2025-08-04
1. Executive Summary of the Month
In July, a total of 70 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 11 out-licensing deals and 11 domestic partnerships.
In China, the top out-licensing deal of the month was between Hengrui Pharmaceuticals and GSK for a Phase I asset, HRS-9821, and 11 other assets, with a total deal value of $12.5 billion and an upfront payment of $500 million. Meanwhile, the leading domestic deal was signed between SunNovo and Lekuang Huilin Pharmaceutical Technology for the Phase II asset STC007, valued at $28 million, with $14 million paid upfront.
Globally, 48 cross-border deals were reported. The largest was a collaboration between Ichnos Glenmark Innovation and AbbVie for the Phase I asset ISB 2001, with a total deal value of $1.93 billion and an upfront payment of $700 million.
2025年7月，全球医药市场共签署了70项资产授权和合作协议。中国市场共达成22项交易，包括11项出海交易和11项国内交易。
国内市场上，本月最大的出海交易是恒瑞医药与GSK达成合作，共同开发临床一期资产HRS-9821及11个在研项目，首付款5亿美元，总金额可达125亿美元。本月最大的国内交易是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48项资产授权和合作协议。最大的一项交易是Abbvie从Ichnos Glenmark Innovation 引进临床一期资产ISB 2001，首付款7亿美元，总金额可达19.3亿美元。
2. Licensing Deals
2a. Out-Licensing Deals
2b. 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。
BioToChina.org 