1. Summary of the Week
From November 1 to 7, a total of 18 agreements were signed worldwide. Within China’s biotech industry, there were three out-licensing deals and three domestic deals.
The top deal in China was between TransThera Biosciences and Neurocrine Biosciences on the NLRP3 inhibitor. The deal was closed with a total value of $881.5 million.
Globally, 12 deals were announced. The top deal was between Dr. Falk Pharma and Merck & Co. for the Phase I asset PRA052, with an upfront payment of $150 million.
2025年11月1日-7日，全球医药市场共签署了18项资产授权和合作协议。中国市场共达成6项出海交易，包括3项出海交易和3项国内交易。
国内市场上，本周最引入注目的交易是药捷安康就其NLRP3抑制剂与Neurocrine Biosciences达成授权合作，总金额可达8.815亿美元。
国际市场上，本周共签署了12项资产授权和合作协议。最大的一项交易是Merck & Co.从Dr. Falk Pharma收回临床一期资产PRA052的共同开发权益，首付款1.5亿美元，以及相关开发里程碑付款和销售分成。
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。
UPCOMING EVENT:
The ACCESS ASIA BD Forum @ JPM 2026, hosted by YAFO Capital, is a premier cross-border partnering platform taking place on January 11, 2026, at the InterContinental San Francisco, alongside the J.P. Morgan Healthcare Conference.
Now in its sixth consecutive year, the Forum brings together global pharma, biotech, and investors for a full day of corporate presentations, keynote sessions, panel discussions, NewCo Innovation discussions, and 1-on-1 partnering meetings.
It serves as a gateway for Asian biotech innovators to connect with international partners and investors, fostering meaningful collaborations, licensing opportunities, and strategic dialogue across borders.
BioToChina.org 