1. Summary of the Week
From March 1 to 6, a total of 13 agreements were signed worldwide. Within China’s biotech industry, there were three out-licensing deals and one domestic deal.
The top deal in China was Chia Tai Tianqing Pharmaceutical and Sanofi for an approved asset, rovadicitinib, with an upfront payment of $135 million and a total deal value of $1.53 billion.
Globally, nine deals were announced. Although no major headline financial terms were disclosed, the agreements highlight continued strategic partnership activity across the biopharma industry.
2026年3月1日-6日，全球医药市场共签署了13项资产授权和合作协议。中国市场共达成4项交易，包括3项出海交易和1项国内交易。
国内市场上，本周最大的出海交易是中生制药旗下正大天晴药业与Sanofi就已获批资产rovadicitinib达成全球授权许可协议，首付款1.35亿美元，总金额可达15.3亿美元。
国际市场上，本周共签署了9项资产授权和合作协议，但没有交易披露财务条款。
2. Licensing Deals
China Licensing and Cooperation Deals March 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL |
Chia Tai Tianqing Pharmaceutical 正大天晴 |
Sanofi | rovadicitinib | Hematology; Rare Disease; Immunology; Oncology | Approved | 1,530 | 135 | Global |
| China OL |
Antengene 德琪医药 |
UCB | ATG-201 | B-cell malignancies; autoimmune disease | Pre-Clinical | 1,180 | 60 | Global |
| China OL |
Antengene 德琪医药 |
Boryung Pharmaceutical | selinexor | Infection; Hematology; Rare Disease; Dermatology; Oncology | Approved | Undisclosed | Undisclosed | Other |
| China Domestic |
Ark Biosciences 爱科百发 |
Qilu Pharmaceutical 齐鲁制药 |
serdexmethylphenidate + dexmethylphenidate | attention deficit hyperactivity disorder (ADHD) | Approved | Undisclosed | Undisclosed | Chinese mainland |
2a. China Section
2b. Global Section
Global Licensing and Cooperation Deals March 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| Cooperation | Sinopia Biosciences | Ono Pharmaceutical | undisclosed group of rare metabolic disorders | metabolic disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Investment; License |
Teva Pharmaceutical | BXLS | duvakitug | ulcerative colitis (UC); Crohn’s disease; irritable bowel syndrome (IBS); asthma | Phase III | Undisclosed | Undisclosed | Global |
| Asset Acquisition | Celmatix | Gedeon Richter | JNK inhibitor; FSH receptor agonist; anti-Müllerian hormone (AMH) targeting therapeutic antibodies | endometriosis related pain; genitourinary disorders | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License | Unleash Immuno Oncology | TransCode Therapeutics | UIO-525; UIO-524; UIO-524 | muscle-invasive bladder carcinoma (MIBC) | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | Seaport Therapeutics | Monash University | GlyphCele | endocrine/metabolic disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | Antiverse | Cystic Fibrosis Foundation | anti-CFTR antibody | cystic fibrosis (CF) | Pre-Clinical | Undisclosed | Undisclosed | Global |
Global Licensing and Cooperation Deals March 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| License | Pierre Fabre | Eton Pharmaceuticals | Hemangeol (propranolol) |
hypertension; supraventricular arrhythmia; atrial flutter; tachycardia; hypertrophic cardiomyopathy (HCM); ventricular arrhythmia; atrial fibrillation; infantile hemangioma | Approved | Undisclosed | Undisclosed | United States |
| Option; Cooperation |
Congruence Therapeutics | Ono Pharmaceutical | novel small molecule modulators | disorder of nervous system; immunology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | LGMD2L Foundation | CureRareDisease | ANO5 gene replacement therapy | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Global |
3. M&A Deals
M&A Deals March 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Corstasis Therapeutics | Esperion Therapeutics | Full Acquisition | RSQ-777 (bumetanide nasal spray) | Undisclosed | 75 |
| Proposed | Cullgen | Gyre Therapeutics | Full Acquisition | CG009301; CG001419 | Undisclosed | Undisclosed |
| Proposed | Candid Therapeutics | Rallybio | Reverse Takeover | Cizutamig; CND319; GB261 | Undisclosed | Undisclosed |
4. Top Deals of 2025
Top China Out-Licensing and Cooperation Deals 2025
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| May 20 | 3SBio; Guojian Pharmaceutical 三生制药; 三生国健 |
Pfizer | Oncology | Phase III | 6,150 | 1,250 |
| Oct. 21 | Innovent Biologics 信达生物 |
Takeda Pharmaceuticals | Rare Disease; Hematology; Oncology | Phase III; Phase I | 11,400 | 1,200 |
| Aug. 25 | BeOne Medicines 百济神州 |
Royalty Pharma | Rare Disease; Oncology | Approved | 950 | 885 |
| Jul. 28 | Hengrui Pharmaceuticals 恒瑞医药 |
GSK | Respiratory; Immunology; Oncology | Phase I | 12,500 | 500 |
| Mar. 24 | United Laboratories 联邦制药 |
Novo Nordisk | Gastroenterology; Genitourinary; Endocrine & Metabolic | Phase I | 2,000 | 200 |
| Mar. 25 | Hengrui Pharmaceuticals 恒瑞医药 |
Merck & Co. | Cardiovascular | Phase II | 1,970 | 200 |
| Sep. 3 | Argo Biopharmaceutical 朗誉制药 |
Novartis | Cardiovascular | Pre-Clinical; Phase II | 5,360 | 160 |
| Dec.9 | Fosun Pharma; YaoPharma 复星医药; 药友制药 |
Pfizer | Gastroenterology; Endocrine & Metabolic | Phase I | 2,085 | 150 |
| May 30 | Evopoint Biosciences 信诺维 |
Astellas Pharma | Oncology | Phase I/II | 1,540 | 130 |
| Aug. 1 | Visirna Therapeutics 维亚臻 |
Sanofi | Gastroenterology; Rare Disease; Cardiovascular | Filed | 395 | 130 |
Top China In-Licensing and Cooperation Deals 2025
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Sept. 17 | ALK-Abello | GeneScience Pharmaceuticals 金赛药业 |
Respiratory; Immunology; Dermatology; Otorhinolaryngology | Approved | 192 | 35.5 |
| Dec. 4 | Crescent | Kelun-Biotech 科伦博泰 |
Oncology | Pre-Clinical | 50 | 20 |
| Feb. 5 | Zenas BioPharma | ZAI Lab 再鼎医药 |
Ophthalmology | Phase III | 127 | 10 |
| Jan. 10 | Vertex Pharmaceuticals | ZAI Lab 再鼎医药 |
Immunology | Phase III | Undisclosed | 10 |
| Oct. 30 | Visara | Everest Medicines 云顶新耀 |
Ophthalmology | Phase I | 99 | 7 |
| May 9 | LENZ Therapeutics | Lotus Pharmaceutical 美时制药 |
Ophthalmology | Approved | 125 | 5 |
| Jan. 8 | Alpha Cognition | China Medical System 康哲药业控股有限公司 |
Neurology | Approved | 44 | 3 |
| May 23 | Notitia Biotechnologies | Walvax Biotechnology 沃森生物 |
Undisclosed | Undisclosed | 7.5 | 1 |
Top China Domestic Licensing and Cooperation Deals 2025
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Jun. 27 | Mabwell Bioscience 迈威生物 |
Qilu Pharmaceutical 齐鲁制药 |
Oncology; Immunology | Approved | 69.5 | 53 |
| May 9 | Minghui Pharmaceutical 明慧医药 |
Qilu Pharmaceutical 齐鲁制药 |
Oncology | Phase III | 187 | 39 |
| Dec. 11 | Hasten Biopharma 海森生物 |
Everest Medicines 云顶新耀 |
Cardiovascular Endocrine & Metabolic Neurology; Rare Disease; Infection; Respiratory, etc. |
Approved; Filed | 339 | 29 |
| Jan. 13 | DualityBio 映恩生物 |
3SBio 三生制药 |
Oncology | Phase III | 67 | 25 |
| Aug. 28 | Yafei Biomedical (Affinity) 亚飞生物（亲合力） |
Anglikang Pharmaceutical 昂利康制药 |
Oncology | IND | 107 | 21 |
| Sept. 23 | Genrix Bio 智翔金泰 |
China Medical System 康哲药业 |
Infection | Filed | 71 | 15 |
| Feb. 22 | Skyline Therapeutics 九天生物 |
Amytop Biotech 诗至生物 |
Musculoskeletal; Rare Disease | Phase I | 58 | 15 |
| Jul. 3 | SunNovo 阳光诺和 |
Lekuang Huilin Pharmaceutical Technology 乐旷惠霖 |
Anesthesia & Analgesia; Dermatology | Phase II | 28 | 14 |
| Feb. 20 | Guojian Pharmaceutical 三生国健 |
3SBio 沈阳三生 |
Oncology | IND; Phase I |
19 | 14 |
| Aug. 1 | Leap Biopharma 乐普生物 |
Excalipoint 艾科联 |
Rare Disease; Oncology | IND | 857.5 | 10 |
| Jun. 30 | FBD Biologics 汉康生技 |
Henlius Biotech 复宏汉霖 |
Oncology | Phase II | 202 | 10 |
| Mar. 31 | Apollomics 冠科美博 |
Luanxo 朗齐生物 |
Oncology | Approved | 60 | 10 |
Top Global Licensing and Cooperation Deals 2025
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Jun. 2 | BioNTech | Bristol-Myers Squibb | Oncology | Phase III | 11,100 | 1,500 |
| Mar. 12 | Zealand Pharma | Roche | Endocrine & Metabolic | Phase II | 5,300 | 1,400 |
| Jul. 10 | Ichnos Glenmark Innovation |
AbbVie | Hematology; Rare Disease; Oncology | Phase I | 1,925 | 700 |
| Mar. 20 | Dren Bio | Sanofi | Hematology; Rare Disease; Immunology; Dermatology; Oncology | Phase I | 1,900 | 600 |
| Mar. 3 | Gubra | AbbVie | Endocrine & Metabolic | Phase I | 2,225 | 350 |
| Jun. 10 | Philochem | RayzeBio | Oncology | Phase I | 1,350 | 350 |
| May 14 | Adarx Pharmaceuticals | AbbVie | Oncology, CNS, Immunology | Pre-Clinical | Undisclosed | 335 |
| Jun. 3 | Camurus | Eli Lilly | Immunology | Undisclosed | 870 | 290 |
| Mar. 11 | Ionis Pharmaceuticals | Ono Pharmaceutical | Hematology; Rare Disease; Oncology | Phase II | 940 | 280 |
| Jan. 11 | Leo Pharma | Gilead Sciences | Immunology | Pre-Clinical | 1700 | 250 |
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。
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