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2025 Dec-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

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1. Executive Summary of the Month

In December, 134 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 18 out-licensing deals, 7 in-licensing deals, and 29 domestic partnerships.

The top in-licensing deal was signed between Crescent and Kelun-Biotech for the preclinical asset CR-001, with an upfront payment of $20 million and a total deal value of $50 million. The top out-licensing deal involved Fosun Pharma, YaoPharma, and Pfizer for the Phase I asset YP05002, with a total deal value of $2,085 million and an upfront payment of $150 million. The top domestic deal was between Hasten Biopharma and Everest Medicines for several approved and filed assets, with a total deal value of $339 million and an upfront payment of $29 million.

Globally, 80 cross-border deals were reported, with the largest being the agreement between PTC Therapeutics and Royalty Pharma for the approved asset risdiplam, which included an upfront payment of $240 million and a total deal value of $300 million.

2025年12月，全球医药市场共签署了134项资产授权和合作协议。中国市场共达成54项交易，包括18项出海交易、7项引进交易和29项国内交易。

国内市场上，本月最大的引进交易时科伦博泰与Crescent就临床前资产CR-001达成授权协议，首付款2000万美元，总金额可达5000万美元。本月最大的出海交易是复星医药旗下药友制药就其临床一期资产YP05002与Pfizer达成授权协议，首付款1.5亿美元，总金额可达20.9亿美元。本月最大的国内交易是海森生物就其6款成熟产品与云顶新耀签署商业化服务及授权许可协议，首付款2900万美元，总金额可达3.39亿美元。

国际市场上，本月共签署了80项资产授权和合作协议。最大的一项交易是PTC Therapeutics与Royalty Pharma就已获批药物risdiplam达成特许权交易，首付款2.4亿美元，总金额可达3亿美元。

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。

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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