1. Executive Summary of the Month

In January 2026, 105 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 26 out-licensing deals, one in-licensing deal, and 16 domestic partnerships.

Domestically, the top out-licensing deal involved CSPC Pharma and AstraZeneca for multiple next-generation therapies for obesity and type 2 diabetes, with a total deal value of $18.5 billion and an upfront payment of $1.2 billion. The top domestic deal was between Raynovent and Qilu Pharmaceutical for the Phase III asset RAY1225, with a total deal value of $139 million and an upfront payment of $28 million.

Internationally, 62 cross-border deals were reported, with the largest being the agreement between Repertoire Immune Medicines and Eli Lilly to develop tolerizing therapies for autoimmune diseases, which included an upfront payment of $85 million and a total deal value of $1.925 billion.

2026年1月，全球医药市场共签署了105项资产授权和合作协议。中国市场共达成43项交易，包括26项出海交易，1项引进交易和16项国内交易。

国内市场上，本月最大的出海交易是石药集团与AstraZeneca就开发多个用于肥胖和2型糖尿病的下一代创新疗法签订战略合作与授权协议，首付款12亿美元，总金额可达185亿美元。本月最大的国内交易齐鲁制药引进众生药业临床三期资产GLP-1/GIP双重受体激动剂RAY1225，首付款2800万美元，总金额可达1.39亿美元。

国际市场上，本周共签署了62项资产授权和合作协议。最大的一项交易是Repertoire Immune Medicines与Eli Lilly达成战略合作，为多种自身免疫性疾病开发耐受疗法，首付款8500万美元，总金额可达19.25亿美元。

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。