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

2025-05-13

1. Executive Summary of the Month

In April, a total of 78 agreements were signed across the biotech sector. Within China’s biotech industry, there were 14 out-licensing deals, 3 in-licensing deals, and 10 domestic transactions.

The largest out-licensing deal of the month was signed between Henlius Biotech and Sandoz for an ipilimumab biosimilar, with a total deal value of $301 million, including an upfront payment of $31 million. The top domestic deal was between XtalPi and Pacific ShuanglinBio-pharmacy, involving a pre-clinical asset with a total deal value of $14 million.

On the global front, 51 deals were signed. The standout global transaction was between Earendil Labs and Sanofi for two pre-clinical assets, HXN-1002 and HXN-1003, with a $125 million upfront payment and a total deal value of $1.845 billion.

2025年4月，全球医药市场共签署了78项资产授权和合作协议。中国市场共达成27项，包括14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复宏汉霖与Sandoz就伊匹木单抗生物类似药达成授权合作，首付款3100 万美元，总价值3.01亿美元。最大的国内交易是晶泰科技与派林生物在血液制品领域达成战略合作，总价值1400万美元。

国际市场上，本月共签署了51项资产授权和合作协议。最大的一笔交易是Sanofi获得Earendil Labs（华深智药海外公司）两款双抗药物HXN-1002与HXN-1003的全球独家权益，首付款1.25亿美元，总金额18.45亿美元。

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, 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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