1. Summary of the Week
From December 13 to 19, a total of 32 agreements were signed worldwide. Within China’s biotech industry, there were two in-licensing deals, four out-licensing deals, and one domestic deal.
The top deal in China was between Harbour BioMed and Bristol Myers Squibb for preclinical next-generation multispecific antibodies, with an upfront payment of $90 million and a total deal value of $ 1.12 billion.
Globally, 25 deals were announced. The top deal was between Dren Bio and Sanofi for a B-cell-depleting therapy, with an upfront payment of $100 million and a total deal value of $1.8 billion.
2025年12月13日-19日，全球医药市场共签署了32项资产授权和合作协议。中国市场共达成7项交易，包括2项引进交易、4项出海交易和1项国内交易。
国内市场上，本周最引入注目的出海交易是和铂医药与Bristol Myers Squibb就共同开发新一代多特异性抗体疗法达成合作，首付款9000万美元，总金额可达11.2亿美元。
国际市场上，本周共签署了25项资产授权和合作协议。最大的一项交易是Sanofi与Dren Bio就开发下一代B细胞耗竭疗法达成合作，首付款1亿美元，总金额可达18亿美元。
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.
👉 Click to learn more:🔗 https://biotochina.org/
📢 Stay tuned for more guest and agenda updates:🔗 https://biotochina.org/agenda/
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