1. Summary of the Week
From April 18 to 24, a total of 15 agreements were signed worldwide. Within China’s biotech industry, there were three out-licensing deals, one in-licensing deal, and one domestic transaction.
The top licensing deal in China was between TJ Biopharma and Biogen, with an upfront payment of $100 million and a total deal value of $850 million, for the filed asset felzartamab.
Globally, 10 deals were announced. Although none of the transactions disclosed major headline financial terms during this period, they reflect ongoing strategic partnership activity across the industry.
2026年4月18日-24日，全球医药市场共签署了15项资产授权和合作协议。中国市场共达成5项交易，包括3项出海交易、1项引进交易和1项国内交易。
国内市场上，本周最大的出海交易是天境生物和Biogen就已获批资产felzartamab的大中华区权益达成授权合作，首付款1亿美元，总金额可达8.5亿美元。
国际市场上，本周共签署了10项资产授权和合作协议，但没有交易披露财务条款。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL |
Johnson & Johnson | Keyuan Trade 上药科园贸易 |
Invega Trinza; Invega Hafyera; paliperidone palmitate | schizophrenia; bipolar disorder | Approved | Undisclosed | Undisclosed | Chinese mainland |
| China OL |
TJ Biopharma 天境生物 |
Biogen | felzartamab | IMN; IgAN; transplant rejection; antibody-mediated rejection; LN; membranous nephropathy; MM; SLE | Filed | 850 | 100 | Chinese mainland; Hong Kong, Macao and Taiwan |
| China OL |
Hybio Pharmaceutical 翰宇药业 |
Torrent Pharmaceuticals | lanreotide acetate SR injection | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | United States |
| China OL |
Hansoh Pharmaceutical 翰森制药 |
Tortugas Neuroscience | HS-10380; HS-10353 | schizophrenia; Alzheimer’s agitation; bipolar I; tinnitus; depressive disorder; PPD; MDD | Phase II | Undisclosed | Undisclosed | Global |
| China Domestic |
Boji Medical 博济医药 |
Pusch Pharmaceutical 普什制药 |
FCZR (fluconazole ear drops) | otomycosis | IND | 2 | Undisclosed | Global |
2a. China Section
2b. Global Section
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| License | Université Laval | Glycovax | galectin-3 inhibitor | fibrosis; renal fibrosis; idiopathic pulmonary fibrosis; cancer | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License | Oncoceutics | HCR | dordaviprone | Hematology; Rare Disease; Oncology | Approved | Undisclosed | Undisclosed | United States |
| Cooperation | Galux | GC Biopharma | autoimmune antibody program | autoimmune disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License | Eisai | Tortugas Neuroscience | E2730; irsenontrine | epilepsy; photosensitive epilepsy; amyloidosis; Lewy body dementia; PRES; PD dementia | Phase II | Undisclosed | Undisclosed | Global |
| Divestiture | AnaptysBio | First Tracks Biotherapeutics | ANB101; ANB033; rosnilimab | systemic sclerosis; SLE; eosinophilic esophagitis; celiac disease; ulcerative colitis; alopecia areata; RA | Pre-Clinical; Phase I; Phase II | Undisclosed | Undisclosed | Global |
| Cooperation | Acuitas Therapeutics | Genflow Biosciences | LNP delivery technology | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| Cooperation | Galux | OliX Pharmaceuticals | AI-based siRNA platform | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| Cooperation | Entos Pharmaceuticals | L-CMD | LMNA-related CMD program | congenital muscular dystrophy (CMD) | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | SynSmart | Amporin Pharmaceuticals | degenerative disease therapy | neurodegenerative disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation | NEXTGEN Bioscience | inno.N | NXC680 | idiopathic pulmonary fibrosis (IPF) | Pre-Clinical | Undisclosed | Undisclosed | Global |
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) | Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Kelonia Therapeutics | Eli Lilly | Full Acquisition | KLN-1010 | 7,000 | 3,250 |
| Proposed | Kashiv BioSciences | Amneal Pharmaceuticals | Full Acquisition | Undisclosed | Undisclosed | Undisclosed |
4. Top Deals of 2025
| 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 |
| 2026-02-08 | 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 | Pre-Clinical | 2,750 | 115 |
| 2026-01-09 | Haisco 海思科 |
AirNexis Therapeutics | Respiratory; Infection | Phase II | 1,063 | 108 |
| 2026-04-20 | TJ Biopharma 天境生物 |
Biogen | Rare Disease; Hematology; Immunology; Dermatology; Oncology; Genitourinary | Filed | 850 | 100 |
| 2026-02-13 | GenHouse 勤浩医药 |
Gilead Sciences | Oncology | Phase I | 1,530 | 80 |
| 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 |
| 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 |
| 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 