1. Summary of the Week
From April 1 to 10, a total of 18 agreements were signed worldwide. Within China’s biotech industry, there were four out-licensing deals and two domestic deals.
The top deal in China was between Gan Lee Pharmaceuticals and JW Pharmaceutical for a Phase III asset bofanglutide, with an upfront payment of $5 million and a total deal value of $81 million.
Globally, 12 deals were announced. The top deal involves Kymera Therapeutics and Gilead Sciences for a pre-clinical asset
KT-200, with an upfront payment of $85 million and a total deal value of $750 million.
2026年4月1日-10日，全球医药市场共签署了18项资产授权和合作协议。中国市场共达成6项交易，包括4项出海交易和2项国内交易。
国内市场上，本周最大的出海交易是甘李药业与JW Pharmaceutical就临床三期资产bofanglutide在韩国的市场权益达成独家许可合作，首付款500万美元，总金额8100万美元。
国际市场上，本周共签署了12项资产授权和合作协议。最大的交易是Gilead Sciences行使选择权，从Kymera Therapeutics引进临床前资产KT-200，首付款8500万美元，总金额可达7.5亿美元。
2. Licensing Deals
China Licensing and Cooperation Deals March 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL | Gan Lee Pharmaceuticals 甘李药业 |
JW Pharmaceutical | bofanglutide | obesity; type 2 diabetes; overweight; obstructive sleep apnea (OSA) | Phase III | 81 | 5 | Other |
| China OL | Xuanzhu Biopharm 轩竹生物 |
Boston Oncology | bireociclib; dirozalkib | brain cancer; breast cancer; hormone receptor positive breast cancer; prostate cancer; solid tumor; NSCLC; cancer; lung cancer; oncology | Approved | Undisclosed | Undisclosed | Other |
| China OL | WuXi XDC 药明合联 |
Akari Therapeutics | PH1 payload | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China OL | Evive Biotech 亿一生物 |
INTSEL CHIMOS | efbemalenograstim alfa | chemotherapy-induced neutropenia (CIN); febrile neutropenia; neutropenia; Parkinson’s disease (PD) | Approved | Undisclosed | Undisclosed | Other |
| China Domestic | Wenzhou Medical University 温州医科大学 |
Shapuaisi Pharmaceutical 莎普爱思 |
SPAS-26021 | myopia | Pre-Clinical | 10 | 1 | Global |
| China Domestic | Biocytogen 百奥赛图 |
Sihuan Pharmaceutical 四环医药 |
innovative therapies | overweight | Pre-Clinical | Undisclosed | Undisclosed | Global |
Source: YAFO Life Sciences Research
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 |
|---|---|---|---|---|---|---|---|---|
| License | Kymera Therapeutics | Gilead Sciences | KT-200 | breast cancer; solid tumor | Pre-Clinical | 750 | 85 | Global |
| Asset Acquisition | Assertio Holdings | Cosette Pharmaceuticals | Sympazan; indomethacin; methotrexate; Zipsor; Cambia; ketorolac | Neurology; Rare Disease; Musculoskeletal; Immunology; Endocrine & Metabolic; Anesthesia & Analgesia; Cardiovascular; Ophthalmology; Hematology; Oncology; Dermatology | Approved | Undisclosed | 35 | Global |
| License | Dyno Therapeutics | Astellas Pharma | CapsidMap™ platform; gene therapy | musculoskeletal disorder; cardiomyopathy | Pre-Clinical | Undisclosed | 15 | Global |
| License | Halozyme Therapeutics | Vertex Pharmaceuticals | Hypercon™ technology | Undisclosed | Undisclosed | Undisclosed | 15 | Global |
| License; Cooperation | NEC | Transgene | TG4050; AI neoantigen platform | peritoneal cancer; SCCHN; fallopian tube cancer; head and neck cancer; ovarian cancer (OVC) | Phase I/II | Undisclosed | 6 | Global |
| License | Cartography Biosciences | Gilead Sciences | ATLAS and SUMMIT platforms | TNBC; NSCLC | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation; License | Scohia Pharma | Celltrion | CT-G32 | obesity | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | Xeureka | Sumitomo Pharma | small molecule candidates | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | BioCubaFarma | Promomed | multivalent cancer vaccines | oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | Salipro Biotech | Undisclosed | Salipro® platform | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| Asset Acquisition | Takeda Pharmaceuticals | Axsome Therapeutics | balipodect | schizophrenia | Phase II | Undisclosed | Undisclosed | Global |
| License | Frontier Medicines | LG Chem | FMC-220 | cancer | Pre-Clinical | Undisclosed | Undisclosed | United States; Europe; Japan; Other |
Source: YAFO Life Sciences Research
3. M&A Deals
M&A Deals March 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) | Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Tubulis | Gilead Sciences | Full Acquisition | TUB-030; TUB-040 | 5,000 | 3,150 |
| Proposed | Hasten Biopharmaceuticals | Everest Medicines | Full Acquisition | Undisclosed | 250 | 150 |
| Proposed | Soleno Therapeutics | Neurocrine Biosciences | Full Acquisition | DCCR (diazoxide choline controlled release tablets) | 2,900 | Undisclosed |
| Proposed | Assertio Holdings | Garda Therapeutics | Full Acquisition | eflapegrastim | Undisclosed | 125 |
| Completed | Visufarma | Lupin | Full Acquisition | Undisclosed | Undisclosed | Undisclosed |
| Proposed | Cyclerion Therapeutics | Korsana Biosciences | Merge | KRSA-028 | Undisclosed | Undisclosed |
Source: YAFO Life Sciences Research
4. Top Deals of 2025
Top China Out-Licensing and Cooperation Deals 2026
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| 2026-01-30 | CSPC Pharma 石药集团 |
AstraZeneca | Endocrine & Metabolic | IND; Pre-Clinical | 18,500 | 1,200 |
| 2026-01-13 | RemeGen 荣昌生物 |
AbbVie | Rare Disease; Oncology | Phase II | 5,600 | 650 |
| 2026-02-08 | Innovent Biologics 信达生物 |
Eli Lilly | Immunology; Oncology | Pre-Clinical | 8,850 | 350 |
| 2026-02-02 | Sanegene Bio 圣因生物 |
Genentech Roche |
Unknown/To be determined | Pre-Clinical | 1,700 | 200 |
| 2026-01-12 | SciNeuro Pharma 赛神医药 |
Novartis | Neurology | Pre-Clinical | 1,665 | 165 |
| 2026-03-04 | CTTQ Pharma 正大天晴 |
Sanofi | Hematology; Rare Disease; Immunology; Oncology | Approved | 1,530 | 135 |
| 2026-03-29 | Insilico Medicine 英矽智能 |
Eli Lilly | Endocrine & Metabolic; Unknown/To be determined | Pre-Clinical | 2,750 | 115 |
| 2026-01-09 | Hiasco 海思科 |
AirNexis Therapeutics | Respiratory; Infection | Phase II | 1,063 | 108 |
| 2026-02-13 | GenHouse 勤浩医药 |
Gilead Sciences | oncology | Phase I | 1,530 | 80 |
| 2026-02-05 | Henlius Biotech 复宏汉霖 |
Eisai | Gastroenterology; Infection; Rare Disease; Hematology; Immunology; Oncology; Endocrine & Metabolic | Approved | 388.31 | 75 |
Source: YAFO Life Sciences Research
Top China In-Licensing and Cooperation Deals 2026
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| 2026-03-09 | Rapport Therapeutics | Tenacia Biotechnology 元羿生物 |
Neurology; Psychiatry | Phase II | 328 | 20 |
Top China Domestic Licensing and Cooperation Deals 2025
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| 2026-03-23 | Corxel Pharmaceuticals 箕星药业 |
Everest Medicines 云顶新耀 |
Cardiovascular | Approved | 50 | 30 |
| 2026-02-05 | Micot Technology 麦科奥特 |
Everest Medicines 云顶新耀 |
Genitourinary; Endocrine & Metabolic | Phase III | 172.48 | 27.82 |
| 2026-01-17 | Raynovent 众生药业 |
Qilu Pharmaceutical 齐鲁制药 |
Gastroenterology; Respiratory; Endocrine & Metabolic | Phase III | 139.10 | 27.82 |
| 2026-01-12 | Wan Bang De 万邦德 |
Hisoar Pharmaceutical 海翔药业 |
Neurology; Rare Disease | Pre-Clinical | 20.87 | 16.69 |
| 2026-01-06 | Accendatech 尚德药缘 |
Yifan Pharmaceutical 亿帆医药 |
Neurology; Ophthalmology; Respiratory; Hematology; Rare Disease; Immunology; Oncology | Phase III | 20.87 | 13.91 |
| 2026-02-04 | Akeso Biopharma; Kangrong Dongfang 康方生物 |
Jumpcan Pharmaceutical 济川药业 |
Rare Disease; Cardiovascular | Approved | 12.52 | 11.13 |
| 2026-01-20 | Insilico Medicine 英矽智能 |
Hengtai Biotechnology 衡泰生物 |
Neurology | Pre-Clinical | 66 | 10 |
| 2026-01-30 | PrimeGene 普祺医药 |
Jumpcan Pharmaceutical 济川药业 |
Rare Disease; Immunology; Dermatology; Otolaryngology | Phase III | 13.91 | 5.56 |
Top Global Licensing and Cooperation Deals 2025
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| 2026-03-20 | Synnovation Therapeutics | Novartis | Oncology | Phase I/II | 3,000 | 2,000 |
| 2026-03-19 | Corium Therapeutics | Collegium Pharmaceutical | Psychiatry | Approved | 785 | 650 |
| 2026-03-09 | GSK | Alfasigma | Gastroenterology; Rare Disease; Dermatology; Endocrine & Metabolic | Filed | 690 | 300 |
| 2026-02-23 | Vir Biotechnology | Astellas Pharma | Oncology | Phase I/II | 1,705 | 240 |
| 2026-03-23 | Kali Therapeutics | Sanofi | Musculoskeletal; Immunology | Phase I | 1,230 | 180 |
| 2026-02-18 | CSL | Eli Lilly | Respiratory; Gastroenterology; Infection; Rare Disease; Musculoskeletal; Immunology; Cardiovascular; Oncology; Genitourinary; Endocrine & Metabolic | Phase III | Undisclosed | 100 |
| 2026-02-18 | Unnatural Products | Novartis | Cardiovascular | Pre-Clinical | 1,800 | 100 |
| 2026-01-29 | Repertoire Immune Medicines | Eli Lilly | Immunology | Pre-Clinical | 1,925 | 85 |
| 2026-04-09 | Kymera Therapeutics | Gilead Sciences | Oncology | Pre-Clinical | 750 | 85 |
| 2026-01-12 | Nuvation Bio | Eisai | Rare Disease; Oncology | Approved | 230 | 60 |
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。
BioToChina.org 