1. Summary of the Week
From May 16 to 22, a total of 11 agreements were signed worldwide. Within China’s biotech industry, there were two out-licensing deals and two domestic transactions.
Although no standout mega-deal emerged this week, China’s licensing market continued to see steady dealmaking activity across a diverse range of assets.
Globally, seven deals were announced. The largest transaction in terms of upfront payment was between Hansa Biopharma and SERB S.A. for the approved asset Imlifidase, with an upfront payment of $124 million and a total deal value of $130 million.
2026年5月16日-22日，全球医药市场共签署了11项资产授权和合作协议。中国市场共达成4项交易，包括2项出海交易和2项国内交易。
国内市场上，本周没有交易公布首付款金额。
国际市场上，本周共签署了7项资产授权和合作协议。首付款最大的交易是Hansa Biopharma与SERB S.A.就已获批资产Imlifidase达成独家授权协议，首付款1.24亿美元美元，总金额可达1.3亿美元。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL |
Nanjing Medical University 南京医科大学 |
Tolerance Bio | IL-33 antagonist | Undisclosed | Pre-Clinical | 1.4 | Undisclosed | Global |
| China OL |
DAC Biotech 多禧生物 |
Whitehawk Therapeutics | CPT113 linker-payload; Develop up to 5 new ADC drugs targeting multiple targets | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic |
Chia Tai Fenghai Pharmaceutical; Nanjing Chuangte 正大丰海; 江苏创特 |
Henlius Biotech 复宏汉霖 |
adonertinib | non-small cell lung cancer (NSCLC); lung cancer | Filed | Undisclosed | Undisclosed | Chinese mainland; Other |
| China Domestic |
METiS Therapeutics 剂泰医药 |
GRIT Biotechnology 沙砾生物 |
LNP delivery technology | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
2a. China Section
2b. Global Section
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| License | Hansa Biopharma | SERB | Imlifidase | renal transplant rejection; Pompe disease; Duchenne muscular dystrophy (DMD); Crigler Najjar syndrome; Goodpasture syndrome; ANCA-associated vasculitis (AAV); thrombotic thrombocytopenic purpura (TTP); Guillain-Barré syndrome; neuromyelitis optica (NMO) | Approved | 130 | 124 | Europe; Other |
| License; Option; Investment | Genesis Therapeutics | Incyte | Discovery of small molecule drugs | Undisclosed | Pre-Clinical | 1,280 | 80 | Global |
| Collaboration; License; Investment | Parabilis Medicines | Regeneron Pharmaceuticals | Helicon™ peptide platform; antibody-Helicon conjugates | unknown/to be determined | Pre-Clinical | 2,325 | 50 | Global |
| Asset Acquisition | Carisma Therapeutics | United Immunity | Macrophage-related assets | hepatic fibrosis; cancer | Undisclosed | Undisclosed | Undisclosed | Global |
| Collaboration | Hanmi Pharmaceuticals | Organon & Co. | Three compound drugs | cardiovascular disease; respiratory disease | Undisclosed | Undisclosed | Undisclosed | Other |
| License | Knight Therapeutics | Eton Pharmaceuticals | miltefosine | visceral leishmaniasis; invasive candidiasis (IC); leishmaniasis; chronic urticaria; cutaneous leishmaniasis; mucosal leishmaniasis | Approved | Undisclosed | Undisclosed | United States |
| License | Japan BCG Laboratory | ImmunityBio | BCG Vaccine | respiratory tract infection; non-muscle invasive bladder cancer (NMIBC); tuberculosis (TB); urothelial cell carcinoma (UCC) | Approved | Undisclosed | Undisclosed | United States |
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) | Upfront ($ million) |
|---|---|---|---|---|---|---|
| Completed | Engage Biologics | Eli Lilly | Full Acquisition | Tethosome platform | 202 | Undisclosed |
| Proposed | Mentari | InMed Pharmaceuticals | Reverse Takeover | MT-001; MT-002 | Undisclosed | Undisclosed |
4. Top Deals of 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 |
| 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 |
| 2026-04-28 | 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 |
| 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 |
| 2026-05-19 | Hansa Biopharma | SERB SA | Neurology; Rare Diseases; Musculoskeletal; Hematology; Immunology; Endocrinology & Metabolism | Approved | 130 | 124 |
| 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 |
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 