1. Executive Summary of the Month

In August, a total of 68 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 12 out-licensing deals and 17 domestic partnerships. In China, the top out-licensing deal of the month was between BeOneMedicines and Royalty Pharma for an approved asset, Tarlatamab, with a total deal value of $950 million and an upfront payment of $885 million. Meanwhile, the leading domestic deal was signed between Yafei Biomedical (Affinity) and Anglikang Pharmaceutical for the IND asset IMD-1005, valued at $107 million with $21 million paid upfront. Globally, 39 cross-border deals were reported. The largest was a collaboration between Saniona and Jazz Pharmaceuticals for the Pre-Clinical asset SAN2355, with a total deal value of $1.04 billion and an upfront payment of $42.5 million.

2025年8月，全球医药市场共签署了68项资产授权和合作协议。中国市场共达成29项交易，包括12项出海交易和17项国内交易。国内市场上，本月最大的出海交易是百济神州向Royalty Pharma出售就已获批资产Tarlatamab在中国以外的全球销售额收取特许权使用费的权利，首付8.85亿美元，总金额可达9.5亿美元。本月最大的国内交易是昂立康制药与亚飞生物（亲合力）就IND资产IMD-1005达成授权许可，首付款2100万美元，总金额可达1.07亿美元。国际市场上，本周共签署了39项资产授权和合作协议。最大的一项交易是Jazz Pharmaceuticals从Saniona引进临床前资产SAN2355，首付款4250万美元，总金额可达10.4亿美元。

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。