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2026 May-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 May 2026, 79 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 11 out-licensing deals, 5 in-licensing deals, and 15 domestic partnerships.

In China, the largest in-licensing deal involved AriBio and Fosun Pharmaceutical for the phase 3 asset mirodenafil, with an upfront payment of $80 million. The largest out-licensing deal was signed by Innovent Biologics and Pfizer, with an upfront payment of $650 million and a total deal value of $10.5 billion, for the twelve early-stage oncology projects. The largest domestic deal was between Genrix Bio and YaoPharma for the filed asset velinotamig, including an upfront payment of $42 million and a total deal value of $253 million.

Internationally, 48 cross-border deals were reported, with the largest being the agreement between Hansa Biopharma and Serb Sa for the approved asset imlifidase, with an upfront payment of $124 million and a total deal value of $130 million.

2026年5月，全球医药市场共签署了79项资产授权和合作协议。中国市场共达成31项交易，包括11项出海交易、5项引进交易和15项国内交易。

国内市场上，本月最大的引进交易是复星医药从Aribio获得临床三期资产mirodenafil全球独家选择权，首付款8000万美元；最大的出海交易是信达生物与Pfizer就12个肿瘤早期及源头创新研发项目达成全球战略合作，首付款6.5亿美元，总金额可达105亿美元；最大的国内交易是复星医药子公司药友制药获得智翔金泰已递交上市申请资产velinotamig的大中华区独家权益，首付款4200万美元，总金额可达2.53亿美元。

国际市场上，本月共签署了48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

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
IL		 Kissei Orient Europharma
友华生技		 olutasidenib Rare Disease; Hematology; Oncology Approved Undisclosed Undisclosed Other
China
IL		 Merz Pharma Kerui Pharmaceutical
科睿药业		 Inbrija (inhaled levodopa) asthma; cognitive disorder; Parkinson’s disease (PD); essential tremor Approved Undisclosed Undisclosed Chinese mainland; Other
Source: YAFO Life Sciences Research
China Licensing and Cooperation Deals May 2026
Deal Type Licensor Licensee Assets Disease Stage Total amount
($ million)		 Upfront
($ million)		 Deal Territory
China
OL		 Innovent Biologics
信达生物		 Pfizer Four exclusive global licensing oncology projects; Four exclusive licensed oncology projects outside of greater China; Four jointly commercialized tumor projects oncology Pre-Clinical 10,500 650 Global; United States; Europe; Japan; Other
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		 Siran Biotech
时安生物		 GSK SA030 obesity; overweight Phase I 1,005 Undisclosed United States; Europe; Japan; Other
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		 Wellington Zhaotai; ZHAOTAI MEDICAL GROUP
昭泰医疗集团		 BioOra WZTL-002 mantle cell lymphoma; diffuse large B-cell lymphoma; B-cell acute lymphoblastic leukemia; PMBCL; follicular lymphoma (FL); B-cell lymphoma Phase II Undisclosed Undisclosed 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
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
OL		 METiS Therapeutics
剂泰医药		 Deerfield Leading T-cell Engager (TCE) Project; Next-generation in vivo protein drugs and immunotherapy Undisclosed Phase I; Pre-Clinical Undisclosed Undisclosed Global
Source: YAFO Life Sciences Research
China Licensing and Cooperation Deals May 2026
Deal Type Licensor Licensee Assets Disease Stage Total amount
($ million)		 Upfront
($ million)		 Deal Territory
China
Domestic		 Genrix Bio
智翔金泰		 YaoPharma
药友制药		 velinotamig autoimmune disease; multiple myeloma (MM); systemic lupus erythematosus (SLE) Filed 253 42 Chinese mainland; Hong Kong, Macao and Taiwan
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
China
Domestic		 InxMed
应世生物		 Fosun Pharmaceutical
复星医药		 ifebemtinib; IN10028 Rare Disease; Oncology Phase III; Phase I Undisclosed Undisclosed Global; Chinese mainland
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
China
Domestic		 HanchorBio
汉康生技		 Hebei Tsinghua Development Institute
河北清华发展研究院		 HCB101 colorectal cancer (CRC); breast cancer; gastric cancer; non-Hodgkin lymphoma (NHL); triple negative breast cancer (TNBC); head and neck cancer; lung cancer; small cell lung cancer (SCLC); ovarian cancer (OVC); liver cancer; gastro-esophageal junction cancer; squamous cell carcinoma of the head and neck (SCCHN); solid tumor Phase II Undisclosed Undisclosed Global
China
Domestic		 ChomiX Biotech
科络思生物		 Sunshine Lake Pharma
东阳光药		 Innovative drug research and development Undisclosed Undisclosed Undisclosed Undisclosed Global
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		 Yuchenda Biotechnology
煜辰达生物		 Biosmelt Pharma
佰炼生物		 CCR5 knockout hematopoietic stem cell therapy HIV-1 infection Pre-Clinical Undisclosed Undisclosed Global
China
Domestic		 Insilico Medicine; Teruisi
英矽智能; 特瑞思		 ETERN Therapeutics
奕拓医药		 Innovative Drugs for Skin Anti-Aging aging; cutaneous photoaging Pre-Clinical Undisclosed Undisclosed Global
China
Domestic		 Teruisi Pharma
特瑞思		 Zhenbao Island Pharmaceutical
珍宝岛医药		 TRS005 diffuse large B-cell lymphoma (DLBCL); large B-cell lymphoma (LBCL); B-cell lymphoma; non-Hodgkin lymphoma (NHL) Phase II Undisclosed Undisclosed Chinese mainland; Hong Kong, Macao and Taiwan
China
Domestic		 BeOne Medicines
百济神州		 Shanghai Pharma
上药控股		 tarlatamab Neurology; Respiratory; Rare Diseases; Immunology; Cardiovascular; Oncology Approved Undisclosed Undisclosed Chinese mainland
China
Domestic		 Trinomab
泰诺麦博		 Shanghai Pharma
上药控股		 siltartoxatug tetanus Approved Undisclosed Undisclosed Other
Source: YAFO Life Sciences Research
Global Licensing and Cooperation Deals May 2026
Deal Type Licensor Licensee Assets Disease Stage Total amount ($ million) Upfront ($ million) Deal Territory
License Hansa Biopharma SERB SA 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
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 BioCryst Pharmaceuticals Neopharmed Gentili navenibart hereditary angioedema (HAE) Phase III 345 70 Europe
Collaboration; License; Investment Parabilis Medicines Regeneron Pharmaceuticals Helicon™ peptide platform; antibody-Helicon conjugates unknown/to be determined Pre-Clinical 2,325 50 Global
License Arrowhead Pharmaceuticals Madrigal Pharmaceuticals JNJ-75220795 metabolic dysfunction-associated steatohepatitis (MASH); fatty liver Phase I 1,000 25 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
License PharmAla Biotech Jupiter Neurosciences ALA-002 autism spectrum disorder (ASD) Pre-Clinical 3 Undisclosed United States
Collaboration Jazz Pharmaceuticals Nippon Zoki Pharma cannabidiol Respiratory; Rare Diseases; Dermatology; Oncology; Genitourinary; Neurology; Infection; Gastroenterology; Anaesthesiology; Haematology; Musculoskeletal; Immunology; Cardiovascular; Psychiatry; Other; Endocrinology & Metabolism Approved Undisclosed Undisclosed Japan
Collaboration FutureChem TMI 18F-florastamin prostate cancer; positron emission tomography imaging Approved Undisclosed Undisclosed Other
Collaboration NVIDIA QIAGEN AI-driven drug discovery Undisclosed Undisclosed Undisclosed Undisclosed Global
Divestiture Paragon Therapeutics Mentari Therapeutics MT-002 (Mentari); MT-001 (Mentari) migraine Undisclosed Undisclosed Undisclosed Global
Collaboration Genethon Ampersand Biomedicines Next-generation AAV vectors Undisclosed Undisclosed Undisclosed Undisclosed Global
License Polpharma Biologics Tuteur Biosimilars for autoimmune diseases Undisclosed Undisclosed Undisclosed Undisclosed Other
Collaboration SK Bioscience VECOL SKY Varicella chickenpox Approved Undisclosed Undisclosed Other
License NMIMR Asahi Kasei Pharma Novel antibody-drug conjugate (ADC) technology Undisclosed Undisclosed Undisclosed Undisclosed Global
Collaboration Galux Aimed Bio BBB-crossing protein delivery platform Undisclosed Undisclosed Undisclosed Undisclosed Global
Collaboration LifeArc Elpida Therapeutics MELPIDA; TSHA-121; Elpida-02 spastic paralysis; hereditary spastic paraplegia; neuronal ceroid lipofuscinosis (NCL); Charcot-Marie-Tooth disease type 4J; Charcot-Marie-Tooth disease (CMT) Phase III; Phase I/II Undisclosed Undisclosed Europe
Cooperation; License Cancer Research UK; Cancer Research Horizons UCB novel cancer treatment cancer Pre-Clinical Undisclosed Undisclosed Global
License; Option Therapeutics Oragenics PRV-002; cardiodialysis™ technology traumatic brain injury (TBI) Phase II Undisclosed Undisclosed Global
Asset Acquisition Turn Biotechnologies Daewoong Pharmaceutical Intellectual property rights and assets related to the ERA technology platform Undisclosed Undisclosed Undisclosed Undisclosed Global
License; Cooperation Eli Lilly 1st Biotherapeutics AI drug discovery platform neurodegenerative disease; cancer Undisclosed Undisclosed Undisclosed Global
Option; License Halozyme Therapeutics GSK ENHANZE® technology for oncology targets oncology Undisclosed Undisclosed Undisclosed Global
Asset Acquisition Oncotelic Lunai Bioworks N2B (nose-to-brain) delivery system Alzheimer’s disease (AD) Undisclosed Undisclosed Undisclosed Global
Cooperation Institute for Protein Innovation Alloy Therapeutics vhh (nanobody) libraries Undisclosed Undisclosed Undisclosed Undisclosed Global
Cooperation Apertura Gene Therapy TSC Alliance TfR1 CapX™; TSC gene therapy tuberous sclerosis complex (TSC) Pre-Clinical Undisclosed Undisclosed Global
Asset Acquisition Matrivax Elaris MVX02 Clostridium difficile infection (CDI) Pre-Clinical Undisclosed Undisclosed Global
License Abeona Therapeutics Sangrail Biologics ABO-101 mucopolysaccharidosis IIIB (MPSIIIB) Phase I/II Undisclosed Undisclosed Global
Cooperation Kubota Vision Laboratoires KÔL emixustat geographic atrophy; Stargardt disease; proliferative diabetic retinopathy Phase III Undisclosed Undisclosed Other
Cooperation; License Halozyme Therapeutics Oruka Therapeutics ORKA-001; Hypercon™ technology psoriasis; plaque psoriasis Phase II Undisclosed Undisclosed Global
Collaboration Pharos iBio Kolon Pharmaceutical PHI-701 lung cancer Pre-Clinical Undisclosed Undisclosed Global
Collaboration; License; Option University of Cambridge AndzonBio2 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
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
Collaboration Orbicular Apotex semaglutide biosimilar type 2 diabetes Pre-Clinical Undisclosed Undisclosed Global
M&A Deals May 2026
Status Acquiree Acquiror Acquisition Type Item Total amount ($ million) Upfront ($ million)
Proposed Candid Therapeutics UCB Full Acquisition GB261 2,200 2,000
Proposed Perfuse Therapeutics Bayer Full Acquisition PER-001 2,450 300
Proposed Catalyst Pharmaceuticals Angelini Full Acquisition vamorolone; perampanel; amifampridine 4,100 Undisclosed
Proposed Curevo Vaccine Eli Lilly Full Acquisition amezosvatein 1,550 Undisclosed
Proposed Vaccine Company Eli Lilly Full Acquisition VXCO-102 1,550 Undisclosed
Proposed LimmaTech Biologics Eli Lilly Full Acquisition IBT-V02 780 Undisclosed
Proposed InnocsAI Liminatus Full Acquisition IBC101; INC102; INC101 320 Undisclosed
Completed Engage Biologics Eli Lilly Full Acquisition Tethosome platform 202 Undisclosed
Proposed Assertio Holdings Zydus Worldwide Full Acquisition Undisclosed 166 Undisclosed
Proposed Shimei Pharmaceutical Shanghai Tenghui Partial Acquisition Undisclosed 97 Undisclosed
Completed DeuterOncology Pathos Partial Acquisition OMO-2 Undisclosed Undisclosed
Proposed Mentari InMed Pharmaceuticals Reverse Takeover MT-001; MT-002 Undisclosed Undisclosed
Proposed AmbioPharm Corden Pharma 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

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
2026-05-29 Innovent Biologics
信达生物		 Pfizer Oncology Pre-Clinical 10,500 650
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
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
2026-05-14 AriBio Fosun Pharmaceutical
复星医药		 Neurology; Cardiovascular; Genitourinary Approved Undisclosed 80
Top China Domestic Licensing and Cooperation Deals 2026
Date Licensor Licensee Field Stage Total amount
($ million)		 Upfront
($ million)
2026-05-29 Genrix Bio
智翔金泰		 YaoPharma
药友制药		 Hematology; Rare Diseases; Immunology; Dermatology; Oncology Filed 253 42
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
2026-05-19 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

4. 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。