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2026 Apr-雅法全球生物医药交易月报 YAFO Global Biopharma Transactions Report

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1. Executive Summary of the Month

In April 2026, 103 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 17 out-licensing deals, 5 in-licensing deals, and 11 domestic partnerships.

In China, the largest in-licensing deal involved 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 largest out-licensing deal was signed by TJ Biopharma and Biogen, with an upfront payment of $100 million and a total deal value of $850 million, for the filed asset felzartamab. The largest domestic deal was between Huahui Health and BeOne Medicines for the pre-clinical asset HH160, including an upfront payment of $20 million and a total deal value of $2.02 billion.

Internationally, 70 cross-border deals were reported, with the largest being the agreement between 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，全球医药市场共签署了103项资产授权和合作协议。中国市场共达成33项交易，包括17项出海交易、5项引进交易和11项国内交易。

国内市场上，本月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；最大的出海交易是天境生物和Biogen就已获批资产felzartamab达成授权合作，首付款1亿美元，总金额可达8.5亿美元；最大的国内交易是百济神州获得华辉安健临床前资产HH160的独家选择权，首付款2000万美元，总金额可达20.2亿美元。

国际市场上，本月共签署了70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 April 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
IL		 Pharmacosmos China Medical System
康哲药业		 ferric derisomaltose; iron dextran chronic renal anemia; chemotherapy-induced anemia; postpartum hemorrhage; gastrointestinal disease; hypermenorrhea; IDA; anemia; postpartum anemia; RLS Approved Undisclosed Undisclosed Chinese mainland
China
IL		 Johnson & Johnson Keyuan Trade
科园贸易 上海医药		 Invega Hafyera paliperidone palmitate; Invega Trinza bipolar I disorder; dementia-related psychosis; schizophrenia Approved Undisclosed Undisclosed Chinese mainland
China
IL		 AbbVie Santen Pharmaceutical (China)
参天中国		 bimatoprost; bimatoprost+timolol; brimonidine+timolol; brimonidine glaucoma or ocular hypertension; eyelash hypotrichosis; alopecia areata; diabetic retinopathy; AMD; macular edema; DME; geographic atrophy; rosacea; NAION Approved Undisclosed Undisclosed Chinese mainland
China
IL		 Minophagen Pharmaceutical Main Luck Pharmaceuticals
万乐药业		 bexarotene Neurology; Hematology; Rare Disease; Immunology; Dermatology; Psychiatry; Oncology; Endocrine & Metabolic Approved Undisclosed Undisclosed Chinese mainland; Hong Kong, Macao and Taiwan
China
OL		 TJ Biopharma
天境生物		 Biogen felzartamab idiopathic membranous nephropathy (IMN); IgA nephropathy (IgAN); renal transplant rejection; antibody-mediated rejection; lupus nephritis (LN); membranous nephropathy; multiple myeloma (MM); systemic lupus erythematosus (SLE) Filed 850 100 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		 United BioPharma; Ascendant Health
联合生物		 Cue Biopharma UB-221 autoimmune disease; chronic spontaneous urticaria (CSU) Phase II 692 15 United States; Europe; Japan; Other
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		 Xcovery
贝达药业		 EVERSANA ensartinib Rare Disease; Hematology; Oncology Approved Undisclosed Undisclosed United States
China
OL		 Mabwell Bioscience
迈威生物		 Undisclosed denosumab biosimilar breast cancer; osteoporosis; bone cancer; giant cell tumor of bone; multiple myeloma (MM); bone metastasis Approved Undisclosed Undisclosed Other
China
OL		 Formosa Pharmaceuticals
台新药		 SERI next-generation ophthalmic formulations ophthalmology Pre-Clinical Undisclosed Undisclosed Global
China
OL		 Fosun Pharmaceutical
复星医药		 Arcera Advanced technology cooperation; asset licensing; neuroscience strategic cooperation neurodegenerative disease; Alzheimer’s disease Undisclosed Undisclosed Undisclosed Global
China
OL		 Adcoris
爱科瑞思		 K2 Therapeutic ACR246; bispecific antibody ADC project NSCLC; solid tumor; ovarian cancer (OVC); pancreatic cancer; breast cancer; CRC; cervical cancer; prostate cancer; kidney cancer; esophageal cancer Phase I/II; Pre-Clinical Undisclosed Undisclosed Global
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
OL		 Evive Biotech
亿一生物		 Molteni Farmaceutici efbemalenograstim alfa chemotherapy-induced neutropenia; chemotherapy induced 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; diabetic cardiovascular disease; obesity Phase III; Approved Undisclosed Undisclosed Other
China
OL		 Hybio Pharmaceutical
翰宇药业		 Torrent Pharmaceuticals lanreotide acetate pre-filled sustained-release injection solution 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 disease agitation; bipolar I disorder; tinnitus; depressive disorder; PPD; MDD Phase II Undisclosed Undisclosed Global
China
Domestic		 Huahui Health
华辉安健		 BeOne Medicines
百济神州		 HH160 cancer Pre-Clinical 2,024 20 Global
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		 Bio-Thera Solutions
百奥泰		 Lepu Pharmaceuticals
乐普药业		 bevifibatide unstable angina; ACS; myocardial infarction; ischemic stroke; thromboangiitis obliterans; NSTEMI; thrombotic diseases Approved 63 Undisclosed Global
China
Domestic		 Hansoh Pharmaceutical
翰森制药		 Hengrui Pharmaceuticals
恒瑞医药		 KiOmedine vs One (CM-Chitosan) osteoarthritis (OA) Approved 18 Undisclosed Chinese mainland; Hong Kong, Macao and Taiwan
China
Domestic		 Capital Medical University
首都医科大学		 Gloria Pharmaceuticals
誉衡药业		 Isoquinoline derivatives neurodegenerative disease Pre-Clinical 2 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
China
Domestic		 Jacobson Pharma
雅各臣科研制药		 Weijian Pharmaceutical
维健医药		 ARSENOL (arsenic trioxide oral solution) acute promyelocytic leukemia (APL) Phase II Undisclosed Undisclosed Chinese mainland
China
Domestic		 Biocytogen
百奥赛图		 Sihuan Pharmaceutical
四环医药		 innovative therapies Overweight Pre-Clinical Undisclosed 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		 The Institute of Medicinal Biotechnology, Chinese Academy of Medical Sciences
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 drug discovery platform premature ovarian insufficiency Undisclosed Undisclosed Undisclosed Global
Global Licensing and Cooperation Deals April 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
Cooperation; Option Telix Pharmaceuticals Regeneron Pharmaceuticals diagnostic assets; radiopharmaceutical therapy programs oncology Pre-Clinical Undisclosed 40 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
Asset Acquisition Johnson & Johnson MeiraGTx botaretigene sparoparvovec X-linked retinitis pigmentosa (XLRP) Phase III Undisclosed 25 Global
Cooperation; Option C4 Therapeutics Roche TORPEDO DACs oncology Pre-Clinical 1,020 20 Global
License Scohia Pharma Neurocrine Biosciences SCO-483 congenital adrenal hyperplasia (CAH); Cushing’s syndrome Pre-Clinical 570 20 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-based neoantigen prediction platform peritoneal cancer; SCCHN; fallopian tube cancer; head and neck cancer; ovarian cancer (OVC) Phase I/II Undisclosed 6 Global
Cooperation; License Profluent Eli Lilly AI-designed recombinases; recombinase-based gene editing therapeutics unknown/to be determined Pre-Clinical 225 Undisclosed Global
License PineTree Therapeutics AstraZeneca PTX-299 cancer Pre-Clinical 500 Undisclosed Global
Divestiture Dogwood Therapeutics PRIDCor Therapeutics famciclovir + celecoxib; valacyclovir + celecoxib fibromyalgia; chronic fatigue syndrome (CFS); irritable bowel syndrome (IBS); COVID-19 Phase II 100 Undisclosed Global
License QIMR Berghofer Medical Research Institute Kazia Therapeutics SETDB1-targeted epigenetic drug development platform; MSETC oncology Pre-Clinical 1.4 Undisclosed Global
Cooperation D&D Pharmatech Pfizer Formulation development of oral peptide dual agonist obesity Pre-Clinical 1.3 Undisclosed Global
Cooperation Sam Chun Dang Undisclosed semaglutide biosimilar type 2 diabetes Phase I Undisclosed Undisclosed United States
Cooperation BIOnSYSTEMS ARKgen BioScions; LyseNTech protein characterization and design platform; immune cell engager program cancer Pre-Clinical Undisclosed Undisclosed Global; Other
Source: YAFO Life Sciences Research
Global Licensing and Cooperation Deals April 2026
Deal Type Licensor Licensee Assets Disease Stage Total amount ($ million) Upfront ($ million) Deal Territory
Cooperation Candel Therapeutics EVERSANA aglatimagene besadenovec pancreatic cancer; ovarian cancer (OVC); lung cancer; prostate cancer; mesothelioma; glioma; GBM; NSCLC; breast cancer Phase III Undisclosed Undisclosed United States
Cooperation Undisclosed Merck KGaA Hybrid Drugs Undisclosed Pre-Clinical Undisclosed Undisclosed United States
Cooperation Miltenyi Biotec CHA biotech CHACAR-NK-201 cancer Pre-Clinical Undisclosed Undisclosed Global
Cooperation; License KM Biologics SIIPL KD-287 Japanese encephalitis Approved Undisclosed Undisclosed Other
License PharmAla Biotech Undisclosed APA-01 traumatic brain injury (TBI); ischemic stroke Pre-Clinical Undisclosed Undisclosed Global
Cooperation S.Biomedics Parexel TED-A9 Parkinson’s disease (PD) Phase I/II Undisclosed Undisclosed United States; Japan
Cooperation Atomatrix inno.N CANDDIE small molecules obesity Pre-Clinical Undisclosed Undisclosed Global
Cooperation Noxopharm Inhatarget Therapeutics Sofra™ platform pneumonitis Undisclosed Undisclosed Undisclosed Global
License Apertura Gene Therapy AviadoBio TfR1 CapX™; AVB-406 Alzheimer’s disease (AD) Pre-Clinical Undisclosed Undisclosed Global
Cooperation Kestrel Therapeutics AbbVie KST-6051 solid tumor; sarcoma; colorectal cancer (CRC); NSCLC; pancreatic ductal carcinoma Phase I Undisclosed Undisclosed Global
Asset Acquisition; Divestiture Cumberland Pharmaceuticals Apotex lactulose; telavancin; conivaptan; Caldolor; Sancuso; Acetadote Gastroenterology; Infection; Respiratory; Dermatology; Neurology; Rare Disease; Cardiovascular; Oncology; Toxicology Approved Undisclosed Undisclosed United States
License MIT Cyclo Therapeutics adrabetadex ischemic stroke; Niemann-Pick disease type C; pressure ulcers; AD; MGD Filed Undisclosed Undisclosed United States
Cooperation Alteogen GC Wellbeing ALT-B4 increasing tissue permeability Approved Undisclosed Undisclosed Other
Cooperation Touchlight SVF Vaccines doggybone DNA™ (dbDNA™) platform Undisclosed Undisclosed Undisclosed Undisclosed Global
Cooperation Tempus AI Gilead Sciences AI platform Undisclosed Undisclosed Undisclosed Undisclosed Global
Cooperation Alloy Therapeutics Biogen AntiClastic™ ASO Platform; ASO program unknown/to be determined Pre-Clinical Undisclosed Undisclosed Global
License Evofem Biosciences Clovis Davis Pharmaceuticals secnidazole bacterial vaginosis; trichomoniasis; amebiasis; giardiasis; cholera; urethritis; E. coli infection Approved Undisclosed Undisclosed Other
Cooperation FRONTEO Astellas Pharma drug discovery Undisclosed Pre-Clinical Undisclosed Undisclosed Global
Cooperation Yuhan SK Chemicals telmisartan + amlodipine + chlorthalidone hypertension Approved Undisclosed Undisclosed Other
License Istituto Gentili Galena medication used in paediatric care Undisclosed Undisclosed Undisclosed Undisclosed Other
Cooperation; Option Interna Therapeutics Daiichi Sankyo Molecular Nano Motor (MNM) intracellular delivery platform Undisclosed Undisclosed Undisclosed Undisclosed Global
Source: YAFO Life Sciences Research
Global Licensing and Cooperation Deals April 2026
Deal Type Licensor Licensee Assets Disease Stage Total amount ($ million) Upfront ($ million) Deal Territory
License Keio University DWTI WP-1303 glaucoma or ocular hypertension Phase III Undisclosed Undisclosed Global
Cooperation Cincinnati Children’s Hospital Medical Center BioOra WZTL-002 mantle cell lymphoma (MCL); DLBCL; B-cell acute lymphoblastic leukemia; PMBCL; follicular lymphoma (FL); B-cell lymphoma Phase II Undisclosed Undisclosed United States; Other
Cooperation; License xFOREST Therapeutics Nippon Shinyaku FOREST technologies Undisclosed Undisclosed Undisclosed Undisclosed Global
Cooperation Rznomics Surgenex LNP-based RNA gene therapy Undisclosed Pre-Clinical Undisclosed Undisclosed Global
License Cartography Biosciences Gilead Sciences novel oncology target; ATLAS and SUMMIT Platforms triple negative breast cancer (TNBC); non-small cell lung cancer (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 drug candidates Undisclosed Pre-Clinical Undisclosed Undisclosed Global
Cooperation BioCubaFarma Promomed Multivalent therapeutic 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
License Mayo Clinic Mesoblast CAR-MSC technology platform oncology Undisclosed Undisclosed Undisclosed Global
Cooperation Quantori ImmuVia Q-Scientist platform; IMV-M non-small cell lung cancer (NSCLC); pancreatic cancer; cancer; gynecological cancer Pre-Clinical Undisclosed Undisclosed Global
Cooperation BostonGene ImmunoGenesis IMGS-001; AI-driven multi-omics platform TNBC; esophageal cancer; ovarian cancer (OVC); colorectal cancer (CRC); solid tumor; prostate cancer; gastric cancer; bladder cancer Phase I Undisclosed Undisclosed Global
Cooperation Acuitas Therapeutics Circio in vivo CAR-T cell therapy unknown/to be determined Pre-Clinical Undisclosed Undisclosed Global
Cooperation Ramot at Tel Aviv University Galmed Pharmaceuticals Aramchol PSC; gastrointestinal cancer; MAFLD; cholelithiasis; MASH; lipodystrophy 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 disorder of nervous system; migraine Pre-Clinical Undisclosed Undisclosed Global
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; Parkinson disease 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; rheumatoid arthritis 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 delivery 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 diseases therapy neurodegenerative disease Pre-Clinical Undisclosed Undisclosed Global
Cooperation NEXTGEN Bioscience inno.N NXC680 idiopathic pulmonary fibrosis (IPF) Pre-Clinical Undisclosed Undisclosed Global
Cooperation Barcode Nanotech Galmed Pharmaceuticals Aramchol PSC; gastrointestinal cancer; MAFLD; cholelithiasis; MASH; lipodystrophy Phase III Undisclosed Undisclosed Global
Cooperation Oxford BioTherapeutics Bristol-Myers Squibb OGAP-Verify based TCE therapy oncology Pre-Clinical Undisclosed Undisclosed Global
Source: YAFO Life Sciences Research
M&A Deals April 2026
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 Tubulis Gilead Sciences Full Acquisition TUB-030; TUB-040 5,000 3,150
Proposed Emalex Biosciences Teva Pharmaceutical Full Acquisition ecopipam 900 700
Proposed Neurona Therapeutics UCB Full Acquisition rezanecel 1,150 650
Proposed Hasten Biopharmaceuticals Everest Medicines
云顶新耀		 Full Acquisition Undisclosed 250 150
Proposed Replay Leo Pharma Full Acquisition Undisclosed Undisclosed 50
Proposed Organon & Co. Sun Pharma Full Acquisition benvitimod 1,175 Undisclosed
Proposed Soleno Therapeutics Neurocrine Biosciences Full Acquisition DCCR (diazoxide choline controlled release tablets) 2,900 Undisclosed
Proposed Ajax Therapeutics Eli Lilly Full Acquisition AJ1-11095 2,300 Undisclosed
Proposed KalVista Pharmaceuticals Chiesi Farmaceutici Full Acquisition sebetralstat 1,900 Undisclosed
Proposed Kestrel Therapeutics AbbVie Option Acquisition KST-6051 450 Undisclosed
Proposed CrossBridge Bio Eli Lilly Full Acquisition CB-120 300 Undisclosed
Proposed Assertio Holdings Garda Therapeutics Full Acquisition eflapegrastim 125 Undisclosed
Proposed Xinbai Pharmaceutical
新百药业		 Double-crane Pharmaceutical
华润双鹤		 Full Acquisition Undisclosed 33 Undisclosed
Proposed Galera Therapeutics Obsidian Therapeutics Merge cytoTIL15 Undisclosed Undisclosed
Completed Visufarma Lupin Full Acquisition Undisclosed Undisclosed Undisclosed
Proposed Cyclerion Therapeutics Korsana Biosciences Merge KRSA-028 Undisclosed Undisclosed
Proposed Kashiv BioSciences Amneal Pharmaceuticals Full Acquisition Undisclosed Undisclosed Undisclosed
Source: YAFO Life Sciences Research

2a. In-Licensing Deals

2b. Out-Licensing Deals

2c. Domestic Licensing Deals

3. Top Deals of the Year 2026

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。