YAFO Transactions | CrystalO enters collaboration with Almirall for the discovery and development of novel small molecules in medical dermatology

YAFO Capital Managing Partner Fan Zheng Speaks at 2026 thebell Pharmaceutical & Bio Forum

Seoul, South Korea — April 2026 — YAFO Capital participated in the 2026 thebell Pharmaceutical & Bio Forum, held on April 27 at The Plaza Hotel in Seoul. The forum, held under the theme “K-Bio Global Deal-Making and Investment Strategies,” brought together global pharmaceutical companies, biotech executives, venture investors, and Korean pharmaceutical and biotech companies to discuss collaboration and investment opportunities.

Pipeline Outlook for 17 Global Pharma Leaders: Strategic Layout, R&D Initiatives, and BD Implications

We have conducted a comprehensive review of the top 17 global MNCs, analyzing product portfolios, market iterations, R&D pipelines, deal activity, and patent positioning. Leveraging big data analytics and case studies, this report highlights emerging R&D priorities, deal-making needs, and the likely sources of the next blockbuster assets.

Breaking Boundaries · Symbiosis, A New Era of Business Development – Highlights from the 20th China Pharma & MedTech BD Summit

The 20th Pharmaceutical and Medical Technology Business Development Summit Forum (BD Forum), themed “Breaking Boundaries · Symbiosis, A New Era of BD,” was successfully held in Shanghai on September 18.

YAFO TRANSACTIONS｜ The United Laboratories Signs Exclusive License Agreement with Novo Nordisk for UBT251

Hong Kong, March 24, 2025: The United Laboratories International Holdings Limited (TUL), announced today that it has entered into an exclusive license agreement with Novo Nordisk A/S (Novo Nordisk) for the global rights—excluding mainland China, Hong Kong, Macau, and Taiwan—to develop, manufacture, and commercialize UBT251.

YAFO Capital’s "East-Meets-West Reception" Successfully Concludes, Discussing the Future of Global Pharmaceutical Innovation!

EnitiateBio and Joincare Enter Licensing Agreement for QY101 Inhalation

The ACCESS CHINA BD Reception Concluded Successfully

YAFO Capital and ClinChoice Establish Strategic Partnership to Accelerate China's Innovative Drugs Going Overseas 雅法资本与ClinChoice昆翎达成战略合作，加持中国创新药的出海

YAFO Capital and ClinChoice Establish Strategic Partnership to Accelerate China's Innovative Drugs Going Overseas 雅法资本与ClinChoice昆翎达成战略合作，加持中国创新药的出海

YAFO Capital Attends 2024 KDDF Global Biotech Showcase in Seoul, South Korea

CPHI China: New Trends in Globalization and Innovative Drug Markets

Alphamab Biopharma and 3DMedicines Entered into a Licensing Agreement with Glenmark for KN035

Alphamab Biopharma and 3DMedicines announced that we entered into a license agreement with Glenmark Specialty S.A. a subsidiary of Glenmark Pharmaceuticals Ltd. for the subcutaneous injection PD-L1 antibody drug (R&D code: KN035), pursuant to which, Glenmark was granted exclusive licensing interests in clinical development and commercialization of oncology indications in India, Asia Pacific(except Singapore, Thailand, Malaysia), the Middle East and Africa, Russia, CIS and Latin America.

YAFO Capital and U.S. Outcome Capital announced a strategic partnership to strengthen global services for biopharmaceutical clients

YAFO Capital and US-based Outcome Capital announced a strategic partnership to strengthen global services for biopharmaceutical clients.

YAFO Capital and Outcome Capital Announce Strategic Partnership to Expand Global Strategic and Financial Services to Biopharma and Healthcare Clients

YAFO Capital and Outcome Capital Announce Strategic Partnership to Expand Global Strategic and Financial Services to Biopharma and Healthcare Clients

ACCESS CHINA Boston Forum: Facilitating Asian Innovation and Cross-border Partnering in the Pharmaceutical Industry

The ACCESS CHINA Boston Forum, jointly organized by YAFO Capital, CHBD, CEIBS, ChemPartner, and Global Law Office, concluded successfully on June 4th at Seaport Hotel in Boston. This grand event brought together around 150 executives and BD representatives from pharmaceutical companies and investment institutions worldwide to discuss the latest trends and achievements in Asian countries such as China, Japan, and South Korea. The forum revolved around the theme of "Asian Innovation and Cross-border Partnering" and featured keynote speeches, panel discussions, company presentations, and the ChemPartner-ACCESS CHINA Reception Dinner, serving as an important platform for exchanges and cooperation in the pharmaceutical field.

Yafa Insights | 2022 China Pharmaceutical Licensing Transactions Report

As one of the main participants in global biopharmaceutical transactions, China has seen an explosion in pharmaceutical licensing transactions since 2017. After a significant market downturn in 2022, the value of biopharmaceutical assets became prominent. China Cross-Border Inbound Transactions · After several years of strong growth, China’s cross-border inbound transactions saw a sharp decline in 2022, with transaction volume down 53% year-on-year, reaching the lowest level in nearly five years. Investors sought safer and more 'affordable' assets. · Reason: Weak primary and secondary markets, insufficient cash reserves. China Outbound Transactions · The number of China’s outbound transactions steadily increased, and 2022 witnessed the largest global transaction: the ADC project deal between Kelun-Biotech and Merck. · Both 2021 and 2022 saw multiple large transactions, with overall transaction amounts significantly higher than in previous years. Downpayments over the two years totaled nearly $3 billion. China Domestic Transactions · The number of transactions and total downpayments fell by 35% and 61%, respectively.

Yafa Insights | 2022 China Pharmaceutical Licensing Transactions Report

As one of the main participants in global biopharmaceutical transactions, China has seen an explosion in pharmaceutical licensing transactions since 2017. After a significant market downturn in 2022, the value of biopharmaceutical assets became prominent. China Cross-Border Inbound Transactions · After several years of strong growth, China’s cross-border inbound transactions saw a sharp decline in 2022, with transaction volume down 53% year-on-year, reaching the lowest level in nearly five years. Investors sought safer and more 'affordable' assets. · Reason: Weak primary and secondary markets, insufficient cash reserves. China Outbound Transactions · The number of China’s outbound transactions steadily increased, and 2022 witnessed the largest global transaction: the ADC project deal between Kelun-Biotech and Merck. · Both 2021 and 2022 saw multiple large transactions, with overall transaction amounts significantly higher than in previous years. Downpayments over the two years totaled nearly $3 billion. China Domestic Transactions · The number of transactions and total downpayments fell by 35% and 61%, respectively.

Jaffa-San Francisco Dinner Concludes Successfully | 2023 YaoTong China Winter Forum

On January 10th, San Francisco time, the JPM China-themed networking event, hosted by Yafa Capital and CHBD and sponsored by Quinn & Emanuel law firm, was successfully held at the Harborview Restaurant in San Francisco. The on-site activities included a dinner in San Francisco and one-on-one meeting appointments, attracting nearly 200 pharmaceutical colleagues from China, the United States, Europe, Japan, South Korea, India, Southeast Asia, and other regions and countries to attend in person.

YAFO Insights | 2022 China Licensing Transaction by Numbers

After five-year’s strong growth, we see the sharp decline of cross-border in-licensing activities since 2017. Total transaction volume went down 54% yoy.

VivaVision & Everads partnered to develop safer, more effective, and more durable treatments for retinal diseases.

YAFO Capital (Shanghai) acted as VivaVision's advisor to reach a co-development collaboration with Everads

KiOmed Pharma and Hansoh Pharma Announce License Agreement for KiOmedinevsOne in China’s Mainland, Macau and Taiwan

KiOmed Pharma licensed out the development and commercial-ization rights for its OA drug KiOmedinevsOne, to Hansoh Pharma for China’s mainland, Macau and Taiwan. KiOmed Pharma is eligible to receive upfront fee and milestone payments of up to €66 million plus double-digit royalties on future product sales.

Jaffa is Hiring | Pharmaceutical Investment Banking VP & BD & Intern Positions

We are a boutique investment bank based in Shanghai, focusing on helping overseas pharmaceutical companies with a 'China perspective' in authorization, strategic cooperation, and investment and financing in China; providing Chinese innovative pharmaceutical companies with overseas market authorization opportunities, overseas market consulting, and services for finding and introducing overseas targets and fund investments. We are committed to becoming a bridge for global medical technology connections. Currently, we have more than thirty senior partners overseas, with deep coverage in the United States, Europe, Japan, South Korea, and other global medical innovation regions.

YAFO Acts as Advisor for Karus Therapeutics for Closing an Acquisition Agreement of KA2237 with Convalife

Convalife Pharma announced the closing of the global acquisition with Karus Therapeutics to acquire Karus’ CVL237 (KA2237) worldwide rights.

YAFO Acts as Advisor for Propella in its Licensing-out Transaction with ASK Pharm

Propella Therapeutics licensed out its phase 2 osteoarthritis drug candidate, to Jiangsu Aosaikang Pharmaceutical for the Greater China region.

YAFO Acts as Financial Advisor for Syncromune in its Licensing-in Transaction with 3SBIO

3SBio announced the closing of the licensing agreement between its subsidiary Sunshine Guojian and Syncromune to develop and commercialize the anti-PD-1 antibody 609A worldwide.

YAFO Advised ArkBio in its Licensing-in Transaction with Commave Therapeutics

ArkBio announced an exclusive license agreement with Commave Therapeutics, an affiliate of Gurnet Point Capital, for the development, manufacture, and commercialization of AZSTARYS in Greater China.

YAFO Acts as Financial Advisor to Sinotau Pharmaceutical in its Out-Licensing Transaction with Duality Biologics

Sinotau Licenses Rights to Duality of selected monoclonal antibody for specific tumor target that could be further developed into a Best-in-Class ADC drug.

YAFO Acts as Financial Advisor for Biosplice Therapeutics in its Licensing-out Transaction with Haisco Pharma

Biosplice licenses the development and commercialization rights for lorecivivint, a novel phase 3 osteoarthritis drug candidate, to Haisco for Greater China. Deal terms include $140 million in aggregate value plus royalties on future sales, including a combination of upfront payment, clinical and commercial milestones.

YAFO Acts as Financial Advisor for Arcscan in its Licensing-out Transaction with Haohai Healthcare

ArcScan, a medical company focusing on ophthalmology area, receives a $11.15 million Preferred Series B investment from Shanghai Haohai Biotech. ArcScan, Inc. will help Haohai further develop their rapidly expanding offering of implantable lenses and, at the same time, provide ArcScan a base from which to expand into the largest ophthalmology market in the world.

YAFO Acts as Exclusive Financial Advisor for ImmuneOncia Therapeutics in its Licensing-out Transaction with 3D Medicines

ImmuneOncia Therapeutics, Inc. signs exclusive license agreement with 3D Medicines, Inc. for the development, manufacture, and commercialization of IMC-002. The agreement includes uses of IMC-002 for oncology indication as a monotherapy or combination agent in the Territory of Greater China.

YAFO Acts as Financial Advisor for SIFI S.p.A. in Establishing Joint Venture with AffaMed Therapeutics

The Joint Venture obtains the right to develop, manufacture and commercialize premium innovative intraocular lenses ("IOLs") in the Greater China market, including Mainland China, Taiwan, Macau and Hong Kong.

YAFO Acts as Financial Advisor for Starton Therapeutics in its Licensing-out Transaction with Haisco Pharma

Starton Therapeutics entered into an exclusive licensing agreement for the development and commercialization of STAR-OLZ in Mainland China with Haisco Pharmaceuticals co,. LTD.

YAFO Acts as Exclusive Financial Advisor for AUM Biosciences in its collaboration & Licensing-out Transaction with Newsoara Biopharma

November 18, 2020, Singapore – AUM Biosciences (AUM), a global, clinical stage healthcare company focused on discovering, acquiring and developing novel oncology therapeutics and Newsoara Biopharma announced today that the companies have entered into a 5-year strategic partnership to co-develop up to 6 oncology drugs in AUM’s pipeline.

YAFO Acts as Exclusive Financial Advisor for Rhizen Pharmaceuticals in its Licensing-out Transaction with Curon Biopharma

Rhizen Pharmaceuticals (Rhizen Pharmaceuticals, S.A.) signs exclusive license agreement with Curon Biopharma (Curon Biopharmaceutical Limited) for the development and commercialization of Tenalisib in Greater China

YAFO Capital (Shanghai) Announces Expansion in Europe and Joint Venture with FCF Fox Corporate Finance

Shanghai/Munich, June 18, 2020 – The Life Sciences team at YAFO Capital is expanding its European network with a new joint venture. Germany advisory firm FCF Fox Corporate Finance is the most recent addition to the roster of renowned international partners working with the Shanghai-based life science specialist. “We look forward to expanding our partnership with FCF and providing the best landing platform for European biopharma and medtech companies to access China, as well as helping YAFO’s Chinese biopharma clients to access Europe.” says Sean Jiang, CEO & Founder of YAFO Capital. “Over the last seven years, YAFO has built a solid institutional investor base and broad coverage of over 500 pharma, biotech, and medtech companies in Asia. We hope our investor base and expertise can benefit European companies when penetrating the Asian market.“ comments Fan Zheng, Managing Director of YAFO Life Science. ...

YAFO Acts as Exclusive Financial Advisor for Flexion Therapeutics in its Licensing-out Transaction with Tainuo

Flexion signs exclusive license agreement with Hong Kong Tainuo Pharma Ltd. (HK Tainuo) and Jiangsu Tainuo Pharmaceutical Co. Ltd. (Jiangsu Tainuo) for the development and commercialization of ZILRETTA® in Greater China

YAFO CAPITAL Grows Life Science Team and Launches China Out-Licensing Division

YAFO Capital, a Shanghai-based boutique investment & advisory firm focused on helping leading U.S. and European biopharma and MedTech companies successfully enter the Asian market, is pleased to announce the recent expansion of its life science team and the launching of China out-licensing division.

MEDICAL MASKS FOR FREE – UNITED TO FIGHT AGAIST COVID-19 TOGETHER

As part of our collective effort to fight against the Coronavirus, we would be happy to ship to our partners some medical masks for free. Shipping to certain countries is already restricted but some are still possible. Please let us know if you or your family members may need. Contact: wxiang@yafocapital.com

UNITED TO FIGHT AGAIST COVID-19 TOGETHER!

Partnering with YAFO’s broad medical clients, we are happy to help bridge global demands for Chinese medical suppliers:

YAFO CAPITAL Announces the Establishment of China Division and the Promotion

YAFO CAPITAL Announces the Establishment of China Division,Victor Ye as the Managing partner to Lead YAFO’s China Division,Gian Andrea Dell Antonio Promoted to Vice President – Europe Region

YAFO Acts as Exclusive Financial Advisor for Tarveda Therapeutics in its Licensing-out Transaction with SciClone

Tarveda Therapeutics, Inc. (“Tarveda”), a clinical stage biopharmaceutical company developing a new class of potent and selective precision oncology medicines, which it refers to as Pentarin® miniature drug conjugates, for the treatment of patients with various solid tumor malignancies, and SciClone Pharmaceuticals International Ltd.,

The Japan-China-US Business Exchange Dinner in Jaffa was successfully held in San Francisco

Co-hosted by Yafa Capital and Renexes, and sponsored by CHBD, Mei An Pharmaceutical, and Dongyu Consulting, the JPM China-US-Japan Networking Dinner (East Meets West JPM Mixing Dinner) successfully concluded on January 15, 2020, in San Francisco, USA! A total of 185 people registered to attend, all of whom were executives from biotechnology companies (80) from China (50 pharmaceutical companies), Japan (20 pharmaceutical companies), and the United States, Europe, and other overseas countries, as well as listed pharmaceutical companies, funds, and other institutions.

Yafo CEO Speaks at 19th Annual Biotech in Europe Forum

Sean Jiang, the CEO of Yafo Capital, participated 19th Annual Biotech in Europe Forum from 25th - 26th September 2019 at the Congress Center Basel, Switzerland. The forum provides access to an exciting cross-section of venture-funded and small-cap companies with leading investors and pharmas. Over 700 delegates and over 100

YAFO Received “2019 Best Pharma BD Innovation Award”

Yafo capital received the “2019 Best Pharma BD Innovation Award” at the 14th China Pharmaceutical and Medtech Business Development Forum, hosted by Luye Pharmaceutical and Weijian Pharmaceutical. The Forum is organized by China Healthcare Business Development (CHBD) and Yafo Capital acts as the Forum’s

YAFO Host the 4th China Pharma BD Salon with Ferring

YAFO Capital office welcomed more than 20 pharmaceutical leaders to join the salon, including executives and BD Directors from Ferring Pharmaceuticals, Sinopharma, Tasly Group, CR Pharmaceutical, Wuxi Apptec, Tenry Pharmaceutical, etc.

BIOMERICA SIGNS EXCLUSIVE COMMERCIAL AGREEMENT WITH MAXHEALTH IN CHINA，YAFO CAPITAL ACTED AS THE EXCLUSIVE FINANCIAL ADVISOR ON THIS TRANSACTION

IRVINE, Calif., June 05, 2019 (GLOBE NEWSWIRE) -- Biomerica, Inc. (Nasdaq: BMRA) announced it has signed an exclusive sales and distribution agreement with MaxHealth for the sale of its EZ Detect product in China. The agreement requires MaxHealth to meet annual minimum purchase requirements, which in aggregate, equal

Yangtze River Pharmaceutical Group (YRPG) Visits YAFO Office to Discuss Cross-boarder Opportunities

On June 3rd, 2019, Mr. Cai Wei, the head of R&D Center of Yangtze River Pharmaceutical Group(YRPG), visited YAFO Capital Shanghai office with its team. YRPG has ranked No. 1 for many years among all Chinese pharmaceutical companies (Data reported by China Ministry of Industry and Information Technology).

Sean Jiang speaks at Meet Up Session at JHVS on October 12th, 2018 in Yokohama

Comparing to the US and China, number of successful start-ups and bioventures in the healthcare sector are fewer in Japan nevertheless there are many cutting edge disruptive science from Japanese academia. What are the reasons behind?

Yafo Capital Acts as Exclusive Advisor for Synergy Pharma (SGYP) in its $68 Million Licensing Transaction

August 8, 2018 - Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) announced yesterday that the company had entered into a license agreement with Luoxin Pharmaceutical Group Co., Ltd., Shandong (Luoxin). Yafo Capital acted as the exclusive financial advisor on this transaction.

Yafo Announces a JV with COFCO to Expand into Nutrition & Food

In Feb. 2018, Yafo Capital announced a joint venture with the Nutrition & Health Research Institute (NHRI) of COFCO (China National Cereals, Oils and Foodstuffs Corporation), the world’s third largest agriculture company, to expand into nutrition and health market and agro sector. The JV will be the first IP/tech-transfer company under

The Bnai Brith Moshe Dayan Golden Manorah Award to Benjamin Peng

It is an NGO represented at the United Nations Organization, the European Council, UNESCO and the MERCOSUR. The numerous lodges of the B’nai B’rith (Sons of the Brith) have been created by some Free Masons. They have all over the USA, South America, Europe, Australia and Israel- wherever Jewish communities exist.

Love without Boundaries – Jewish Refugees in Shanghai

A Yafo Capital sponsored art exhibition called “Love without Boundaries – Jewish Refugees in Shanghai” opened at the International Convention Center in Jerusalem on May 10th. The exhibition enshrined the history of Jews seeking shelter in Shanghai during WWII.

Yafo Capital Reaches a Strategic Partnership with Xixian Capital in Fund Management

On November 30, 2017，Yafo Capital reached a strategic partnership with Xixian Financial Holdings, a wholly owned subsidiary of Xixian New Area, China's seventh State-level development district , to invest and bring global technologies to China. Yafo Capital and Xixian Capital agreed to set up an investment fund of 5 billion RMB, with a first phase of 1 billion RMB, that will focus on healthcare, green-tech, food and agro tech, TMT, advanced manufacturing and other sectors. The fund will invest in foreign enterprises in the above sectors, aiming to bring global products and/or technologies to China in order to penetrate the Chinese market.

Benjamin Peng Shares Sino-Israel Investment Opportunities in The 5th One Belt, One Road Initiative Conference in Israel.

Benjamin Peng, from Yafo Capital, shared his insights about China-Israel investment and business opportunities at the The 5th One Belt, One Road Initiative conference panel discussion on September 26th, 2017.

The Hillel of Silicon Valley Honors Qi Li

In 2016, the Hillel of Silicon Valley honored Yafo’s own Qi Li for her Israel advocacy work in both the US and China. She is the first Chinese and alumni student to be honored by the L’Dor V’Dor (“From Generation to Generation”) program in Hillel of Silicon Valley.