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

2025-2-6

1. Executive Summary of the Month

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 and .

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。

2. Licensing Deals

2a. Out-Licensing Deals

2b. In-Licensing Deals

2c. Domestic Licensing Deals

3. Top Deals of the year 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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