2025-06-05
1. Executive Summary of the Month
In May, a total of 67 biopharma agreements were signed globally. Within the China Biotech sector, the month recorded 11 out-licensing deals, 5 in-licensing deals, and 10 domestic transactions.
The largest out-licensing deal was secured by 3SBio, which entered into an agreement with Pfizer for the Phase III asset SSGJ-707. The deal includes a substantial $1.25 billion upfront payment and a total potential value of $6.15 billion. Among domestic partnerships, the leading deal involved MinghuiPharmaceutical and Qilu Pharmaceutical, focused on the Phase III asset MHB088C. This transaction included a $39 million upfront payment and a total deal value of $187 million.
On the global stage, 41 additional agreements were announced. The top global deal was the acquisition of efimosferminalfa (Phase II) by GSK from Boston Pharmaceuticals, featuring a $1.2 billion upfront payment and a total value of $2 billion.
2025年5月，全球医药市场共签署了67项资产授权和合作协议。中国市场共达成26项，包括11项出海交易、5项引进交易和10项国内交易。
本月最大的出海交易是三生制药向辉瑞独家授予临床三期资产PD-1/VEGF双特异性抗体SSGJ-707在全球（不包括中国内地）的权益，首付款12.5亿美元，创下了中国创新药资产出海交易的最高首付款记录，总金额也达到61.5亿美元。本月最大的国内交易是明慧医药就其三期资产B7-H3 ADCMHB088C 的大中华区权益与齐鲁制药达成独家许可与合作协议，首付款3900万美元，总金额1.87亿美元。
国际市场上，本月共签署了41项资产授权和合作协议。最大的一项交易是GSK收购Boston Pharmaceuticals资产efimosferminalfa，首付款12亿美元，总价值20亿美元。
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 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
ACCESS CHINA
Event Name:
2025-06-15 ACCESS CHINA BD Forum @BIO, Virtual & Boston
BioToChina.org 