2025-07-05
1. Executive Summary of the Month
In June, a total of 103 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 4 in-licensing deals, 23 out-licensing deals, and 14 domestic partnerships.
The top out-licensing deal of the month was between CSPC Pharma and AstraZeneca for a pre-clinical asset, with a total deal value of $5.33 billion and an upfront payment of $110 million. Meanwhile, the leading domestic deal was signed between MabwellBioscience and Qilu Pharmaceutical for the approved asset albipagrastimalfa, valued at $69.5 million with $53 million paid upfront.
Globally, 62 cross-border deals were reported. The largest was a collaboration between BioNTech and Bristol-Myers Squibb for the Phase III asset PM8002, with a total deal value of $11.1 billion and an upfront payment of $1.5 billion.
2025年6月，全球医药市场共签署了103项资产授权和合作协议。中国市场共达成41项，包括23项出海交易、4项引进交易和14项国内交易。
本月最大的出海交易是石药集团与AstraZeneca达成合作协议，为AstraZeneca所选定的多个靶点发现具有多适应症治疗潜力的临床前候选药物（PCC），包括一种用于免疫疾病的临床前小分子口服疗法，首付款1.1亿美元，总金额可达53.3亿美元。本月最大的国内交易是迈威生物与齐鲁制药就已获批产品阿格司亭α达成大中华区独家许可与合作协议，首付款5300万美元，总金额6950万美元。
国际市场上，本月共签署了62项资产授权和合作协议。最大的一项交易是BioNTech与BMS达成全球战略合作，共同开发PD-L1/VEGF双抗三期资产BNT327/PM8002，首付款15亿美元，总金额可达111亿美元。
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
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:
2025-06-15 ACCESS CHINA BD Forum @BIO, Virtual & Boston
BioToChina.org 