2025-04-03
1. Executive Summary of the Month
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.
2025年3月，全球医药市场共签署了80项资产授权和合作协议。中国市场共达成24项，包括11项出海交易、3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联邦制药与Novo Nordisk就临床一期三靶点GLP-1资产UBT251达成的授权交易，首付款2亿美元，总价值20亿美元。最大的引进交易是顶峰生物医药收购Eisai已上市资产雷贝拉唑（波利特®）在中国的权益，首付款1亿美元。最大的国内交易是冠科美博与朗齐生物就已获批资产bozitinib达成的授权交易，首付款1000万美元，总价值6000万美元。
国际市场上，本月共签署了56项资产授权和合作协议。最大的一笔交易是Roche与Zealand Pharma就临床二期资产petrelintide达成的独家合作与许可协议，首付款14亿美元，总价值53亿美元。
2. Licensing Deals
2a. Out-Licensing Deals
2b. In-Licensing Deals
2c. Domestic Licensing Deals
3. Top Deals of the Year 2025
4. 2019-2024 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, the 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’s 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。
ACCESS CHINA
Event Name:
2025-06 ACCESS CHINA @ Boston Forum, Boston
BioToChina.org 