Vol.15, 2024 YAFO Weekly Global Wrap-up Report 雅法全球生物医药交易周报

2024-05-21

Target

$6,035 Million

Deal Size

Buyer

The hot deal of the week is undoubtedly Hengrui’s out-licensing deal, with its global rights (ex-Greater China) for three GLP-1 related assets, including the GLP-1 small molecule, being out-licensed for an upfront payment of $110 million to an established American company, Hercules.

It is worth noting that the company is jointly founded by Hengrui and several US veteran funds, including Bain Capital Life Sciences, RTW Investments, Atlas Venture and Lyra Capital. Hengrui has retained a portion of its rights to the asset in this transaction, avoiding the embarrassment of its TSLP asset being arbitraged last year.

It can be observed that in the first half of this year, equity transactions have already emerged in M&As and out-licensing deals. This type of transaction allows for greater flexibility to both buyers and sellers, such as AnHeart Therapeutics’ being equity acquired that indirectly led to a public listing. And by tying up with American veteran funds, the success rate of asset out-licensing will be greatly increased in the future.

Hercules will become a new “Hengrui” with an internationalized management team, internationalized shareholders, and internationalized clinical data, greatly increasing the possibility for a higher-priced out-licensing deal.

Peter Zhang

Partner, YAFO Capital

Target

$6,035 Million

Deal Size

Buyer

本周的热门交易毫无疑问是恒瑞的变向出海，其包括GLP-1小分子在内的3款GLP-1相关资产的全球权益（大中华区以外）以1.1亿美元的首付款授权给一家新成立的美国公司Hercules。

值得注意的是，该公司是由恒瑞以及数家美国老牌基金包括贝恩，ATLAS，RTW以及Lyra Capital联合成立的。恒瑞在该交易中保持了自己对于产品的部分权益，避免了去年TSLP资产被赚差价的尴尬。

可以发现，在今年上半年的并购和出海交易中，股权类交易已经出现。该类型交易可以让买卖双方更加灵活，比如葆元生物通过股权类并购变向上市。而且，通过与美国老牌基金绑定，也大大增加了未来资产出海的成功概率。

未来Hercules将会是一个管理团队国际化，股东国际化，临床数据国际化的新“恒瑞”，极大增加了以更高价格进行对外授权的可能性。

Peter Zhang

Partner, YAFO Capital

1. Summary of the Week

From May 10 to 17, a total of 18 licensing and cooperation deals were sealed globally. In the China Biotech Industry, there were 3 out-licensing and 1 in-licensing deal signed. Hengrui Pharmaceuticals and Hercules CM Newco signed an out-licensing deal amounting to $6,035 million.

Globally, 14 cooperation and licensing deals were signed. The deal between Novavax and Sanofi for NVX-CoV2373 and the Matrix-M™ adjuvant topped this week, amounting to a total of $1,200 million with an upfront payment of $500 million.

5月10日-17日，全球共达成18起资产授权和合作交易。中国医药市场共达成4起交易，包括3起出海交易和1起国内交易。最值得关注的交易是恒瑞医药将旗下GLP-1产品组合授权美国Hercules CM Newco, Inc.，首付款1亿美元，总金额60.35亿美元，为2024年迄今为止总金额最大、首付款第二大的资产出海交易。

全球范围内，共签署了14项资产授权和合作协议。其中金额最大的一项是Novavax与Sanofi就NVX-CoV2373和Matrix-M™ 佐剂达成的首付5亿美元、总额12亿美元的授权交易。

2.Licensing Deals

2a. China section

2b. Global section

3.M&A Deals

4. Top Deals of the year 2024

5. 2019-2023 China Innovative Drug Licensing Transactions

About YAFO Capital

Founded in 2013, YAFO Capital is a Shanghai based boutique investment and advisory firm, with professional team in our China, U.S., and London offices. Partnering with Pharmaceutical companies, YAFO Fund mainly invests in global assets. YAFO Life Sciences is a leading advisory boutique focused on asset transactions. YAFO has built a strong proven track record and closed dozens of in-licensing and out-licensing transactions with global pharma and biotech companies. YAFO has been ranked as the No. 1 advisor for China cross border licensing transactions in the past three years. For more information, please visit http://www.yafocapital.com

雅法资本成立于2013年，作为新型投资和投行咨询机构，致力于中国及海外生物医药项目的投资、融资服务、产品引进和资产孵化等。雅法在生物医药跨境授权及并购业务领域过往三年交易数量排名第一。旗下雅法基金联合药企进行资产投资和并购，雅法全球医疗专注于医药产品跨境及国内授权交易。基于雅法在全球广泛的人脉与资源网络，在过去十年成功推进了大量的海外项目进入中国市场并协助多个中国产品完成海外授权。雅法拥有经验丰富的全球交易团队，覆盖美国、日本、欧洲等全球主要医药创新区域。核心合伙人均为华尔街资深投行人士或具有跨国药企经历，为客户交易提供强力支持。雅法总部位于上海，在伦敦、洛杉矶、东京、米兰、剑桥等地均设有分部。

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