1. Summary of the Week
From November 7 to 13, a total of 24 agreements were signed worldwide. Within China’s biotech industry, there were six out-licensing deals, eight domestic deals, and one in-licensing deal.
The top deal in China was between Innovative Cellular Therapeutics and Lyell Immunopharma for the Phase I asset GCC19CART. The deal was valued at $860 million, with an upfront payment of $40 million.
Globally, nine deals were announced. The top deal was between MeiraGTx and Eli Lilly for the Phase III asset targeting Leber congenital amaurosis (LCA), with a total value of $475 million and an upfront payment of $75 million.
2025年11月7日-13日，全球医药市场共签署了24项资产授权和合作协议。中国市场共达成15项出海交易，包括6项出海交易、8项国内交易和1项引进交易。
国内市场上，本周最引入注目的交易是斯丹赛就其细胞疗法临床一期资产GCC19CART与Lyell Immunopharma达成授权合作，首付款4000万美元，总金额可达8.6亿美元。
国际市场上，本周共签署了9项资产授权和合作协议。最大的一项交易是Eli Lilly获得MeiraGTx莱伯先天性黑朦4型（LCA4）基因疗法三期资产全球权益，首付款7500万美元，总金额可达4.75亿美元。
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。
UPCOMING EVENT:
ACCESS ASIA Asia BD Forum @ JPM 2026, hosted by Jaffa Capital, will be held on January 11, 2026, at the InterContinental San Francisco, concurrently with the globally renowned JP Morgan Healthcare Conference. As a premier cross-border pharmaceutical business exchange and cooperation platform, the ACCESS ASIA PharmaNet Asia BD Forum has been successfully held for six consecutive years, bringing together pharmaceutical companies, biotechnology companies, and investment institutions from around the world to participate in a one-day event, including:
- Corporate Roadshow
- Keynote speech
- Roundtable Forum
- Dialogue with Innovative Enterprises
- One-on-one cooperation negotiation
The forum is committed to connecting Asian biotechnology innovators with international partners and investors, promoting in-depth cross-border cooperation, licensing opportunities, and strategic dialogue.
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Registration
BioToChina.org 