1. Summary of the Week

From April 11 to 17, a total of 21 agreements were signed worldwide. Within China’s biotech industry, there were four out-licensing deals, one in-licensing deal, and five domestic transactions.

The top in-licensing deal in China was between Aligos Therapeutics and Amoytop Biotech for the Phase II asset pevifoscorvir, with an upfront payment of $25 million and a total deal value of $445 million. The leading out-licensing deal was between Haisco Pharmaceutical and AbbVie, covering the Phase II and preclinical assets HSK55718 and HSK51155, with an upfront payment of $30 million and a total deal value of $745 million.

Globally, 11 deals were announced. The largest transaction was between Telix Pharmaceuticals and Regeneron Pharmaceuticals for preclinical diagnostic assets and radiopharmaceutical therapy programs, with an upfront payment of $40 million.

2026年4月11日-17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10项交易，包括4项出海交易、1项引进交易和5项国内交易。

国内市场上，本周最大的引进交易是特宝生物从Aligos Therapeutics引进临床二期资产pevifoscorvir，首付款2500万美元，总金额4.45亿美元。最大的出海交易是海思科与Abbvie就临床二期资产HSK55718和临床前资产HSK51155达成授权合作，首付款3000万美元，总金额7.45亿美元。

国际市场上，本周共签署了11项资产授权和合作协议。最大的交易是TelixPharmaceuticals与Regeneron Pharmaceuticals就临床前阶段放射性诊断和治疗药物达成合作，首付款4000万美元。

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 IL	Aligos Therapeutics	Amoytop Biotech 特宝生物	pevifoscorvir	chronic hepatitis B	Phase II	445	25	Chinese mainland; Hong Kong, Macao and Taiwan
China OL	Haisco Pharmaceutical 海思科	AbbVie	HSK55718; HSK51155	post-operative pain; acute pain	Phase II; Pre-Clinical	745	30	United States; Europe; Japan; Other
China OL	Evive Biotech 亿一生物	Molteni Farmaceutici	efbemalenograstim alfa	chemotherapy-induced neutropenia; febrile neutropenia; Parkinson’s disease	Approved	Undisclosed	Undisclosed	Other
China OL	Qilu Pharmaceutical 齐鲁制药	Mochida Pharmaceutical	follitropin alfa biosimilar	female infertility; ART; FSH deficiency; embryo transfer; PCOS; anovulation; IVF; LH deficiency	Approved	Undisclosed	Undisclosed	Japan
China OL	Hybio Pharmaceutical 翰宇药业	MCG Pharma	semaglutide biosimilar; liraglutide biosimilar	overweight; type 2 diabetes; cardiovascular disease; obesity	Phase III; Approved	Undisclosed	Undisclosed	Other
China Domestic	Bio-Thera Solutions 百奥泰	Lepu Pharmaceuticals 乐普药业	bevifibatide	unstable angina; ACS; myocardial infarction; ischemic stroke; thrombotic diseases	Approved	63	Undisclosed	Global
China Domestic	Capital Medical University 首都医科大学	Gloria Pharmaceuticals 誉衡药业	异喹啉类衍生物	neurodegenerative disease	Pre-Clinical	2	Undisclosed	Global
China Domestic	Insilico Medicine 英矽智能	Ancestorcell 昂昇生物	stem cell–derived exosome therapy	unknown/to be determined	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Institute of Medicinal Biotechnology, CAMS 中国医学科学院医药生物技术研究所	SunNovo 阳光诺和	IMB0304	bacterial infection	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	AilsynBio 昂心生物	Dong-E-E-Jiao 东阿阿胶	POI program; AI platform	premature ovarian insufficiency	Undisclosed	Undisclosed	Undisclosed	Global

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; Option	Telix Pharmaceuticals	Regeneron Pharmaceuticals	diagnostic assets; radiopharmaceutical therapy programs	oncology	Pre-Clinical	Undisclosed	40	Global
License	QIMR Berghofer Medical Research Institute	Kazia Therapeutics	SETDB1 platform; MSETC	oncology	Pre-Clinical	1.4	Undisclosed	Global
License	Mayo Clinic	Mesoblast	CAR-MSC platform	oncology	Undisclosed	Undisclosed	Undisclosed	Global
Cooperation	Quantori	ImmuVia	Q-Scientist platform; IMV-M	NSCLC; pancreatic cancer; cancer; gynecological cancer	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	BostonGene	ImmunoGenesis	IMGS-001; AI multi-omics platform	TNBC; esophageal cancer; OVC; CRC; solid tumor; prostate cancer; gastric cancer; bladder cancer	Phase I	Undisclosed	Undisclosed	Global
Cooperation	Ramot at Tel Aviv University	Galmed Pharmaceuticals	Aramchol	PSC; MAFLD; MASH; lipodystrophy; gastrointestinal cancer	Phase III	Undisclosed	Undisclosed	Global
Cooperation	Leo Pharma	Er-Kim	toripalimab	Infection; Hematology; Rare Disease; Dermatology; Oncology; Otolaryngology	Approved	Undisclosed	Undisclosed	Other
Cooperation; License	Eli Lilly	Vasa Therapeutics	TuneLab platform	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
Cooperation	Genvor	Canlab International	natural peptide candidates	overweight; hair loss	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation; Investment; Option	Sana Biotechnology	Mayo Clinic	SC451	type 1 diabetes	Pre-Clinical	Undisclosed	Undisclosed	Global
Cooperation	Ewha Womans University	Sanjin Pharma	CNS treatment	neurological disorder; migraine	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	CrossBridge Bio	Eli Lilly	Full Acquisition	CB-120	300	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)
2026-04-17	Aligos Therapeutics	Amoytop Biotech 特宝生物	Infection; Gastroenterology	Phase II	445	25
2026-03-09	Rapport Therapeutics	Tenacia Biotechnology 元羿生物	Neurology; Psychiatry	Phase II	328	20

Top China Domestic Licensing and Cooperation Deals 2026

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。