamab, with a total deal value of $950 million and an upfront payment of $885 million. Meanwhile, the leading domestic deal was signed between Yafei Biomedical (Affinity) and Anglikang Pharmaceutical for the IND asset IMD-1005, valued at $107 million with $21 million paid upfront. Globally, 39 cross-border deals were reported. The largest was a collaboration between Saniona and Jazz Pharmaceuticals for the Pre-Clinical asset SAN2355, with a total deal value of $1.04 billion and an upfront payment of $42.5 million.

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Vol.63, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From August 16 to 22, a total of 15 agreements were signed globally. Within the Chinese biotech industry, there were four out-licensing deals and three domestic deals. In China, the top deal was between RemeGen and Santen Pharmaceutical for the Phase 3asset RC28-E, with a total deal value of $180 million and an upfront payment of $35 million. Globally, eight deals were announced. The top global deal of the week was signed between Skyhawk Therapeutics and Merck KGaA for the RNA-targeting small molecules, with a total deal value of $2 billion.

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Vol.62, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From August 9 to 15, a total of 12 agreements were signed globally. Within the China biotech industry, there were three out-licensing deals and two domestic deals. In China, the top deal was between Fosun Pharmaceutical Development and Expedition for the Phase II asset XH-S004, with a total deal value of $645 million and an upfront payment of $17 million. Globally, seven deals were announced. The top global deal of the week was signed between Superluminal Medicines and Eli Lilly for the small-molecule therapeutics targeting GPCR, with a total deal value of $1.3 billion.

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Vol.61, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From August 1 to 8, a total of 12 agreements were signed globally. Within the China biotech industry, there were three out-licensing deals and three domestic deals. In China, the top deal in China was between Visirna Therapeutics and Sanofi for the Filed asset Plozasiran, with a total deal value of $395 million and an upfront payment of $130 million. Globally, six deals were announced. The top global deal of the week was signed between Adaptimmune Therapeutics and US WorldMeds for the three TCR-T assets, with a total deal value of $88 million, including a $55 million upfront payment.

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2025 July-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

In July, a total of 70 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 11 out-licensing deals and 11 domestic partnerships. In China, the top out-licensing deal of the month was between Hengrui Pharmaceuticals and GSK for a Phase I asset, HRS-9821, and 11 other assets, with a total deal value of $12.5 billion and an upfront payment of $500 million. Meanwhile, the leading domestic deal was signed between SunNovo and Lekuang Huilin Pharmaceutical Technology for the Phase II asset STC007, valued at $28 million, with $14 million paid upfront. Globally, 48 cross-border deals were reported. The largest was a collaboration between Ichnos Glenmark Innovation and AbbVie for the Phase I asset ISB 2001, with a total deal value of $1.93 billion and an upfront payment of $700 million.

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Vol.60, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From July 19 to 25, a total of 10 agreements were signed globally. Within the China Biotech industry, there was one out-licensing deal and one domestic deal. In China, the top China deal of the week was between Novatim Immune Therapeutics and Erigen for the Phase I/II CAR T cell therapy asset, KQ-2003, with a total milestone payment $1.335B. Globally, 8 deals were announced. The top global deal of the week was signed by Matchpoint Therapeutics and Novartis for the Pre-clinical oral covalent inhibitors with a total deal value of $1 billion, including a $60 million upfront payment.

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Vol.59, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From July 12 to 18, a total of 16 agreements were signed globally. Within the China Biotech industry, there were two out-licensing deals and three domestic deals. The top China deal of the week was between Mabwell Bioscience and Unilab for the approved Denosumab biosimilar asset, covering registration and marketing in the Philippines. Globally, 11 deals were announced. The top global deal of the week was signed between Boehringer Ingelheim and LEO for the approved asset SPEVIGO® (spesolimab), a monoclonal antibody targeting IL-36 receptor, with $97 million upfront payment.

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Vol.58, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From July 5 to 11, a total of 17 agreements were signed globally. Within the China Biotech industry, there were three out-licensing deals and three domestic deals. The top China deal of the week was between CStonePharmaceuticals and IstitutoGentili for the approved asset Sugemalimab, with a total deal value of $192.5 million. Globally, 11 deals were announced. The top global deal of the week was signed between IchnosGlenmark Innovation and AbbVie for the Phase I asset ISB 2001, with a total deal value of $1.925 billion, including a $700 million upfront payment. 2025年7月5日-11日，全球医药市场共签署了17项资产授权和合作协议。中国市场共达成6项交易，包括3项出海交易和3项国内交易。 本周值得关注的出海交易是基石药业与IstitutoGentili就已获批资产舒格利单抗在西欧和英国达成独家战略合作，总金额可达1.925亿美元。 国际市场上，本周共签署了11项资产授权和合作协议。最大的一项交易是Abbvie从IchnosGlenmark Innovation 引进一款临床一期资产ISB 2001，首付款7亿美元，总金额可达19.25亿美元。

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Vol.57, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From July 1 to 4, a total of 13 biopharma agreements were signed globally. In the China biotech industry, there were 2 domestic deals and 1 out-licensing deal. Adagene and Sanofi entered into an out-licensing and investment agreement for Adagene’s third SAFEbody, a pre-clinical asset. Meanwhile, SunNovo signed a domestic licensing deal with Lekuang Huilin Pharmaceutical Technology for the Phase II asset STC007, with a total deal value of $28 million, including an upfront payment of $14 million. Outside China, 10 additional agreements were announced globally. The largest deal of the week was between MaaTPharma and Clinigen for MaaT013, an NDA-filed asset. The agreement is valued at $31 million, with an upfront payment of $11 million.

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2025 June-YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In June, a total of 103 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 4 in-licensing deals, 23 out-licensing deals, and 14 domestic partnerships. The top out-licensing deal of the month was between CSPC Pharma and AstraZeneca for a pre-clinical asset, with a total deal value of $5.33 billion and an upfront payment of $110 million. Meanwhile, the leading domestic deal was signed between MabwellBioscience and Qilu Pharmaceutical for the approved asset albipagrastimalfa, valued at $69.5 million with $53 million paid upfront. Globally, 62 cross-border deals were reported. The largest was a collaboration between BioNTech and Bristol-Myers Squibb for the Phase III asset PM8002, with a total deal value of $11.1 billion and an upfront payment of $1.5 billion. #BiopharmaDeals #LifeSciences #Pharmaceuticals #BiotechPartnerships #DrugDevelopment #PharmaNews

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Vol.56, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From June 14 to 20, a total of 13 biotech agreements were announced globally. Within the China biotech industry, there were 7 notable deals, comprising 2 out-licensing agreements, 2 in-licensing deal, and 3 domestic transactions. The leading out-licensing deal of the week was signed between Simcere and NextCure, involving the phase I asset, SIM0505 with a total deal value of $745 million. The top domestic deal of the week is between Protein Innovation and Science Sun for the pre-clinical stage asset, NeoAB33, with a total deal value of $2.78 million and an upfront payment of $1.39 million.  On the global front, 6 agreements were signed during the same period. The most significant deal was between ProcessaPharmaceuticals and Intact Therapeutics for the Phase II asset, YH12852. This deal includes an upfront payment of $2.5 million, with a total potential value of $455 million.

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Vol.55, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From June 7 to 13, a total of 23 biotech agreements were announced globally. Within the China biotech industry, there were 7 notable deals, comprising 4 out-licensing agreements and 3 domestic transactions. The leading out-licensing deal of the week was signed between CSPC PHARMA.and AstraZeneca, involving the pre-clinical asset for autoimmune disease. The agreement includes an upfront payment of $110 million and a total deal value of $5,330million. On the global front, 16 agreements were signed during the same period. The most significant deal was between Philochem and RayzeBio for the Phase I asset 68Ga-OncoACP3. This deal includes an upfront payment of $350 million, with a total potential value of $1.35 billion.

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Vol.54, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From June 1 to 6, a total of 21 biotech deals were announced globally. Within the China biotech industry, there were 8 notable transactions, comprising 5 out-licensing deals, 1 in-licensing deal, and 2 domestic agreements. The standout out-licensing deal in China was between Hansoh Pharmaceutical and Regeneron Pharmaceuticals for the Phase III asset HS-20094. The agreement includes an upfront payment of $80 million, with the total deal value reaching $2.01 billion. In an in-licensing activity, Eisai and Gloria Pharmaceuticals signed an agreement for the approved asset, mecobalamin. Globally, 13 deals were signed during the same period. The most significant was between BioNTech and Bristol Myers Squibb (BMS) for the Phase III asset BNT327/PM8002. The deal features an upfront payment of $1.5 billion, with a total potential value of $11.1 billion.

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2025 May- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In May, a total of 67 biopharma agreements were signed globally. Within the China Biotech sector, the month recorded 11 out-licensing deals, 5 in-licensing deals, and 10 domestic transactions. The largest out-licensing deal was secured by 3SBio, which entered into an agreement with Pfizer for the Phase III asset SSGJ-707. The deal includes a substantial $1.25 billion upfront payment and a total potential value of $6.15 billion. Among domestic partnerships, the leading deal involved Minghui Pharmaceutical and Qilu Pharmaceutical, focused on the Phase III asset MHB088C. This transaction included a $39 million upfront payment and a total deal value of $187 million. On the global stage, 41 additional agreements were announced. The top global deal was the acquisition of efimosferminalfa (Phase II) by GSK from Boston Pharmaceuticals, featuring a $1.2 billion upfront payment and a total value of $2 billion.

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Vol.53, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between May 16 and 23, a total of 12 biopharmaceutical agreements were signed globally. Among them, six deals originated from China, including 4 out-licensing deals, 1 in-licensing deal, and 1 domestic collaboration. The largest deal of the week was an out-licensing agreement involving 3SBio, GuojianPharmaceutical, and Pfizer, centered on the Phase III oncology asset SSGJ-707. The deal features an upfront payment of $1.25 billion and a total potential value of $6.15 billion.  On the global stage, six additional deals were announced. The most prominent was the partnership between Orionis Biosciences and Genentech for pre-clinical small-molecule monovalent glues. The deal includes an upfront payment of $105 million, with a total potential deal value of $2 billion. 2025年5月16-23日，全球医药市场共签署了12项资产授权和合作协议。中国市场共达成6项交易，包括4项出海交易、1项引进交易和1项国内交易。 本周最值得关注的交易是三生制药向辉瑞独家授予临床三期肿瘤资产PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国内地）的权益，首付款12.5亿美元，创下了中国创新药资产出海交易的最高首付款记录，总金额也达到61.5亿美元。 国际市场上，本周共签署了6项资产授权和合作协议。价值最大的一项交易是Roche旗下公司Genentech与Orionis Biosciences就小分子单价分子胶药物的开发达成合作，首付款1.05亿美元，总金额20亿美元。

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Vol.52, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From May 12 to 16, a total of 11 biopharma deals were announced globally. Within China’s biotech sector, one out-licensing agreement and two domestic deals were reported. CSPC Pharma and Cipla signed an out-licensing deal for the approved asset irinotecan liposome, featuring a $15 million upfront payment and a total deal value of $1.065 billion. The leading domestic deal was between Westlake University and InnoCarePharma for innovative drugs R&D partnership, valued at $7.5 million. On the global front, eight deals were announced. The week’s top global deal was the acquisition of efimosferminalfa by Boston Pharmaceuticals from GSK, with a $1.2 billion upfront payment and a total deal value of $2 billion. 2025年5月12-16日，全球医药市场共签署了11项资产授权和合作协议。中国市场共达成3项交易，包括1项出海交易和2项国内交易。 本周的出海交易是石药集团与Cipla公司就已获批资产伊立替康脂质体在美国的商业化达成独家许可协议，首付款1500万美元，总价值10.65亿美元。本周值得关注的国内交易是诺诚健华与西湖大学在创新药物研发等方面建立合作，总价值750万美元。 国际市场上，本周共签署了8项资产授权和合作协议。首付款最大的一项交易是GSK收购Boston Pharmaceuticals资产efimosferminalfa，首付款12亿美元，总价值20亿美元。 #BiopharmaDeals #PharmaDeals #ChinaBiotech #BiotechNews

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Vol.51, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

In the first week of May, a total of 15 agreements were signed globally. Within the China biotech sector, the activity included two out-licensing deals, one in-licensing deal, and one domestic partnership. Formosa Pharmaceuticals entered an out-licensing agreement with Apotex for its approved asset, APP13007. Additionally, Almac Discovery signed an in-licensing agreement with Formosa Pharmaceuticals for the pre-clinical asset ALM-401. Tenacia Biotechnology and TSH Biopharma signed a domestic deal for the approved asset, ganaxolone. Globally, 11 deals were publicly announced. The most significant deal of the week was between Alchemab Therapeutics and Eli Lilly on ATLX-1282, valued at $415M.

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2025 Apr- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In April, a total of 78 agreements were signed across the biotech sector. Within China's biotech industry, there were 14 out-licensing deals, 3 in-licensing deals, and 10 domestic transactions. The largest out-licensing deal of the month was signed between Henlius Biotech and Sandoz for an ipilimumab biosimilar, with a total deal value of $301 million, including an upfront payment of $31 million. The top domestic deal was between XtalPi and Pacific ShuanglinBio-pharmacy, involving a pre-clinical asset with a total deal value of $14 million. On the global front, 51 deals were signed. The standout global transaction was between Earendil Labs and Sanofi for two pre-clinical assets, HXN-1002 and HXN-1003, with a $125 million upfront payment and a total deal value of $1.845 billion. #BiotechDeals #BiotechAgreements #PharmaDeals #HealthcareDeals #BiotechNews

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2025 Apr-YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In April, a total of 78 agreements were signed across the biotech sector. Within China's biotech industry, there were 14 out-licensing deals, 3 in-licensing deals, and 10 domestic transactions. The largest out-licensing deal of the month was signed between Henlius Biotech and Sandoz for an ipilimumab biosimilar, with a total deal value of $301 million, including an upfront payment of $31 million. The top domestic deal was between XtalPi and Pacific ShuanglinBio-pharmacy, involving a pre-clinical asset with a total deal value of $14 million. On the global front, 51 deals were signed. The standout global transaction was between Earendil Labs and Sanofi for two pre-clinical assets, HXN-1002 and HXN-1003, with a $125 million upfront payment and a total deal value of $1.845 billion. #BiotechDeals #PharmaDeals #Biotechnology #PharmaceuticalIndustry

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Vol. 50 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between April 14 and 18, a total of 20 agreements were finalized. Within China’s biotech industry, this included four out-licensing deals and three domestic partnerships. The leading out-licensing deal in China was between VelaVigo and Ollin Biosciences for VBS102, with a total deal value of $440 million. On the global scale, 13 deals were signed during the same period. The largest was between Earendil Labs and Sanofi for HXN-1002 and HXN-1003, valued at $1.845 billion, including an upfront payment of $125 million.

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Vol.49, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From April 7 to 11, a total of 12 biopharma deals were signed globally. Within China’s biotech industry, there were 2 out-licensing deals, 1 in-licensing deal, and 3 domestic deals. The leading out-licensing deal was between Hengrui Pharmaceuticals and Merck KGaA for SHR7280, with an upfront payment of $16 million. The top domestic deal was between Shandong Kangzhonghong Medical and Pientzehuang Pharmaceutical for WenFeiDingChuan, valued at $2 million. Globally, six international deals were signed during the week. The most significant was between ABL Bio and GSK for the Grabody-B platform technology, with a total deal value of $2.7 billion and an upfront payment of $49 million.

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Vol.48, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From April 1 to 6, a total of nine licensing and cooperation deals were signed globally. In the China biotech industry, there was one in-licensing deal and one domestic deal. Antelope Surgical Solutions and Primo Biotechnology signed a cooperation agreement for AS1986NS, while XtalPiand Pacific ShuanglinBio-Pharmacy entered into a cooperation deal in blood products, with a total deal value of $13.9 million. Globally, seven agreements were announced. The top deal of the week was the licensing agreement between Sangamo Therapeutics and Eli Lilly for the STAC-BBB capsid, with a total deal value of $1.418 billion and an upfront payment of $18 million.

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2025 Mar-YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In March, 80 deals were signed globally.Within China's biotech industry, there were 11 out-licensing deals, 3 in-licensing deals, and 10 domestic licensing deals. The top out-licensing deal of the month was between United Laboratories and Novo Nordisk for the Phase I GLP-1 asset, UBT251. The agreement included an upfront payment of $200 million and a total deal value of $2 billion. The top in-licensing deal in March was between Eisai and Beijing Peak Biology Pharmaceuticals Co., Ltd. for the approved asset Rabeprazole (Pariet®), with an upfront payment of $100 million. The leading domestic deal was between Apollomics and Launxp for the approved asset Bozitinib, with a total deal value of $60 million and an upfront payment of $ 10 million. Globally, a total of 56 deals were signed. The largest was between Zealand Pharma and Roche for the Phase II asset petrelintide, featuring an upfront payment of $1.4 billion and a total deal value of $5.3 billion.

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Vol.47, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between March 14 and 21, a total of 17 deals were signed globally, including two out-licensing agreements in the China biotech industry. Formosa Pharmaceuticals and Cipla finalized an out-licensing agreement for APP13007 (clobetasol propionate nanoparticle), an approved asset. Additionally, HiROand HallymUniversity Sacred Heart Hospital entered into a cooperation agreement for innovative drug development. Globally, 15 other deals were signed during the same period. The most significant transaction of the week was Sanofi’s acquisition of DR-0201, a Phase I asset, from Dren Bio., valued at $1.9 billion, with an upfront payment of $600 million. 2025年3月14-21日，全球医药市场共签署了17项资产授权和合作协议。中国市场共达成2项交易，均为出海交易。 台新药就已上市新药APP13007（丙酸氯倍他索纳米混悬滴眼液）与印度Cipla公司达成多区域授权合作协议。贺维斯特医药科技集团与韩国翰林大学圣心医院签署战略合作备忘，共同推动创新药物开发。 国际市场上，本周共签署了15项资产授权和合作协议。最大的一笔交易是Sanofi收购Dren Bio.临床一期资产DR-0201，首付款6亿美元，总金额19亿美元。

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Vol.46, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From March 8 to 14, a total of 14 deals were signed worldwide, including two in China’s biotech industry—one in-licensing deal and one domestic deal.  AbTis and WuXi XDC entered into an in-licensing agreement for the abclick® platform, while AnlongBio and SunNovo signed a domestic licensing deal for an siRNA program.   Globally, 12 additional deals were signed. The largest deal of the week was the collaboration between Zealand Pharma and Roche for petrelintide, a Phase II asset, valued at $5.3 billion, with an upfront payment of $1.4 billion. 2025年3月8日-14日，全球医药市场共签署了14项资产授权和合作协议。中国市场共达成2项交易，包括1项引进交易和1项国内交易。 药明合联与AbTis达成战略合作，共同推进新一代ADC药物研发。安龙生物与阳光诺和达成战略合作，共同研发siRNA创新药物。 国际市场上，本周共签署了12项资产授权和合作协议。最大的一笔交易是罗氏与Zealand Pharma就临床二期资产petrelintide达成的独家合作和许可协议，首付款14亿美元，总金额53亿美元。

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Vol.45, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

In the first week of March, 12 agreements were signed globally, including 3 from China’s biotech industry. Neuro3 and Nhwa Pharmaceutical entered into an investment and option deal for the preclinical asset KCNQ2 activator 1, while Insilico Medicine and Tenacia Biotechnology signed a cooperation agreement for another preclinical asset. Delova Biotech and Sino Biopharmaceutical signed a cooperation deal for the NDA Filed asset, QP001 (meloxicam). Overall, 9 deals were signed worldwide. The largest licensing agreement of the week was between Gubra and AbbVie for the Phase I asset GUB014295, valued at $2.225 billion, with an upfront payment of $350 million. 2025年3月1日-7日，全球医药市场共签署了12项资产授权和合作协议。中国市场共达成3项交易，均为国内交易。 本周的三项国内交易分别是恩华药业入股三晟医药，并获得部分在研药品合作的优先谈判权；英矽智能与元羿生物达成合作，以生成式AI赋能中枢神经系统药物研发；中国生物制药引进清普生物NDA阶段资产QP001中国大陆地区权益。 国际市场上，本周共签署了9项资产授权和合作协议。最大的一笔交易是AbbVie与Gubra达成的许可协议，共同开发临床一期资产GUB014295，首付款3.5亿美元，总金额22亿美元。 #Biotech #Pharmaceuticals #DrugDevelopment #LicensingDeals

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2025 Feb-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

In February, 56 deals were signed globally. Within China's biotech industry, there were 6 in-licensing deals, 6 out-licensing deals, and 6 domestic deals. The most notable out-licensing agreement of the month was between Henlius Biotech and Dr. Reddy’s Laboratories for HLX15 (a daratumumab biosimilar) in Phase I. The deal totaled $132 million, with an upfront payment of $33 million. Globally, 38 deals were signed. The most significant was a licensing and option agreement between Stoke Therapeutics and Biogen for zorevunersen and ASO products targeting SCN1A. The deal was valued at $550 million, with an upfront payment of $165 million. 2025年2月，全球医药市场共签署了56项资产授权和合作协议。中国市场共达成18项，包括6项出海交易、6项引进交易和6项国内交易。 本月中国市场最大的交易是复宏汉霖与Dr. Reddy’s就临床一期资产HLX15（达雷妥尤单抗生物类似药）达成的出海交易，首付款3300万美元，总价值1.32亿美元。 国际市场上，本月共签署了38项资产授权和合作协议。最大的一笔交易是Biogen引进Stoke Therapetutics一款针对SCN1A基因的ASO药物Zorevunersen，首付款1.65亿美元，总价值5.5亿美元。 #BiotechDeals #PharmaLicensing #Biopharma #BiotechNews

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Vol.44, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From February 15 to 21, a total of 12 deals were signed globally. In China’s biotech industry, there were 3 out-licensing deals, 1 in-licensing deal, and 2 domestic deals. The top out-licensing deal of the week was between Behai Biotech and Zydus Lifesciences for BH009 (docetaxel), a Phase III asset, with an upfront payment of $27.8 million. Meanwhile, AstraZeneca acquired FibroGen China including the asset Roxadustat, an approved small molecule. Globally, 6 deals were finalized. The most significant was the licensing and option agreement between Stoke Therapeutics and Biogen for Zorevunersen, an ASO product targeting SCN1A, with an upfront payment of $165 million and a total deal value of $550 million. 2025年2月15日-21日，全球医药市场共签署了12项资产授权和合作协议。中国市场共达成6项交易，包括3项出海交易、1项引进交易和2项国内交易。 本周最大的出海交易是贝海生物授予 Zydus Lifesciences临床三期资产BH009（多西他赛改良型新药）在美国市场的独家商业化权益，首付款2780万美元。阿斯利康以1.6亿美元收购珐博进中国，并获得已上市药物罗沙司他在中国的所有权利。 国际市场上，本周共签署了6项资产授权和合作协议。最大的一笔交易是Biogen引进Stoke Therapetutics一款针对SCN1A基因的ASO药物Zorevunersen，首付款1.65亿美元，总价值5.5亿美元。 #BiotechDeals #PharmaLicensing #BiotechNews #BiotechChina

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Vol.43, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From February 8 to 14, a total of 18 licensing and cooperation deals were signed globally. In the China Biotech Industry, there are 3 in-licensing deals, 1 out-licensing deal, and 1 domestic deal.  Bio-Thera Solutions and Intas Pharmaceuticals signed an out-licensing deal for golimumab biosimilar with a total deal amount of $164.5 million and an upfront payment of $21 million. Roche and Baheal Medical signed a cooperation deal for the approved drug, rituximab. Lexen Pharm and SunNovo signed a cooperation deal for the pre-clinical stage assets, LXP2311 and LXP0531.  Globally, 13 deals were announced. The top deal of the week is the cooperation and licensing deal of Xilio Therapeutics and AbbVie for T-cell engagers with a total deal amount of $2,152 million and an upfront payment of $42 million. 2025年2月8日-14日，全球医药市场共签署了18项资产授权和合作协议。中国市场共达成5项交易，包括3项引进交易、1项出海交易和1项国内交易。 唯一的出海交易是百奥泰与Intas Pharmaceuticals就戈利木单抗生物类似药达成美国市场的授权交易，首付款2100万美元，总价值1.645亿美元。值得关注的引进交易是百洋医药获得罗氏制药已上市药物利妥昔单抗在中国大陆地区的独家市场推广权。唯一的国内交易是阳光诺和与立生医药就临床前资产LXP2311和LXP0531达成的合作交易。 国际市场上，本周共签署了13项资产授权和合作协议。最大的一笔交易是Abbvie与Xilio Therapeutics就TCE药物开发达成的合作及选择性许可协议，首付款4200万美元，总价值21.52亿美元。 #BiotechDeals #PharmaLicensing #BiotechNews #ChinaBiotech #PharmaPartnerships

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Vol.42, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

In the first week of February, a total of 6 deals were signed globally. Within the China Biotech industry, there was only one out-licensing deal—between Henlius Biotech and Dr. Reddy's Laboratories—for the Phase I asset, daratumumab biosimilar. The agreement has a total deal value of $131.6 million, including an upfront payment of $33 million. Globally, the largest deal of the week was a licensing agreement between AnaptysBio and Vanda Pharmaceuticals for the Phase III asset, imsidolimab. The deal is valued at $50 million, with an upfront payment of $10 million. 2025年2月1日-7日，全球医药市场共签署了6项资产授权和合作协议。适逢新春长假，中国市场仅达成1项出海交易。复宏汉霖与Dr. Reddy’s就临床一期资产达雷妥尤单抗生物类似药达成授权合作，首付款3300万美元，总价值1.316亿美元。 国际市场上，本周共签署了5项资产授权和合作协议。最大的一笔交易是Vanda Pharmaceuticals与AnaptysBio就临床三期资产imsidolimab达成的授权协议，首付款1000万美元，总价值5000万美元。

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2025 Jan- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

The global biotech industry has seen a strong start to 2025, with a total of 110 deals closed. In the China Biotech Industry, 38 agreements were finalized, including 23 out-licensing deals, 5 in-licensing deals, and 10 domestic deals. The top out-licensing deal of the month was between Innovent Biologics and Roche for the Phase I oncology asset IBI3009, valued at $1.08 billion, with an upfront payment of $80 million. This was followed by Sciwind Biosciences and Verdiva Bio, which secured a $2.4 billion deal for two assets, VRB-103 and XW014, with an upfront payment of $70 million. The leading domestic deal was between DualityBio and 3SBio for the Phase III oncology asset DB-1303, with a total deal value of $67 million and an upfront payment of $25 million. On a global scale, 72 deals were signed. The largest licensing agreement was between Leo Pharma and Gilead Sciences for the STAT6 program, with a total deal value of $1.7 billion and an upfront payment of $250 million. 2025年1月，全球医药市场共签署了110项资产授权和合作协议。中国市场共达成38项，包括23项出海交易、5项引进交易和10项国内交易。 本月中国市场最大的出海交易是信达生物与Roche就临床一期肿瘤资产IBI3009达成的授权交易，首付款8000万美元，总价值10.8亿美元。其次是先为达生物就代谢疾病产品组合VRB-103和XW014与Verdiva Bio签署的许可协议，首付款7000万美元，总价值24亿美元。最大的国内交易是映恩生物与三生制药就临床三期肿瘤资产DB-1303达成的授权交易，首付款2500万美元，总价值6700万美元。 国际市场上，本月共签署了72项资产授权和合作协议。最大的一笔交易是Gilead Sciences引进LEO Pharma口服STAT6抑制剂，首付款2.5亿美元，总价值17亿美元。

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Vol.41, 2025 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between January 17 and 24, a total of 10 licensing and cooperation deals were signed globally, with five coming from China’s biotech industry, including 3 out-licensing agreements and 2 domestic transactions.  The most notable deals are two out-licensing agreements, including the agreement between Lepu Biopharma and ArriVent Biopharma for the preclinical-stage asset, MRG007, valued at $1.207 billion, with an upfront payment of $47 million; and the other one between Keymed Biosciences, InnoCare Pharma and Prolium Bioscience, for the oncology asset CM355, totaling $520 million, with $17.5 million paid upfront.  Globally, 5 additional agreements were finalized during this week. AbbVie and Neomorph reached a collaboration and option-to-license agreement to develop molecular degraders for oncology and immunology. Neomorph will receive an upfront payment and is eligible to receive future option fees and milestones of up to $1.64B. 2025年1月17日-24日，全球医药市场共签署了10项资产授权和合作协议。中国市场共达成5项，包括3项出海交易和2项国内交易。 本周中国市场最引人注目的是两项出海交易。乐普生物向ArriVent Biopharma授权临床前ADC资产MRG007，首付款4700万美元，总价值12.07亿美元。诺诚健华和康诺亚共同与Prolium Bioscience达成肿瘤资产CM355的许可合作，首付款1750万美元，总价值5.2亿美元。 国际市场上，本周共签署了5项资产授权和合作协议。最大的一笔交易是Abbvie与Neomorph达成的合作与许可选择协议，共同开发针对肿瘤学和免疫学多个靶点的新型分子胶降解剂。Neomorph将获得一笔预付款，并有资格获得高达 16.4 亿美元的选择权和里程碑付款。

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Vol.40, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From January 11 to 17, a total of 31 licensing and cooperation deals were signed globally, with nine agreements coming from the China Biotech industry. These included 5 out-licensing deals, 1 in-licensing deal, and 3 domestic transactions.  Among the key highlights, Simcere and AbbVie entered into an out-licensing and option agreement for the Phase 1 asset SCR-8572, with undisclosed upfront payment, and option fees & milestone payments of up to $1.055 billion. The only in-licensing deal was between Orna Therapeutics and Shanghai Simnova Biotechnology, focused on an anti-BCMA in-vivo CAR therapy. The most significant domestic deal was between DualityBio and 3SBio for the oncology Phase III asset DB-1303, valued at $67 million, with $25 million paid upfront.   Globally, 22 licensing and cooperation deals were finalized during the same period. The standout global transaction was between Leo Pharma and Gilead Sciences for the oral STAT6 program, with a total deal value of $1.7 billion and an upfront payment of $250 million. 2025年1月11日-17日，全球医药市场共签署了31项资产授权和合作协议。中国市场共达成9项，包括5项出海交易、1项引进交易和3项国内交易。 本周中国市场最引人注目的出海交易是先声药业与Abbvie就临床一期三抗TCE资产SCR-8572达成的许可选择交易，先声药业将获得首付款，以及最高10.55亿美金的选择性权益付款和里程碑付款。本周唯一的引进交易是先博生物扩大与Orna Therapeutics的战略合作关系，涵盖BCMA体内CAR-T疗法。本周最值得关注的国内交易是映恩生物与三生制药就HER2 ADC三期资产DB-1303达成的授权交易，首付款2500万美元，总价值6700万美元。 国际市场上，本周共签署了22项资产授权和合作协议。最大的一笔交易是Gilead Sciences引进LEO Pharma口服STAT6抑制剂，首付款2.5亿美元，总价值17亿美元。

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Vol. 39, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

In the first week of January 2025, a total of 37 licensing and cooperation deals were signed worldwide. Within China’s biotech industry, there were 9 out-licensing deals, 3 in-licensing deals, and 4 domestic deals.   This week, the Chinese market has seen four significant out-licensing deals. Innovent has entered into a licensing agreement with Roche for the Phase I DLL3 ADC asset, with an upfront payment of $80 million and a total value of $1.08 billion. Sciwind has secured a licensing agreement with Verdiva Bio for its metabolic disease therapy portfolio, with an upfront payment of $70 million and a total deal value up to $2.4 billion. Duality has granted Avenzo an exclusive license for the EGFR/HER3 bispecific ADC, with an upfront payment of $50 million and a total value of $1.2 billion. Keymed has reached an exclusive licensing agreement for the CD38 mAb CM313 through the NewCo model, with an upfront payment of $30 million and a total value of $367.5 million. Globally, 21 additional licensing and cooperation deals were recorded. The highlight of the week was the expanded cooperation and investment deal between Valo Health and Novo Nordisk. Focused on developing novel treatments for cardiometabolic diseases, the agreement included near-term payments totaling up to $190 million.

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2024 Dec- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

The final month of 2024 concluded on a high note with an impressive total of 94 licensing and cooperation deals signed globally. In the China biotech sector alone, 17 out-licensing deals, 7 in-licensing deals, and 10 domestic deals were secured. Among the key deals, Hansoh Pharmaceutical’s partnership with Merck & Co. for the preclinical asset HS-10535 stood out as the top out-licensing agreement, valued at $2,012 million with an upfront payment of $112 million. Eli Lilly’s collaboration with InnoventBiologics for the approved asset pirtobrutinib highlighted a notable in-licensing deal, while CSPC Pharma’s domestic agreement with BeOne Medicines for the Phase 1 oncology asset SYH2039 was valued at $1,835 million, including a $150 million upfront payment.  Globally, 60 licensing and cooperation deals were signed in December. The most prominent deal was between PTC Therapeutics and Novartis for the Phase 2 asset PTC518, valued at $2,900 million with a substantial upfront payment of $1,000 million. 2024年12月，全球医药市场共签署了94项资产授权和合作协议。中国市场达成34项交易，包括17项出海交易、7项引进交易和10项国内交易。 本月中国市场最引人注目的出海交易是翰森授予默沙东临床前资产HS-10535的全球权益，首付款1.12亿美元，总价值20.12亿美元。值得关注的引进交易是信达与礼来就已获批资产pirtobrutinib达成的中国大陆商业化协议。最领先的国内交易是百济神州获得石药集团临床一期肿瘤资产SYH2039的全球权益，首付款1.5亿美元，总价值18.35亿美元。 国际市场上，12月份共签署了60项资产授权和合作协议。最大的一笔交易是诺华引进PTC Therapeutics 临床二期资产PTC518，首付款10亿美元，总价值29亿美元。

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Vol.38, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From December 14 to 20, a total of 24 licensing and cooperation deals were signed worldwide. Within China’s biotech industry, there were 10 deals, including 6 out-licensing deals and 4 in-licensing deals. The most significant out-licensing agreement involved Hansoh Pharmaceutical and Merck & Co., centered on the preclinical asset HS-10535. This deal had a total value of $2.012 billion, including an upfront payment of $112 million. Another notable in-licensing agreement saw Eli Lilly and Innovent Biologics collaborate on the approved asset pirtobrutinib. On a global scale, 14 licensing and cooperation agreements were finalized this week. The largest deal was between BioArctic and Bristol-Myers Squibb, focusing on the preclinical assets AD1503 and AD-BT2803. This agreement carried a total value of $1.35 billion, with $100 million upfront payment. 2024年12月14日-20日，全球医药市场共签署了24项资产授权和合作协议。中国市场共达成10项，包括6项出海交易和4项引进交易。 本周中国市场最值得关注的出海交易是翰森制药与Merck就临床前口服GLP-1受体激动剂HS-10535达成的授权交易，首付款1.12亿美元，总价值20.12亿美元。引进交易方面，Eli Lilly与信达生物就已上市药物pirtobrutinib达成中国大陆地区的商业化协议。 国际市场上，本周共签署了14项资产授权和合作协议。最大的一笔交易是BMS与BioArctic就临床前阿尔茨海默病候选药物AD1503和AD-BT2803达成的合作协议，首付款1亿美元，总价值13.5亿美元。

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Vol.37, 2024 雅法全球生物医药交易周报 YAFO Weekly Global Wrap-up Report

From December 7 to 13, 2024, the global pharmaceutical market saw the signing of 21 asset licensing and collaboration agreements. The China Biotech Industry accounted for eight of these deals, including 3 out-licensing transactions, 1 in-licensing transaction, and 4 domestic agreements.   The standout out-licensing transaction was Mabwell's strategic collaboration with TABUK for two biosimilars targeting the Middle East and North Africa regions. The sole in-licensing transaction of the week involved King-Friend acquiring global rights (excluding Greater China) for XENLETA® from Nabriva Therapeutics. Among domestic deals, the most notable was CSPC Pharmaceutical Group licensing global rights for its MAT2A inhibitor SYH2039 to BeOne. This agreement included an upfront payment of $150 million and a total deal value of $1.835 billion.   Internationally, 13 asset licensing and collaboration agreements were signed during the week. The largest of these was a partnership between Relation Therapeutics and GSK to explore multiple new targets in the areas of fibrosis and osteoarthritis. This deal included an upfront payment of $30 million and a total value of $508 million. 2024年12月7日-13日，全球医药市场共签署了21项资产授权和合作协议。中国市场共达成8项，包括3项出海交易、1项引进交易和4项国内交易。 本周中国市场值得关注的出海交易是迈威生物与 TABUK 就两款生物类似药在中东和北非地区达成战略合作。本周唯一的引进交易是健友股份从Nabriva Therapeutics获得XENLETA®大中华区以外的全球权益。本周最引人注目的国内交易是石药集团授权给百济神州MAT2A抑制剂SYH2039的全球权益，首付款1.5亿美元，总价值18.35亿美元。 国际市场上，共签署了13项资产授权和合作协议。最大的一笔交易是Relation Therapeutics与GSK达成合作，共同探索纤维化和骨关节炎领域的多个新靶点，首付款3000万美元，总价值5.08亿美元。

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Vol.36, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between December 1 and 6, a total of 24 licensing and cooperation deals were signed globally. In China's biotech sector, there were 4 deals done, including 1 out-licensing deal, 1 in-licensing deal, and 2 domestic deals. The only out-licensing transactions were between DualityBio and GSK on oncology asset DB-1314 worth $1.005 billion, with an upfront payment of $30 million. The most notable in-licensing deal was UCB and BioRay Pharmaceuticals signed a commercial promotion agreement for the approved asset bimekizumab in the Chinese mainland market. The two domestic transactions were done by Atom Bioscience/China Medical System, and Cali Biosciences/Grand Life Sciences separately. Globally, 20 licensing and cooperation deals were completed, with the most significant being the agreement between PTC Therapeutics and Novartis for the Phase II asset PTC518. This deal featured a record-breaking upfront payment of $1 billion and a total value of $2.9 billion, making it the largest global deal of the year based on upfront payment. 2024年12月1日-6日，全球医药市场共签署了24项资产授权和合作协议。中国市场共达成4项，包括1项出海交易、1项引进交易和2项国内交易。 本周中国市场唯一的出海交易是映恩生物与GSK就新型ADC肿瘤资产DB-1314达成独家授权合作，首付款3000万美元，总价值10.05亿美元。本周最值得关注的引进交易是博锐生物与优时比就已获批资产bimekizumab达成中国市场的商业推广合作。本周两项国内交易分别由新元素与康哲药业、加立生科与远大生命科学达成。 国际市场上，共签署了20项资产授权和合作协议。最大一笔交易是Novartis与PTC就临床2期资产PTC518达成的全球许可协议，首付款10亿美元，总价值29亿美元，成为今年以来全球首付款最大的一笔资产交易。

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2024 Nov- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In November, a total of 80 licensing and cooperation deals were signed globally, which is on par with October. Within China's biotech industry, 40 deals were sealed, reflecting a remarkable increase from 15 deals in October. These included 17 out-licensing deals, 6 in-licensing deals, and 17 domestic agreements.   The standout out-licensing deal of the month was a Cooperation, Investment, and Option agreement between LaNova and Merck & Co. for the oncology asset LM-299, valued at $3,288 million, including an upfront payment of $588 million. The top in-licensing deal involved HCW Biologics and WY Biotech for a pre-clinical stage asset, with an upfront payment of $7 million. Meanwhile, the leading domestic transaction was between HEC Pharma and 3SBio for the Phase III asset, Clifutinib, featuring an $8 million upfront payment.   On the global stage, 40 licensing and cooperation deals were finalized. The largest of these was the agreement between Arrowhead Pharmaceuticals and Sarepta Therapeutics, covering multiple assets, reaching a total value of $11,375 million, with an upfront payment of $500 million.  2024年11月，全球医药市场共签署了80项资产授权和合作协议，与10月持平。中国市场达成40项交易，较10月的15项大幅增长，包括17项出海交易、6项引进交易和17项国内交易。 本月中国市场最引人注目的出海交易是礼新医药授予默沙东肿瘤资产LM-299的全球权益，首付款5.88亿美元，总价值32.88亿美元。最大的引进交易由WY Biotech和HCW Biologics达成，首付款700万美元。最领先的国内交易是东阳光药与三生制药就前者的临床三期资产克立福替尼达成的合作协议，首付800万美元。 国际市场上，10月份共签署了40项资产授权和合作协议。最大的一笔交易是Arrowhead与Sarepta就多个资产达成的全球许可和合作协议，首付款5亿美元，总价值11.375亿美元。

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Vol.35, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between November 16 and 22, a total of 20 licensing and cooperation deals were signed globally. In the China biotech sector, there were six out-licensing deals, two in-licensing deals, and one domestic deal.  The top out-licensing deal involved VelaVigo and Avenzo Therapeutics for the pre-clinical oncology asset VBC103, with a total value of $800 million, including an upfront payment of $50 million. The top in-licensing deal was between HCW Biologics and WY Biotech's, which featured a $7 million upfront payment. The only domestic deal was finalized by LaNova and Sino Biopharmaceutical for multiple assets. Globally, 11 licensing and cooperation deals were completed during the week. The most significant global deal was between Kura Oncology and Kyowa Kirin for the Phase I/II asset ziftomenib, valued at $1.491 billion, with an upfront payment of $330 million.  2024年11月16日-22日，全球医药市场共签署了20项资产授权和合作协议。中国市场共达成9项交易，包括6项出海交易、2项引进交易和1项国内交易。 本周中国市场最大的出海交易是橙帆医药授予Avenzo临床前肿瘤资产VBC103的海外权益，首付款5000万美元，总价值8亿美元。本周最大的引进交易由WY Biotech和HCW Biologics达成，首付款700万美元。本周唯一的国内交易是礼新医药与中国生物制药达成的股权投资及多个资产的战略合作。 国际市场上，共签署了11项资产授权和合作协议。最引人注目的一笔交易是Kura Oncology与Kyowa Kirin就前者的临床1/2期资产ziftomenib达成的全球战略合作，首付款3.3亿美元，总价值14.91亿美元。

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Vol.34, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between November 9 and 15, a total of 20 licensing and collaboration agreements were signed worldwide. In the China biotech sector, there were three out-licensing and three domestic deals. The leading out-licensing deal was between LaNova and Merck Co. for the oncology asset LM-299, with a total value of $3.288 billion and an upfront payment of $588 million. In the domestic market, the top deal involved Biostar Technologies and Baheal Medical, which secured an agreement for the approved asset utedilone with a $7 million upfront payment. Globally, 14 additional licensing and collaboration deals were signed. The top global deal was between Schrödinger and Novartis, centered on preclinical stage assets and valued at $2.422 billion, with an upfront payment of $150 million. 2024年11月9日-15日，全球医药市场共签署了20项资产授权和合作协议。中国市场共达成6项交易，包括3项出海交易和3项国内交易。 本周中国市场最引人注目的出海交易是礼新医药授予默沙东肿瘤资产LM-299的全球权益，首付款5.88亿美元，总价值32.88亿美元。本周最大的国内交易是华昊中天授予百洋医药已获批药物优替德隆注射液在中国大陆地区的独家市场推广权益，首付款700万美元。 国际市场上，共签署了14项资产授权和合作协议。最大的一笔交易是诺华制药与薛定谔就多个临床前资产达成的研发合作，首付款1.5亿美元，总价值24.22亿美元。

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Vol.33, 2024 雅法全球生物医药交易周报 YAFO Weekly Global Wrap-up Report

In the first week of November, 17 licensing and cooperation deals were signed in total. In the China biotech industry, there were three out-licensing deals and seven domestic deals. The week’s top out-licensing deal was between Leads Biolabs and Oblenio Bio, a NewCoco-established with Aditum Bio, for the tri-specific T-cell engager antibody LBL-051, valued at $614 million with an upfront payment of $35 million, and an equity stake in Oblenio Bio. It was a productive week domestically as well, with seven collaboration and licensing deals signed.  Globally, seven licensing and cooperation deals were signed. The top deal was SyndaxPharmaceuticals and Royalty Pharma entered into $350 million royalty funding agreement for the Phase II asset axatilimab. 2024年11月的头一周（1日-8日），全球医药市场共签署了17项资产授权和合作协议。中国市场共达成10项交易，包括3项出海交易和7项国内交易。 本周中国市场最引人注目的出海交易是维立志博授予Oblenio Bio公司，一家与Aditum Bio联合成立的NewCo，三特异性抗体LBL-051的独家选择和许可权，首付款3500万美元，总价值6.14亿美元，以及Oblenio Bio公司股权。本周国内交易迎来高峰，达成了7项合作和许可协议。 国际市场上，共签署了7项资产授权和合作协议。最大的一笔交易是SyndaxPharmaceuticals与Royalty Pharma就前者的临床二期资产Axatilimab达成的价值3.5亿美元的特许权使用费融资协议。

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2024 Oct- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In October, a total of 73 licensing and cooperation deals were signed globally, marking an increase from September's 60 deals. In China’s biotech industry, 15 of these deals were signed, consisting of 7 out-licensing, 1 in-licensing, and 7 domestic agreements. The top out-licensing deal of the month was between Chimagen Biosciences and GSK for the Phase I/II asset CMG1A46, valued at $850 million, with an upfront payment of $300 million. The sole in-licensing deal was between Talem Therapeutics and Biotheus for the oncology asset TATX-20, while the top domestic deal was between Bio-Thera Solutions and Gedeon Richter Pharmaceutical for an ustekinumab biosimilar, totaling $110 million with an $8.5 million upfront payment. Globally, 58 licensing and cooperation deals were finalized, up from 41 deals from the previous month. The largest global deal was an asset acquisition between Sanofi and Recordati for the approved asset sutimlimab, valued at $1.1 billion, including an $850 million upfront payment. 2024年10月，全球医药市场共签署了73项资产授权和合作协议，同比9月的60项增加了22%。中国市场达成15项交易，包括7项出海交易、1项引进交易和7项国内交易，低于9月份的19项。 本月中国市场最引人注目的出海交易是GSK收购恩沐生物一款Phase1/2资产CMG1A46，首付3亿美元，总价值8.5亿美元。唯一的一项引进交易是普米斯就Talem Therapeutics肿瘤资产TATX-20达成的许可交易。最领先的国内交易是百奥泰与吉瑞医药就乌司奴单抗生物类似药达成的授权交易，首付850万美元，总价值1.1亿美元。 国际市场上，10月份共签署了58项资产授权和合作协议，同比9月的41项大幅增长。最大的一笔交易是Recordati收购赛诺菲已上市药物sutimlimab，首付款8.5亿美元，总价值11亿美元。

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Vol. 32, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

From October 19 to 25, a total of 11 licensing and cooperation agreements were signed worldwide.  In China's biotech industry, two domestic deals were recorded. Lyvgen Biopharma and InventisBio entered into an asset acquisition agreement for three target antibodies, while Haihe Biopharma and 3SBio signed a licensing agreement for the approved oral paclitaxel. On the global stage, 9 licensing and cooperation deals were finalized. The top transaction of the week was a licensing agreement between MacroGenics and Tersera for the approved asset margetuximab, with a total deal value of $75 million and an upfront payment of $40 million. 10月19-25日，全球医药市场共签署了11项资产授权和合作协议。 中国市场共达成2项国内交易。益方生物收购礼进生物三个目标抗体，三生制药引进海和药物已上市药物紫杉醇口服溶液。 国际市场上，共签署了9项资产授权和合作协议。最大的一笔交易是MacroGenics与Tersera就前者已上市药物margetuximab达成的授权交易，首付款4000万美元，总价值7500万美元。

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Vol.31, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

Between October 12 and 18, a total of 11 global licensing and cooperation deals were signed. In the China biotech sector, there was one notable out-licensing deal between BaiyuTechnology Pharmaceutical and Novartis for a small molecule anti-tumor drug, with a total deal value of $1.17 billion, including an upfront payment of $70 million. On a global scale, 10 additional licensing and cooperation deals were finalized. The largest deal of the week was the option, cooperation, and licensing agreement between TrianaBiomedicines and Pfizer for preclinical molecular glue degraders, valued at $1.549 billion, including a $49 million upfront payment. 10月12-18日，全球医药市场共签署了11项资产授权和合作协议。 中国市场仅达成1项出海交易。百裕制药向诺华授权一款小分子抗肿瘤药物，首付款7000万美元，总价值11.7亿美元。 国际市场上，共签署了10项资产授权和合作协议。最大的一笔交易是辉瑞与TrianaBiomedcines达成合作开发新型分子胶降解剂，首付款4900万美元，总价值15.49亿美元。

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Vol.30, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

In the first two weeks of October, a total of 36 licensing and cooperation deals were signed globally. Within China’s biotech industry, 6 out-licensing deals, 1 in-licensing deal, and 3 domestic deals were finalized. The largest out-licensing deal involved CSPC Pharma and AstraZeneca, with a total deal value of $2.02 billion, including a $100 million upfront payment for the cardiovascular asset YS2302018. The sole in-licensing deal was between Talem Therapeutics and Biotheus for the pre-clinical oncology asset TATX-20. Meanwhile, the leading domestic deal was signed between YZY Biopharma and Chia Tai TianqingPharmaceutical for the Phase III asset M701, valued at $141 million. Globally, 26 licensing and cooperation deals were completed. The top deal was an asset acquisition between Sanofi and Recordati for the approved asset sutimlimab, with a total deal value of $1.1 billion, including an upfront payment of $850 million.

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2024 Sep- YAFO Global Biopharma Transactions Report 雅法全球生物医药交易月报

In September, deal-making activity saw an uptick, with 60 transactions worldwide—a 28% increase compared to August, which recorded 47 deals globally. August had a stronger focus on China's biotech sector, representing 24 deals, while September saw 19 deals (9 out-licensing, 4 in-licensing, and 6 domestic). The most notable out-licensing agreement in September was between Regor Therapeutics and Genentech for a portfolio of next-generation CDK Inhibitors with an upfront payment of $850 million, becoming the largest out-licensing transaction in history based on upfront payment. On the in-licensing front, ENCell and Lucy Biotech signed a deal for EN001, valued at approximately $20 million, including a $2 million upfront payment. Domestically, the standout transaction involved Alphamab Oncology and CSPC PHARMA for the oncology asset JSKN-003, with a total deal value of $427 million, including a $55 million upfront payment. Globally, 41 licensing and collaboration agreements were announced in September. The largest of these was a partnership between Orano Med, RadioMedix, and Sanofi for 212Pb-dotamtate, valued at $346 million, with an upfront payment of $108 million. 2024年9月，全球医药市场共签署了60项资产授权和合作协议，同比8月的47项增加了28%。中国市场达成19项交易，包括9项出海交易、4项引进交易和6项国内交易，低于8月份的24项交易。 本月中国市场最引人注目的出海交易是基因泰克收购锐格医药下一代CDK抑制剂，首付8.5亿美元，成为史上最高首付款的出海交易。最值得关注的引进交易是露曦生物从ENCell 公司引进EN001，首付200万美元，总价值约2000万美元。最值得关注的国内交易是石药集团引进康宁杰瑞肿瘤资产JSKN-003，首付款5500万美元，总价值4.27亿美元。 国际市场上，9月份共签署了41项资产授权和合作协议。最大的一笔交易是是赛诺菲与Orano Med和RadioMedix就二期肿瘤资产212Pb-dotamtate达成的授权交易，首付款1.08亿美元，总价值3.46亿美元。

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Vol.29, 2024 雅法全球生物医药交易周报 YAFO Weekly Global Wrap-up Report

From September 14 to 20, 14 licensing and collaboration deals were signed globally. In the China Biotech Industry, Altamira Therapeutics secured an in-licensing agreement with Nuance Pharma for Bentrio®, expanding its reach across Southeast and East Asia. Additionally, Betta Pharmaceuticals signed a regional distribution agreement with Healthgen Biotechnology for plant-derived OsrHSA, and Huisheng Bio partnered with Huadong Medicine for the exclusive commercialization of Janagliflozin. Globally, 11 licensing and cooperation agreements were finalized that week, with the largest being between Capricor Therapeutics and Nippon Shinyaku for the Phase III asset Deramiocel, valued at $735 million, which includes a $20 million upfront payment.

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