2025-07-17
1. Summary of the Week
From July 1 to 4, a total of 13 biopharma agreements were signed globally. In the China biotech industry, there were 2 domestic deals and 1 out-licensing deal.
Adagene and Sanofi entered into an out-licensing and investment agreement for Adagene’s third SAFEbody, a pre-clinical asset. Meanwhile, SunNovo signed a domestic licensing deal with Lekuang Huilin Pharmaceutical Technology for the Phase II asset STC007, with a total deal value of $28 million, including an upfront payment of $14 million.
Outside China, 10 additional agreements were announced globally. The largest deal of the week was between MaaTPharma and Clinigenfor MaaT013, an NDA-filed asset. The agreement is valued at $31 million, with an upfront payment of $11 million.
2025年7月1日-4日，全球医药市场共签署了13项资产授权和合作协议。中国市场共达成3项交易，包括1项出海交易和2项国内交易。
本周唯一的出海交易是赛诺菲对天演药业进行总额最高可达2500万美元的战略投资，并启动双方在SAFEbody®安全抗体合作框架下的第三个SAFEbody®开发项目。国内交易方面，阳光诺和就临床二期资产STC007与乐旷惠霖在中国大陆地区达成合作，首付款1400万美元，总金额可达2800万美元。
国际市场上，本周共签署了10项资产授权和合作协议。首付款最大的一项交易是Clinigen获得MaaTPharma旗下已申报上市产品MaaT013在欧洲的独家分销权，首付款1100万美元，总金额可达3100万美元。
2. Licensing Deals
2a. China section
2b. Global Section
3. M&A Deals
4. Top Deals of 2025
5. 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
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