1. Executive Summary of the Month

In February 2026, 111 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 15 out-licensing deals, 5 in-licensing deals, and 11 domestic partnerships.

In China, the top out-licensing deal involved Innovent Biologics and Eli Lilly for a preclinical asset indicated for oncology and immunology, with a total deal value of $8.85 billion and an upfront payment of $350 million. The top domestic deal was between Micot Technology and Everest Medicines for the Phase III asset MT1013, with a total deal value of $172.5 million and an upfront payment of $28 million.

Internationally, 80 cross-border deals were reported, with the largest being the agreement between Vir Biotechnology and Astellas Pharma for the Phase I/II asset AMX-500, which included an upfront payment of $240 million and a total deal value of $1.63 billion.

2026年2月，全球医药市场共签署了111项资产授权和合作协议。中国市场共达成31项交易，包括15项出海交易，5项引进交易和11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。本月最大的国内交易是云顶新耀引进麦科奥特临床三期资产MT1013中国及亚太区（日本除外）的独家商业化权益，首付款2800万美元，总金额可达1.725亿美元。

国际市场上，本周共签署了80项资产授权和合作协议。最大的一项交易是Astellas与Vir Biotechnology达成战略合作，联合开发临床1/2期资产VIR-5500，首付款2.4亿美元，总金额可达16.3亿美元。

2. Licensing Deals

China Licensing and Cooperation Deals

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
China IL	Biomica	Lishan Biomedicine 力山生物	BMC128	renal cell carcinoma (RCC); non-small cell lung cancer (NSCLC); melanoma	Phase I	Undisclosed	Undisclosed	Global
China IL	Hanmi Pharmaceuticals	Zhongfu Pharmaceutical 众弗医药	amlodipine + losartan	aortic valve insufficiency; hypertension	Approved	Undisclosed	Undisclosed	Chinese mainland
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 IL	Formycon	Lotus Pharmaceutical 美时化学制药	pembrolizumab biosimilar	melanoma; non-squamous non-small cell lung cancer	Phase III	Undisclosed	Undisclosed	Chinese mainland; Hong Kong, Macao and Taiwan; Japan; Other
China IL	Almirall	Sinomune Pharmaceutical 知原药业	sarecycline	acne; acne vulgaris; ischemic stroke	Approved	Undisclosed	Undisclosed	Chinese mainland; Other
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	Sanegene Bio 圣因生物	Genentech	RNAi therapy	unknown/to be determined	Pre-Clinical	1,500	200	Global
China OL	GenHouse 勤浩医药	Gilead Sciences	GH31	oncology; solid tumor	Phase I	1,530	80	Global
China OL	Henlius Biotech 复宏汉霖	Eisai	serplulimab	Gastroenterology; Infection; Rare Disease; Hematology; Immunology; Oncology	Approved	388	75	Japan
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 OL	Harbour BioMed 和铂医药	Solstice Oncology	porustobart	NET; solid tumor; NSCLC; melanoma; RCC; HCC	Phase I/II	1,155	50	United States; Europe; Japan; Other
China OL	Frontier Biotechnologies 前沿生物	GSK	Two small nucleic acid (siRNA) pipelines	Undisclosed	Pre-Clinical	1,003	40	Global
China OL	Bio-Thera Solutions 百奥泰	Avalon Pharma	pembrolizumab biosimilar	solid tumor; NSCLC	Phase III	72	Undisclosed	Other
China OL	Chipscreen Biosciences 微芯生物	Nizhpharm	chidamide	Infection; Hematology; Rare Disease; Immunology; Oncology	Approved	Undisclosed	1	Other
China OL	WuXi XDC 药明合联	Earendil Labs	WuXiTecan-2 payload-linker technology platform; next-generation ADCs	Undisclosed	Pre-Clinical	885	Undisclosed	Global
China OL	Sciwind Biosciences 先为达生物	Pfizer	ecnoglutide	MASH; obesity; hypertension; type 2 diabetes; diabetic nephropathy; dyslipidemia; overweight; OSA	Approved	495	Undisclosed	Chinese mainland
China OL	Dartsbio Pharmaceuticals 达石药业	Slate Medicines	DS009	migraine; headache	Pre-Clinical	Undisclosed	Undisclosed	United States; Europe; Japan; Other
China OL	Formosa Pharmaceuticals 台新药	Arrotex	APP13007 (clobetasol propionate nanoparticle)	cataract; ocular postoperative inflammation; ocular postoperative pain	Approved	Undisclosed	Undisclosed	Other
China OL	Jingxin Pharmaceutical 京新药业	AMB HK Enterprises	dimdazenil	insomnia; excessive daytime sleepiness (EDS)	Approved	Undisclosed	Undisclosed	Other
China OL	WuXi Biologics 药明生物	Vertex Pharmaceuticals	Trispecific T cell engager	autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
China OL	Zonsen Biotech 中晟全肽	Eli Lilly	new peptide drugs	unknown/to be determined	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Micot Technology 麦科奥特	Everest Medicines 云顶新耀	MT1013	secondary hyperparathyroidism in CKD; HPT; CKD	Phase III	172.5	28	Chinese mainland; Hong Kong, Macao and Taiwan; Other
China Domestic	Akeso Biopharma 康方生物	Jumpcan Pharmaceutical 济川药业	ebronucimab	mixed dyslipidemia; cardiovascular risk; HoFH; High LDL Cholesterol; HeFH; hypercholesterolemia; dyslipidemia	Approved	12.5	11	Chinese mainland; Hong Kong, Macao and Taiwan
China Domestic	Thederma 泽德曼	Jumpcan Pharmaceutical 济川药业	TAP-1503 (1% benvitimod cream)	alopecia areata; eczema; vitiligo; atopic dermatitis	Approved	26	Undisclosed	Chinese mainland
China Domestic	Huisheng Pharm 惠升生物	Tonghua Dongbao Pharmaceutical 通化东宝	insulin degludec biosimilar; insulin aspart + insulin degludec	diabetes; type 2 diabetes	Approved	Undisclosed	Undisclosed	Chinese mainland
China Domestic	YolTech Therapeutics 尧唐生物	XtalPi 晶泰科技	CAR-T therapy; mRNA drugs	solid tumor; disorder of nervous system	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	LexBio 朗睿生物	Hiteck Biological Pharma 海特生物	novel drug candidates	inflammatory	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	SJTU 上海交通大学	Shanghai Pharmaceuticals 上海医药	MCB-D166	depressive disorder	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	XtalPi 晶泰科技	VISEN Pharmaceuticals 维昇药业	Candidate drugs based on the AI platform	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Vcare PharmaTech 威凯尔	SunNovo 阳光诺和	VC005	IBD; alopecia areata; vitiligo; eczema; atopic dermatitis; RA; AS	Phase III	Undisclosed	Undisclosed	Chinese mainland
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	Milelonge Pharma (Huading Modern Bio-pharmaceutical) 迈乐生物	Main Luck Pharmaceuticals 万乐药业	hematoporphyrin	oral cancer; bladder cancer; lung cancer; gastrointestinal cancer; skin cancer	Approved	Undisclosed	Undisclosed	Chinese mainland

Global Licensing and Cooperation Deals February 2026

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
License; Investment	Vir Biotechnology	Astellas Pharma	AMX-500	castration-resistant prostate cancer (CRPC)	Phase I/II	1,630	240	Global
Cooperation; License	Unnatural Products	Novartis	macrocyclic peptides	cardiovascular disease	Pre-Clinical	1,800	100	Global
License	CSL	Eli Lilly	clazakizumab	Respiratory; Gastroenterology; Infection; Rare Disease; Musculoskeletal; Immunology; Cardiovascular; Oncology; Genitourinary; Endocrine & Metabolic	Phase III	Undisclosed	100	Global
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; Investment	Invenra	Twist Bioscience	B-Body® bispecific antibody platform	Undisclosed	Undisclosed	Undisclosed	5	Global
License	Theriva Biologics	Rasayana Therapeutics	SYN-020	metabolic disease; acute radiation enteritis	Phase I	38	0.30	Global
Cooperation; License	Vivtex	Novo Nordisk	next-generation oral biologic medicines	obesity; diabetes	Pre-Clinical	2,100	Undisclosed	Global
License	Araris Biotech	Chugai Pharmaceutical	AraLinQ ADC; aralinq® linker-payload platform	cancer	Pre-Clinical	780	Undisclosed	Global
Option; License	Memo Therapeutics	CSL	recombinant polyclonal IgG products	Undisclosed	Pre-Clinical	328	Undisclosed	Global
Cooperation	Quiver Biosciences	Angelini	novel therapeutics	developmental and epileptic encephalopathy	Pre-Clinical	120	Undisclosed	Global
License	Sam Chun Dang	Undisclosed	semaglutide biosimilar	type 2 diabetes	Phase I	32	Undisclosed	Europe
Cooperation	Eckert & Ziegler	Molecular Partners	Radio-DARPin therapeutics	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
Asset Acquisition	Celyn Therapeutics	Kairos Pharma	CL-741; CL-273	non-small cell lung cancer (NSCLC)	Pre-Clinical	Undisclosed	Undisclosed	Global
Divestiture	Medimetriks Pharmaceuticals	Acrotech	difamilast	atopic dermatitis	Approved	Undisclosed	Undisclosed	United States; Other
Cooperation	Eckert & Ziegler	Molecular Partners	Radio-DARPins	oncology	Undisclosed	Undisclosed	Undisclosed	Global
License	Sitryx	Boehringer Ingelheim	preclinical, small molecule program	inflammatory (not otherwise specified); autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
License	George Health	Orient Europharma	GMRx2	hypercholesterolemia; hypertension; ischemic stroke; transient ischemic attack (TIA)	Approved	Undisclosed	Undisclosed	Other
Cooperation	InVirtuoLabs	Helsinn Healthcare	novel drug candidates	unknown/to be determined	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Shilpa Biologicals	SteinCares	a biosimilar	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Other

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
Asset Acquisition	Charles River Lab	IQVIA	certain discovery services assets	oncology; neurology; immunology; metabolic disease; rare disease	Undisclosed	Undisclosed	Undisclosed	Global
Cooperation	Sanacor	Chemify	oral small-molecule inhibitors	type 2 diabetes	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Grünenthal	Clinect	Qutenza (capsaicin)	Neurology; Anesthesia & Analgesia; Musculoskeletal; Rare Disease; Oncology	Approved	Undisclosed	Undisclosed	Other
License	NovaRock Biotherapeutics	LCB	Novel anti-tumor targeted antibodies	oncology	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Duke University	Avenue Therapeutics	clenbuterol	asthma; chronic obstructive pulmonary disease (COPD)	Approved	Undisclosed	Undisclosed	Global
Cooperation	Sylamore Bio	Daiichi Sankyo	SyLEC™ delivery technology	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
Cooperation	Rznomics	Therapeutics	AAV-mediated RNA gene therapy	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Solaxa	Alvogen	SLX-100	spinocerebellar ataxia	Phase II	Undisclosed	Undisclosed	Global
Cooperation	ImmunityBio	Cigalah Healthcare; Biopharma-mea	nogapendekin alfa inbakicept-pmln	Infection; Hematology; Rare Disease; Immunology; Oncology	Approved	Undisclosed	Undisclosed	Other
Cooperation	Ehime University	Sumitomo Pharma	multi-stage malaria vaccine	malaria	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	ImmunityBio	Accord Healthcare	nogapendekin alfa inbakicept-pmln	Infection; Hematology; Rare Disease; Immunology; Oncology	Approved	Undisclosed	Undisclosed	Europe; Other
Cooperation	Outlook Therapeutics	Mediconsult AG	bevacizumab biosimilar	Ophthalmology; Oncology	Approved	Undisclosed	Undisclosed	Other
Cooperation	Asahi Kasei Pharma	Maia Pharmaceuticals	Teribone (once-weekly teriparatide)	osteoporosis	Approved	Undisclosed	Undisclosed	United States
License	Apertura Gene Therapy	Finding Hope for Frizzle	TfR1 CapX technology	disorder of nervous system	Undisclosed	Undisclosed	Undisclosed	Global
License	McMaster University	Stoked Bio	enterololin	Crohn’s disease	Pre-Clinical	Undisclosed	Undisclosed	Global
Asset Acquisition	BriaCell Therapeutics	BriaPro Therapeutics	sCD80 program	solid tumor	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	S.Biomedics	Catalent	TED-A9	Parkinson’s disease (PD)	Phase I/II	Undisclosed	Undisclosed	Global
Cooperation; License; Option	FimmCyte	Richter Group	FMC2	endometriosis	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Mayo Clinic	Merck & Co.	drug discovery and development	inflammatory bowel disease (IBD); atopic dermatitis; multiple sclerosis (MS)	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Emory University	GeoVax Labs	Ad/PNP; Gedeptin® in combination with immune checkpoint inhibitors	head and neck cancer solid tumor	Phase I/II	Undisclosed	Undisclosed	Global
Cooperation; License	GelMEDIX	Undisclosed	hydrogel scaffold technology	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global
Asset Acquisition	Bayer	Essential Pharma Group	iloprost	Respiratory; Infection; Musculoskeletal; Rare Disease; Cardiovascular; Immunology; Dermatology; Oncology; Other; Genitourinary	Approved	Undisclosed	Undisclosed	Chinese mainland; Hong Kong, Macao and Taiwan; Europe; Japan; Other
Cooperation	Teijin	ASKA Pharmaceutical	gynecological diseases candidates	unknown/to be determined	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Alchemedicine	Asahi Kasei Pharma	HiSAP lead compounds	autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Evogene	Queensland University of Technology	novel small molecules	non-small cell lung cancer (NSCLC)	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Nektar Therapeutics	University of California, San Francisco	NKTR-0165	autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	FRONTEO	Maruishi Pharmaceutical	drug discovery	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Lilac Biosciences	SNI	RNA Signatures in Pain and Neuromodulation	pain	Undisclosed	Undisclosed	Undisclosed	Global
License	Zifo	Maze Therapeutics	precision medicine	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
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
Cooperation	NBHL	FRONTEO	NBHL’s existing pipeline; new antibody drug pipeline	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global
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
License	Algok Bio	Keeps Biopharma	idetrexed	solid tumor; ovarian cancer (OVC)	Phase I	Undisclosed	Undisclosed	Other
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
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	AbClon	Strike Pharma	STR3/19	autoimmune disease	PreClinical	Undisclosed	Undisclosed	Global
Cooperation	Helsinn Healthcare	MagnaPharm	palonosetron; netupitant+palonosetron	chemotherapy induced nausea and vomiting (CINV); PONV; peritoneal cancer; fallopian tube cancer; postoperative nausea and vomiting (PONV); nausea and vomiting; ovarian cancer (OVC); chemotherapy induced nausea and vomiting (CINV)	Approved	Undisclosed	Undisclosed	Europe
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
Cooperation; License	Iambic Therapeutics	Takeda Pharmaceuticals	high-priority small molecule programs	oncology; gastrointestinal disease; inflammatory	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Tohoku University	Pharma Foods	CasMab antibody	cancer	PreClinical	Undisclosed	Undisclosed	Global
Cooperation	Clearmind Medicine	Polyrizon	Chaperon	binge eating disorder (BED); cocaine addiction; alcohol dependence; obesity	Phase I/II	Undisclosed	Undisclosed	Global
Cooperation	GlyTech	FRONTEO	GT-02037	acromegaly	Phase II	Undisclosed	Undisclosed	Global
Cooperation	JURA Bio	Koa Bio	multidrug-resistant antibacterial drugs	bacterial infection	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Grünenthal	Apotex	testosterone undecanoate	androgen deficiency; hypogonadism	Approved	Undisclosed	Undisclosed	Other
Cooperation	OPKO Biologics	Entera Bio	LA-PTH hypoparathyroidism program	hypoparathyroidism	Pre-Clinical	Undisclosed	Undisclosed	Global
License	Otsuka Pharmaceutical	Biodexa Pharmaceuticals	OPB-171775	gastrointestinal stromal tumor (GIST); solid tumor	Phase I	Undisclosed	Undisclosed	Chinese mainland; Hong Kong, Macao and Taiwan; United States; Europe; Other
Asset Acquisition	Hookipa Pharma	NeoTrail Therapeutics	HB-700; eseba-vec	cancer HPV-related cancer; head and neck cancer; oropharyngeal cancer; heartburn; squamous cell carcinoma of the head and neck (SCCHN)	IND; Phase II/III	Undisclosed	Undisclosed	Global
License	Gates MRI	SK Bioscience	RSM01	RSV infection	Phase I	Undisclosed	Undisclosed	Other; Global
Cooperation	Merck & Co.	KwangDong Pharmaceutical	V116	S. pneumoniae infection	Approved	Undisclosed	Undisclosed	Other
Cooperation	Vect-Horus	OliX Pharmaceuticals	siRNA delivery research targeting central nervous system (CNS) disorders	disorder of nervous system	Undisclosed	Undisclosed	Undisclosed	Global
Cooperation	Mujinmedi	Chong Kun Dang Pharmaceutical	AD-303 (dutasteride)	androgenic alopecia (AGA)	Phase I/II	Undisclosed	Undisclosed	Global
Cooperation	Madrigal Pharmaceuticals	Swixx	resmetirom	hepatic fibrosis; heterozygous familial hypercholesterolemia (HeFH); metabolic dysfunction associated fatty liver disease (MAFLD); liver cirrhosis; metabolic dysfunction-associated steatohepatitis (MASH)	Approved	Undisclosed	Undisclosed	Europe; Other
License	ZipBio	MeiraGTx	targeting complement pathway therapy	geographic atrophy	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Novartis	Senju Pharmaceutical	brolucizumab	macular edema; diabetic macular edema (DME); wet age-related macular degeneration; macular edema following retinal vein occlusion (MEfRVO); choroidal neovascularisation (CNV); age-related macular degeneration (AMD); retinal vein occlusion (RVO); polypoidal choroidal vasculopathy (PCV); proliferative diabetic retinopathy	Approved	Undisclosed	Undisclosed	Japan
Cooperation	48Hour Discovery	AdvanCell	212Pb radioligand therapy	oncology	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation; License	Alvotech	Sandoz	biosimilar candidate in ophthalmology; three biosimilar candidates across immunology and gastroenterology	ophthalmology immunology; gastrointestinal disease	Undisclosed	Undisclosed	Undisclosed	Other
License; Divestiture	Gustave Roussy; SATT Paris-Saclay	Kahimmune Therapeutics	Kahigens™ neoantigens; Kahinomics™ platform; shared mRNA cancer vaccines	cancer colorectal cancer (CRC); pancreatic cancer; cancer	Pre-Clinical	Undisclosed	Undisclosed	Global

M&A Deals February 2026

Status	Acquiree	Acquiror	Acquisition Type	Item	Total amount ($ million)	Upfront ($ million)
Proposed	AiCuris Anti-infective Cures	Veloxis Pharmaceuticals	Full Acquisition	Letermovir; pritelivir; AIC468	882	882
Proposed	Arcellx	Gilead Sciences	Full Acquisition	anitocabtagene autoleucel	7800	Undisclosed
Proposed	Orna Therapeutics	Eli Lilly	Full Acquisition	CD19 panCAR therapy	2400	Undisclosed
Proposed	35Pharma	GSK	Full Acquisition	HS235	950	Undisclosed
Proposed	AiCuris Anti-infective Cures	Asahi Kasei	Full Acquisition	Letermovir; AIC468; pritelivir	882	Undisclosed
Completed	Faeth Therapeutics	Sensei Biotherapeutics	Full Acquisition	Undisclosed	Undisclosed	Undisclosed
Proposed	Novakand	SVF Vaccines	Reverse Takeover	SVF-001	Undisclosed	Undisclosed

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。