1. Summary of the Week

From February 7 to 13, a total of 21 agreements were signed worldwide. Within China’s biotech industry, there were two out-licensing deals, one in-licensing deal, and two domestic deals.

The top deal in China was between Innovent Biologics and Eli Lilly to co-develop innovative medicines in oncology and immunology, with an upfront payment of $350 million and a total deal value of $8.85 billion.

Globally, sixteen deals were announced, with the top deal being between THX Pharma and Laboratoires Biocodex for two preclinical and Phase I/II assets, TX01 and Batten-1. The upfront payment was $14 million, and the total deal value was $196 million.

2026年2月7日-13日，全球医药市场共签署了21项资产授权和合作协议。中国市场共达成5项交易，包括2项出海交易，1项引进交易和2项国内交易。

国内市场上，本周最大的出海交易是信达生物与Eli Lilly就肿瘤及免疫领域创新药物达成全球研发合作与许可协议，首付款3.5亿美元，总金额可达80.85亿美元。

国际市场上，本周共签署了16项资产授权和合作协议。最大的交易是THX Pharma与Laboratoires Biocodex就两款罕见病药物候选药物Batten-1（临床1/2期）和TX01（临床前）达成战略许可协议，首付款1400万美元，总金额可达1.96亿美元。

2. Licensing Deals

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
China IL	Teikoku Pharma USA	China Medical System 康哲药业	lidocaine	postherpetic neuralgia (PHN); local anesthesia; dermal filler injection; pulsed dye laser therapy; facial laser resurfacing; laser-assisted tattoo removal	Approved	Undisclosed	Undisclosed	Chinese mainland
China OL	Innovent Biologics 信达生物	Eli Lilly	Innovative drug research and development	oncology; immunology	Pre-Clinical	8,850	350	United States; Europe; Japan; Other
China OL	Ribo Life Science 瑞博生物	Madrigal Pharmaceuticals	Six siRNA therapies targeting MASH	metabolic dysfunction-associated steatohepatitis (MASH)	Pre-Clinical	4,460	60	Global
China Domestic	Insilico Medicine 英矽智能	China Medical System 康哲药业	Pharma.AI candidates	disorder of nervous system; autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Milelong Pharma (Huaijing Modern Bio-pharmaceutical) 迈乐生物	Main Luck Pharmaceuticals; Wanwei Medical Treatment Trade 万乐药业; 万维医贸	hematoporphyrin	oral cancer; bladder cancer; lung cancer; gastrointestinal cancer; skin cancer	Approved	Undisclosed	Undisclosed	Chinese mainland

2a. China Section

2b. Global Section

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
License	THX Pharma	Laboratoires Biocodex	TX01 (miglustat oral liquid formulation); Batten-1 (miglustat)	Gaucher’s disease type I; Niemann-Pick disease type C; neuronal ceroid lipofuscinosis (NCL); CLN3 disease	Pre-Clinical; Phase I/II	196	14	Global; United States; Other
License	Araris Biotech	Chugai Pharmaceutical	araling® linker-payload platform; AraLinQ ADC	cancer	Pre-Clinical	780	Undisclosed	Global
Option; License	Memo Therapeutics	CSL	recombinant polyclonal IgG products	Undisclosed	Pre-Clinical	328	Undisclosed	Global
Cooperation; License	Iambic Therapeutics	Takeda Pharmaceuticals	high-priority small molecule programs	oncology; gastrointestinal disease; inflammatory	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Helsinn Healthcare	Esteve	netupitant+palonosetron; palonosetron	Gastroenterology; Rare Disease; Oncology	Approved	Undisclosed	Undisclosed	Other
License	Nxera Pharma	Undisclosed	GPCR-targeted project	Undisclosed	Undisclosed	Undisclosed	Undisclosed	United States; Europe; Other

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
Cooperation	NBHL	FRONTEO	NBHL’s existing pipeline; new antibody drug pipeline	Undisclosed	PreClinical	Undisclosed	Undisclosed	Global
Cooperation	Niowave	Novartis	actinium-225	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
License	NovaCell Technology	Dongkoo Bio&Pharma	NCP112	atopic dermatitis; ophthalmology; dry eye syndrome (DES)	Phase I	Undisclosed	Undisclosed	Global
License	Algok Bio	Keeps Biopharma	idetrexed	solid tumor; ovarian cancer (OVC)	Phase I	Undisclosed	Undisclosed	Other
Cooperation	Helsinn Healthcare	MagnaPharm	palonosetron; netupitant+palonosetron	chemotherapy induced nausea and vomiting (CINV); postoperative nausea and vomiting (PONV); peritoneal cancer; fallopian tube cancer; ovarian cancer (OVC)	Approved	Undisclosed	Undisclosed	Europe

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
Cooperation	Zelluna	Medpace	ZI-MA4-1	sarcoma; gastric cancer; ovarian cancer (OVC); head and neck cancer; melanoma; solid tumor; non-small cell lung cancer (NSCLC)	IND	Undisclosed	Undisclosed	Global
Cooperation	Citius Oncology	Uniphar	denileukin diftitox	Rare Disease; Hematology; Immunology; Oncology	Approved	Undisclosed	Undisclosed	Europe
Cooperation; Option; License	Key2brain	OliX Pharmaceuticals	Key2Brain’s BBB shuttle technology; siRNA-BBB shuttle conjugate	disorder of nervous system	PreClinical	Undisclosed	Undisclosed	Global
Cooperation	Ethris	DZIF	mRNA-based vaccines	infection; virus infection; bacterial infection; parasitic disease	PreClinical	Undisclosed	Undisclosed	Global
Cooperation	Galux	Isu Abxis	Rare disease treatment drugs	rare disease	PreClinical	Undisclosed	Undisclosed	Global

3. M&A Deals

Status	Acquiree	Acquiror	Acquisition Type	Item	Total amount ($ million)	Upfront ($ million)
Proposed	Orna Therapeutics	Eli Lilly	Full Acquisition	CD19 panCAR therapy	Undisclosed	Undisclosed

4. Top Deals of 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。