1. Executive Summary of the Month

In October, 79 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 15 out-licensing deals, 3 in-licensing deals, and 5 domestic partnerships.

The top out-licensing deal was signed between Innovent Biologics and Takeda Pharmaceuticals for two Phase III assets and one Phase I asset in rare disease, hematology, and oncology, with a total deal value of $11,400 million, including $1,200 million upfront. The top in-licensing deal was between Visara and Everest Medicines for the Phase I asset VIS101(ASKG712), valued at $99 million with $7 million upfront.

Globally, 56 cross-border deals were reported, with the largest being Empirico’s collaboration with GSK for the Phase I asset EMP-012, totaling $746 million, including $86 million upfront.

2025年10月，全球医药市场共签署了79项资产授权和合作协议。中国市场共达成23项交易，包括15项出海交易、3项引进交易和5项国内交易。

国内市场上，本月最大的出海交易是信达生物就三款在研药物与Takeda达成授权合作，包括2款临床三期资产和1款临床一期资产，首付款12亿美元，总金额可达114亿美元。本月最大的引进交易是云顶新耀从Visara引进临床一期资产VIS101(ASKG712)，首付款700万美元，总金额可达9900万美元。

国际市场上，本周共签署了56项资产授权和合作协议。最大的一项交易是GSK从Empirico引进一款临床一期资产EMP-012，首付款8600万美元，总金额可达7.46亿美元。

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。