1. Summary of the Week

From October 10 to 17, a total of 15 agreements were signed worldwide. Within China’s biotech industry, there were five out-licensing deals.

The top deal in China was between PregeneBiotechnology and Kite Pharma, a Gilead Company, covering preclinical next-generation in vivo CAR-T therapies, with a total value of $1,640 million and an upfront payment of $120 million.

Globally, ten deals were announced. The top deal was between Omeros and Novo Nordisk for the Phase III asset zaltenibart, with a total value of $2,100 million.

2025年10月10日-17日，全球医药市场共签署了15项资产授权和合作协议。中国市场共达成5项出海交易。

国内市场上，本周最大的交易是普瑞金生物和Gilead旗下公司Kite Pharma就下一代体内CAR-T疗法达成授权许可合作，首付款1.2亿美元，总金额可达16.4亿美元。

国际市场上，本周共签署了10项资产授权和合作协议。最大的一项交易是Omeros与Novo Nordisk就临床三期资产zaltenibart达成独家全球合作和许可协议，总金额可达21亿美元。

2. Licensing Deals

2a. China Section

2b. Global section

3. M&A Deals

4. Top Deals of 2025

5. 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。