1. Summary of the Week

2025年8月9日-15日，全球医药市场共签署了12项资产授权和合作协议。中国市场共达成5项交易，包括3项出海交易和2项国内交易。

国内市场上，本月最大的交易是复星医药授予Expedition临床二期资产XH-S004除中国境内及港澳地区以外的全球权益，首付款1700万美元，总金额可达6.45亿美元。

国际市场上，本周共签署了7项资产授权和合作协议。最大的一项交易是Eli Lilly与Superluminal Medicines达成一项高达13亿美元总额的合作协议，共同开发针对GPCR靶点的创新小分子疗法。

From August 9 to 15, a total of 12 agreements were signed globally. Within the China biotech industry, there were three out-licensing deals and two domestic deals.

In China, the top deal was between Fosun Pharmaceutical Development and Expedition for the Phase II asset XH-S004, with a total deal value of $645 million and an upfront payment of $17 million.

Globally, seven deals were announced. The top global deal of the week was signed between Superluminal Medicines and Eli Lilly for the small-molecule therapeutics targeting GPCR, with a total deal value of $1.3 billion.

2. Licensing Deals

2a. China Section

2b. Global section

3. Top Deals of 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。