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

2025-01-29

1. Summary of the week

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。

2. Licensing Deals

2a. China section

2b. Global section

3. Top Deals of 2024

4. 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 a professional team in our China, U.S., EU, and SEA 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. Over the past five years, YAFO has been ranked as the No. 1 advisor for China cross-border licensing transactions. 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融资、资产跨境交易和资产孵化等。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，在美国、欧洲、东南亚等地均设有分部。雅法在生物医药跨境授权及并购业务交易数量连续多年排名第一。

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