1. Executive Summary of the Month

2025年9月，全球医药市场共签署了72项资产授权和合作协议。中国市场共达成30项交易，包括12项出海交易、2项引进交易和16项国内交易。

国内市场上，本月最大的出海交易是舶望制药就其多款心血管siRNA资产与Novartis达成新的授权合作，首付款1.6亿美元，总金额可达53.6亿美元。本月最大的引进交易是金赛药业与ALK-Abelló脱敏治疗产品的授权合作，首付款3550万美元，总金额可达1.92亿美元。本月最大的国内交易是智翔金泰将两款NDA产品商业化权益授权给康哲药业，首付款1500万美元，总金额可达7100万美元。

国际市场上，本周共签署了42项资产授权和合作协议。最大的一项交易是Servier从IDEAYA Biosciences引进一款临床三期资产darovasertib，首付款2.1亿美元，总金额可达5.3亿美元。

In September, a total of 72 biopharmaceutical agreements were announced globally. Within the China biotech industry, there were 12 out-licensing deals, 2 in-licensing deals, and 16 domestic partnerships.

In China, the top out-licensing deal of the month was between Argo Biopharmaceutical and Novartis for pre-clinical and Phase II assets, with a total deal value of $5,360 million and an upfront payment of $160 million. The top in-licensing deal was between ALK-Abelló and GeneScience Pharmaceuticals for the AIT assets, with a total deal value of $192 million and an upfront payment of $35.5 million. Meanwhile, the leading domestic deal was signed between Genrix Bio and China Medical System for the filed assets Vecantoxatug and Silevimig, valued at $71 million with $15 million paid upfront.

Globally, 42 cross-border deals were reported. The largest was a collaboration between IDEAYA Biosciences and Servier for the Phase III asset Darovasertib, with a total deal value of $530 million and an upfront payment of $210 million.

2. Licensing Deals

2a. In-Licensing Deals

2b. Out-Licensing Deals

2c. 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。