OVERVIEW
- China Out-Licensing. 2025 could be another new record year, as accelerated growth is achieved in 2025H1, demonstrating a continuous interest and more recognition in China assets. Noteworthily, NewCo model is more active, with 8 deals in 2025H1, compared with 6 deals in the whole 2024.
- China In-Licensing. Continuous decline in both deal numbers and total upfront payments in 2025H1. However, Zai Lab, once the most active in-licensee, is back in stage after a two-year hiatus, in-licensing two assets in 2025H1, each with $10M upfront payment, a positive sign that the market is reviving.
- China Domestic Transactions. Sustained rebound in both deal numbers and total upfront payments in 2025H1, reflecting a recovering market. Having experienced a fluctuating environment, many biotechs may give up their dreams of being a Pharma and are open to collaborating on commercialization in the global market, including China. We expect more domestic transactions would be done between biotechs and biopharmas/pharmas.
- Ex-China Licensing. In 2025H1, an all-around rebound was recorded for the first time since 2022. We anticipate this trend will continue in the second half of 2025.
- China-targeting M&A. Ex-China acquirors have been active in China since 2023. In 2024, more than 30% China-targeting M&A transactions are done by ex-China acquirors, and the payment even accounts for over 60% of total payments. In July 2025, Sino Biopharmaceutical’s $951 million acquisition of LaNova created the largest local buyout of an innovative drug company.
We invite you to explore our latest report and look forward to sharing and discussing its key insights with you.
Upcoming Event:
Contact us:
Headquarter office
3F, 1305 South Suzhou Road
Shanghai, China
wxiang@yafocapital.com
BioToChina.org 