1. Summary of the Week
From May 9 to 15, a total of 27 agreements were signed worldwide. Within China’s biotech industry, there were five out-licensing deals, three in-licensing deals, and four domestic transactions.
The top licensing deal in China was between Hengrui Pharmaceuticals and Bristol-Myers Squibb, with a total deal value of $15.2 billion and an upfront payment of $600 million, covering thirteen innovative projects.
Globally, 15 deals were announced. The largest transaction was between Arvinas, Pfizer, and Rigel Pharmaceuticals for the approved asset Vepdegestrant, with an upfront payment of $70 million and a total deal value of $405 million.
2026年5月9日-15日，全球医药市场共签署了27项资产授权和合作协议。中国市场共达成12项交易，包括5项出海交易、3项引进交易和4项国内交易。
国内市场上，本周最大的交易是恒瑞医药与Bristol-Myers Squibb达成授权合作，涉及13个创新资产，首付款6亿美元，总金额可达152亿美元。
国际市场上，本周共签署了15项资产授权和合作协议。最大的交易是Arvinas和Pfizer就其已获批资产Vepdegestrant与Rigel Pharmaceuticals达成授权合作，首付款7000万美元，总金额可达4.05亿美元。
2. Licensing Deals
China Licensing and Cooperation Deals May 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL |
AriBio | Fosun Pharmaceutical 复星医药 |
mirodenafil | ejaculatory dysfunction; hypertension; erectile dysfunction (ED); vascular dementia; Alzheimer’s disease (AD) | Approved | Undisclosed | 80 | United States; Europe; Japan; Other |
| China IL |
Bristol-Myers Squibb | Hengrui Pharmaceuticals 恒瑞医药 |
four BMS Immunology Projects | immunology | Pre-Clinical | Undisclosed | Undisclosed | Chinese mainland; Hong Kong, Macao and Taiwan |
| China IL |
GSK | Chia Tai Tianqing Pharmaceutical 正大天晴 |
bepirovirsen | HIV-1 infection; chronic hepatitis B; hepatitis B | Filed | Undisclosed | Undisclosed | Chinese mainland |
| China OL |
Hengrui Pharmaceuticals 恒瑞医药 |
Bristol-Myers Squibb | Four projects in hematology and oncology; Five innovative projects | oncology; hematology | Pre-Clinical | 15,200 | 600 | United States; Europe; Japan; Other |
| China OL |
Degron Therapeutics 达歌生物 |
Merck & Co. | GlueXplorer molecular glue degrader | cancer | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL |
Zelgen Biopharm 泽璟制药 |
Merck & Co. | Trispecific antibody drugs | solid tumor | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL |
MedimScience 美赛生物 |
Merck & Co. | autoimmune disease antibodies | autoimmune disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL |
AP Biosciences 圆祥生命科技 |
Undisclosed | novel immune-related drug candidates | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | United States |
| China Domestic |
Keyino 科医诺 |
Huapai Biomedical; Tianyuan Bio-Pharmaceutical 浙江华派生物; 天元生物 |
KYN003 | influenza | Pre-Clinical | Undisclosed | Undisclosed | Unknown |
| China Domestic |
Open Source Therapeutics 盛睿泽华 |
Pharmacin 药欣生物 |
PDE4B inhibitor | idiopathic pulmonary fibrosis (IPF); chronic obstructive pulmonary disease (COPD) | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic |
Delova Biotech 清普生物 |
Rxilient Biotech 康联达生技 |
QP001 (meloxicam long-acting intravenous injection) | pain; post-operative pain | Approved | Undisclosed | Undisclosed | United States; Europe; Other |
| China Domestic |
Insilico Medicine 英矽智能 |
Ribo Life Science 瑞博生物 |
Small nucleic acid drug research and development | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
2a. China Section
2b. Global Section
Global Licensing and Cooperation Deals May 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| License | Arvinas; Pfizer | Rigel Pharmaceuticals | vepdegestrant | solid tumor; HER2 positive breast cancer; breast cancer; hormone receptor positive breast cancer; triple negative breast cancer (TNBC) | Approved | 405 | 70 | Global |
| License | Curacle; MabTics | Memento Medicines | MT-103 | wet age-related macular degeneration; diabetic macular edema (DME); diabetic retinopathy (DR) | Pre-Clinical | 1,008 | 8 | Global |
| License; Collaboration | Innovo Therapeutics | Daewoong Pharmaceutical | INV-008 | inflammatory bowel disease (IBD) | Pre-Clinical | 466 | 4.6 | Global |
| License; Option | Nanoform | Undisclosed | biologics nanoparticle technology | Undisclosed | Undisclosed | Undisclosed | 1 | Global |
| Collaboration | Pharos iBio | Kolon Pharmaceutical | PHI-701 | lung cancer | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Collaboration; License; Option | University of Cambridge | AndzonBio | neuroinflammation treatment program | neuroinflammation | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License | SpiroChem | Veritas In Silico | mRNA-targeting compounds | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License | VRG Therapeutics | AOP Health | Kv1.3 potassium channel inhibitor | inflammatory (not otherwise specified); immunology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Cooperation; License | VoxCell | adMare | vascularized human tissue model; antibody-based immune-modulating therapy | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Undisclosed |
| License; Option | ProAbtech | AffyXell | LYTAC protein degrader | autoimmune disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Asset Acquisition | Immunitas Therapeutics | Boehringer Ingelheim | IMT-380 | autoimmune disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Collaboration | Variational AI | 3C Therapeutics | TriCore DAC program; Enki™ platform | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Other |
| License | Impetis Biosciences | Vyome Holdings | PNQ-701; PNQ-401 | rheumatoid arthritis (RA); psoriasis | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License; Cooperation | Cel-Sci | Saudi Amarox | Multikine | perianal wart; squamous cell carcinoma of the head and neck (SCCHN); oral cancer | Filed | Undisclosed | Undisclosed | Other |
| Option; License | Novo Nordisk | Cellular Intelligence | STEM-PD | Parkinson’s disease (PD) | Phase I/II | Undisclosed | Undisclosed | Global |
Source: YAFO Life Sciences Research
3. M&A Deals
M&A Deals May 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) | Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Assertio Holdings | Zydus Worldwide | Full Acquisition | Undisclosed | 166 | Undisclosed |
Source: YAFO Life Sciences Research
4. Top Deals of 2026
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 |
| 2026-05-12 | Hengrui Pharmaceuticals 恒瑞医药 |
Bristol-Myers Squibb | Haematology; Oncology | Pre-Clinical | 15,200 | 600 |
| 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 | 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 |
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 |
| 2026-04-28 | Huahui Health 华辉安健 |
BeOne Medicines 百济神州 |
Oncology | Pre-Clinical | 2,024 | 20 |
| 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 2026
| 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 |
| 2026-05-12 | Arvinas; Pfizer | Rigel Pharmaceuticals | Oncology | Approved | 405 | 70 |
5. 2021-2025 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 