1. Summary of the Week
From June 1 to 5, a total of 26 agreements were signed worldwide. Within China’s biotech industry, there were five out-licensing deals and two domestic transactions.
In China, the largest out-licensing deal involved Everest Medicines and Travere Therapeutics for the phase 2 asset civorebrutinib, with an upfront payment of $112.5 million and a total deal value of $1.14 billion. The largest domestic deal was between Mabworks Biotech and Everest Medicines for the approved asset obinutuzumab β, including an upfront payment of $3.2 million and a total deal value of $29 million.
Globally, 19 deals were announced. The largest transaction was between Edgewise Therapeutics and Servier for the muscular dystrophy business, including the phase 2 asset sevasemten, with an upfront payment of $1.55 billion and a total deal value of $2.65 billion.
2026年6月1日-5日，全球医药市场共签署了26项资产授权和合作协议。中国市场共达成7项交易，包括5项出海交易和2项国内交易。
国内市场上，本周最大的出海交易是云顶新耀与Travere Therapeutics就临床二期资产civorebrutinib达成独家授权许可与合作，首付款1.125亿美元，总金额可达11.4亿美元。本周最大的国内交易是天广实与云顶新耀就已获批资产obinutuzumabβ达成在亚太部分地区的独家商业化许可合作，首付款320万美元，总金额可达2900万美元。
国际市场上，本周共签署了19项资产授权和合作协议。最大的交易是Servier收购Edgewise Therapeutics包括临床二期资产sevasemten在内的肌营养不良症业务，首付款15.5亿美元，总金额可达26.5亿美元。
2. Licensing Deals
China Licensing and Cooperation Deals June 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL | Everest Medicines 云顶新耀 |
Travere Therapeutics | civorebrutinib | B-cell lymphoma; pemphigus; IgA nephropathy (IgAN); nephropathy; minimal change nephrotic syndrome; neuromyelitis optica (NMO); autoimmune disease; systemic lupus erythematosus (SLE); multiple sclerosis (MS); focal segmental glomerulosclerosis (FSGS); idiopathic membranous nephropathy (IMN); proteinuria | Phase II | 1,142.5 | 112.5 | United States; Europe; Other |
| China OL | Haisco Pharmaceutical 海思科 |
Eli Lilly | A maximum of five innovative drug projects targeting multiple targets | Undisclosed | Pre-Clinical | 3,054 | Undisclosed | United States; Europe; Japan; Other; Global |
| China OL | GenAssist Therapeutics 新芽基因 |
Circi | gene therapy for hereditary muscle diseases; in vivo CAR-T cell therapy for cancer | muscular disease; cancer | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Chime Biologics 鼎康生物 |
Daewoong Pharmaceutical | dupilumab biosimilar | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Boan Biotech 博安生物 |
Undisclosed | dulaglutide biosimilar | type 2 diabetes | Approved | Undisclosed | Undisclosed | United States |
| China Domestic | Mabworks Biotech 天广实 |
Everest Medicines 云顶新耀 |
obinutuzumab β | Neurology; Haematology; Rare Diseases; Immunology; Dermatology; Oncology; Genitourinary | Approved | 293.2 | Undisclosed | Hong Kong, Macao and Taiwan; Other |
| China Domestic | PrimeGene 普祺医药 |
Simcere Pharmaceutical Group 先声药业集团 |
pumecitinib | seasonal allergic rhinitis (SAR); prurigo; atopic dermatitis; prurigo nodularis; allergic rhinitis; dystrophic epidermolysis bullosa (DEB); vitiligo; radiation dermatitis; epidermolysis bullosa (EB); solar dermatitis | Filed | 28 | Undisclosed | Chinese mainland; Other |
Source: YAFO Life Sciences Research
2a. China Section
2b. Global Section
Global Licensing and Cooperation Deals June 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| Asset Acquisition | Edgewise Therapeutics | Servier | sevasemten | limb girdle muscular dystrophy (LGMD); muscular dystrophy; Duchenne muscular dystrophy (DMD); Becker’s muscular dystrophy (BMD) | Phase II | 2,650 | 1,550 | Global |
| Collaboration; Investment | Inceptive | Alnylam Pharmaceuticals | RNAi therapy program | unknown/to be determined | Pre-Clinical | 2,000 | 30 | Global |
| License; Option | Oscotec | Agios Pharmaceuticals | cevidoplenib | immune thrombocytopenia; rheumatoid arthritis (RA) | Phase II | 665 | 25 | Global |
| Collaboration; License; Option | CytomX Therapeutics | Regeneron Pharmaceuticals | conditionally active bispecific antibodies; PROBODY platform | cancer | Pre-Clinical | 4,000 | Undisclosed | Global |
| Collaboration; License; Option; Investment | Alpha Tau | Tolmar | Alpha DaRT | vulvar cancer; cutaneous squamous cell carcinoma (CSCC); cancer; skin cancer; squamous cell carcinoma of the head and neck (SCCHN); pancreatic cancer; solid tumor; oral cancer; breast cancer; lung cancer; glioblastoma multiforme (GBM); soft tissue sarcoma (STS); liver metastasis; pulmonary hypertension due to lung diseases or hypoxemia; cutaneous metastasis; prostate cancer; head and neck cancer | Approved | 196.5 | Undisclosed | United States |
| Collaboration | Moderna | CEPI | BDBV mRNA vaccine | Ebola virus infection | Pre-Clinical | 50 | Undisclosed | Global |
| Collaboration | University of Oxford | CEPI | ChAdOx1 BDBV vaccine | Ebola virus infection | Pre-Clinical | 9 | Undisclosed | Global |
Source: YAFO Life Sciences Research
Global Licensing and Cooperation Deals June 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) | Upfront ($ million) | Deal Territory |
|---|---|---|---|---|---|---|---|---|
| Collaboration | International AIDS Vaccine Initiative | CEPI | rVSV BDBV vaccine | Ebola virus infection | Pre-Clinical | 3.2 | Undisclosed | Global |
| Divestiture | MindMaze Therapeutics | Undisclosed | RLF-OD032 (sapropterin oral suspension) | phenylketonuria (PKU) | Phase I | 3 | Undisclosed | United States; Other |
| Collaboration | University of Texas Southwestern Medical Center | IDEfine | EHMT1 gene replacement therapy | Kleefstra syndrome | Pre-Clinical | 0.31 | Undisclosed | Global |
| Collaboration | AriBioLab Vaccine Institute | Samjin Pharmaceutical | CVI-HBV-001; CVI-VZV-001; CVI-HBV-002; Development of multiple vaccine pipelines | herpes zoster; hepatitis B; chronic hepatitis B | Phase II | Undisclosed | Undisclosed | Other |
| Collaboration | hVIVO | Decoy Therapeutics | lead D-MAV candidates | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | United States; Europe; Other |
| Collaboration | Novorex | Preclina | New drug development | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Collaboration | Samsung Medical Center | Samsung Bioepis | AI-driven Therapeutic Technologies and Novel Drug Target Research Platform | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Other |
| Collaboration | Crafton Biotechnology | FunPep | PureCap mRNA vaccine | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Global |
| License | Luminopia | Rohto Pharmaceutical | Luminopia One | strabismus; amblyopia | Approved | Undisclosed | Undisclosed | Japan |
| Collaboration | Kite Pharma | Cencora | axicabtagene ciloleucel; brexucabtagene autoleucel | Hematology; Rare Diseases; Immunology; Oncology | Approved | Undisclosed | Undisclosed | United States |
| Collaboration | Cradle Bio | Lundbeck | Two antibody programs for CNS diseases; AI-powered protein engineering platform | disorder of nervous system; brain disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| Collaboration; License; Option | Ascidian Therapeutics | Eli Lilly | monogenic kidney disease therapy program; RNA exon editing technology | nephropathy | Pre-Clinical | Undisclosed | Undisclosed | Global |
Source: YAFO Life Sciences Research
3. M&A Deals
M&A Deals June 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) | Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Avenzo Therapeutics | Rallybio | Reverse Takeover | DB-1418; ARTS-021; VBC103; ARTS-023 | Undisclosed | Undisclosed |
| Proposed | Pantherna Therapeutics | T-CURX | Full Acquisition | Undisclosed | Undisclosed | 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 |
| 2026-05-29 | 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 | Hematology; 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 |
| 2026-06-02 | Everest Medicines 云顶新耀 |
Travere Therapeutics | Neurology; Hematology; Rare Diseases; Immunology; Dermatology; Oncology; Genitourinary | Phase II | 1,142.5 | 112.5 |
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 |
| 2026-06-01 | Edgewise Therapeutics | Servier | Musculoskeletal; Rare Diseases | Phase II | 2,650 | 1,550 |
| 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 |
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 