1. Summary of the Week

From June 6 to 12, a total of 25 agreements were signed worldwide. Within China’s biotech industry, there were four out-licensing deals, one in-licensing deal, and five domestic transactions.

In China, the largest out-licensing deal involved Laekna Therapeutics and Vasque Bio for the phase 1 asset LAE118, with an upfront payment of $10 million and a total deal value of $527 million. The largest domestic deal was between Vcare PharmaTech and Everest Medicines for the filed asset vicagrel, including an upfront payment of $3 million.

Globally, 15 deals were announced. The largest transaction was between Nurix Therapeutics and Roche for the phase 3 asset bexobrutideg, with an upfront payment of $700 million and a total deal value of $2.3 billion.

2026年6月6日-12日，全球医药市场共签署了25项资产授权和合作协议。中国市场共达成10项交易，包括4项出海交易、1项引进交易和5项国内交易。

国内市场上，本周最大的出海交易是来凯医药与Vasque Bio就临床一期资产LAE118达成独家许可协议，首付款1000万美元，总金额可达5.27亿美元。本周最大的国内交易是威凯尔与云顶新耀就已递交上市申请资产vicagrel达成在亚太部分地区的独家授权许可，首付款300万美元。

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Roche与Nurix Therapeutics达成独家许可与合作协议，双方将合作开发与商业化临床三期资产bexobrutideg，首付款7亿美元，总金额可达23亿美元。

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 IL	Verge Genomics (Verge Labs)	Tenacia Biotechnology 元羿生物	AI platform and CNS targets analysis	disorder of nervous system	Undisclosed	Undisclosed	Undisclosed	Global
China OL	Laekna Therapeutics 来凯医药	Vasque Bio	LAE118	cancer; solid tumor	Phase I	527	10	United States; Europe; Japan; Other
China OL	XtalPi 晶泰科技	Undisclosed	GPCR target oral small molecular	unknown/to be determined	Pre-Clinical	400	Undisclosed	Global
China OL	Formosa Pharmaceuticals 台新药	Samil	APP13007 (clobetasol propionate nanoparticle)	cataract; ocular postoperative inflammation; ocular postoperative pain	Approved	Undisclosed	Undisclosed	Other
China OL	WestGene Biopharma 威斯津生物	Cartesian Therapeutics	in vivo CAR T; BCMA targeting TCE	myasthenia gravis (MG); autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Vcare PharmaTech 威凯尔	Everest Medicines 云顶新耀	vicagrel	peripheral arterial disease (PAD); myocardial infarction; ischemic stroke; acute coronary syndrome (ACS); stroke; percutaneous coronary intervention (PCI); transient ischemic attack (TIA); atherosclerosis (AS); coronary heart disease (CHD); thrombotic diseases	Filed	Undisclosed	3	Hong Kong, Macao and Taiwan; Other
China Domestic	Guiyang University of Traditional Chinese Medicine 贵州中医药大学	Tongjitang Pharmaceutical 同济堂	JiSheQu	pain	Pre-Clinical	2	Undisclosed	Global
China Domestic	Junshi Biosciences 君实生物	Zhiyu Biomedical 致域生物	The antibody development technology for targeting three products in the field of tumor treatment; ADC platform technology	oncology	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	Corxel Pharmaceuticals 箕星药业	Everest Medicines 云顶新耀	aceclidine	glaucoma or ocular hypertension; presbyopia	Approved	Undisclosed	Undisclosed	Chinese mainland; Hong Kong, Macao and Taiwan
China Domestic	Institute of Microbiology, Chinese Academy of Sciences 中国科学院微生物研究所	Shanghai Juntuo Biotech 上海君拓生物	quadrivalent recombinant dengue fever vaccine	dengue fever	Pre-Clinical	Undisclosed	Undisclosed	Global

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
Collaboration; License	Nurix Therapeutics	Roche	bexobrutideg	Haematology; Rare Diseases; Immunology; Oncology	Phase III	2,300	700	Global; United States; Chinese mainland; Hong Kong, Macao and Taiwan; Europe; Japan; Other
Collaboration	Orionis Biosciences	Novartis	Allo-Glue program	unknown/to be determined	Undisclosed	1,440	40	Global
License	AlzeCure Pharma	Eli Lilly	ACD680	Alzheimer’s disease (AD)	Pre-Clinical	1,000	10	Global
Collaboration; Option; License	Engitix	GSK	Novel therapeutic targets for liver fibrosis reversal	pulmonary fibrosis	Pre-Clinical	214	Undisclosed	Global
License; Collaboration	ExCellThera; Cordex	Medexus Pharmaceuticals	dorocubicel	hematopoietic stem cell transplantation (HSCT); multiple myeloma (MM); sickle cell disease (SCD); myeloid malignancies; acute leukemia; hematologic malignancies; myelodysplastic syndrome (MDS)	Approved	2	Undisclosed	Other
Collaboration	Moberg Pharma	Karo Pharma	MOB-015 (terbinafine)	erythema; onychomycosis	Approved	Undisclosed	Undisclosed	Chinese mainland
License	University of California, Los Angeles	FloBiotech	DDL-357	Alzheimer’s disease (AD)	Pre-Clinical	Undisclosed	Undisclosed	Global
Collaboration	FunPep	Toyochem	Topical absorption formulation of antibody-induced peptides	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Japan
Collaboration	Mayo Clinic	Syntax Bio	allogeneic pancreatic beta cell therapy	type 1 diabetes	Pre-Clinical	Undisclosed	Undisclosed	Global
Collaboration	Liquid Biosciences	Ignite Biomedical	drug target discovery	autism spectrum disorder (ASD); post-traumatic stress disorder (PTSD); drug dependence	Pre-Clinical	Undisclosed	Undisclosed	Global
License	University of Copenhagen	HERVolution	HERV-targeting technology for controlling weight gain	obesity; Overweight	Undisclosed	Undisclosed	Undisclosed	Global
License	Dong-A ST	Arrotex	cenobamate	status epilepticus (SE); photosensitive epilepsy; GTCS; seizure; epilepsy; focal onset seizure	Approved	Undisclosed	Undisclosed	Other
Collaboration	n-Lorem Foundation	Servier	ASO for rare genetic neurodevelopmental disorders	neurodevelopmental disorder	Pre-Clinical	Undisclosed	Undisclosed	Global
Collaboration	BridgeBio Pharma	DKSH	acoramidis	cardiomyopathy; cardiac amyloidosis; ATTR-CM; amyloidosis; TTR amyloidosis; TTR-FAP	Approved	Undisclosed	Undisclosed	Other
License	Onconic Therapeutics	Dexa Medica	zastaprazan	reflux esophagitis; duodenal ulcer with hemorrhage; bleeding peptic ulcer; gastric ulcer; gastrointestinal disease; Helicobacter pylori infection; NERD; peptic ulcer; GERD; heartburn	Approved	Undisclosed	Undisclosed	Other

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	Vega Therapeutics	Incyte	Full Acquisition	latarcibart	2,000	1,250
Proposed	Nuvalent	GSK	Full Acquisition	zidesamtinib; NVL-330; neladalkib	10,600	Undisclosed
Proposed	Firefly Bio	Johnson & Johnson	Full Acquisition	Firelink™ degrader antibody conjugate (DAC) platform	1,000	Undisclosed
Proposed	AYUMI Pharmaceutical	GNI Group	Full Acquisition	Undisclosed	300	Undisclosed
Completed	FORUS Therapeutics	PharmaEssentia	Full Acquisition	Selinexor; ropeginterferon alfa-2b	36.5	Undisclosed
Completed	Azora Therapeutics	Adial Pharmaceuticals	Merger	AT177	Undisclosed	Undisclosed
Proposed	Treeline Biosciences	Standard BioTools	Reverse Takeover	TLN-372; TLN-121; zeprumetostat; TLN-499	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
2026-06-08	Nurix Therapeutics	Roche	Haematology; Rare Diseases; Immunology; Oncology	Phase III	2,300	700
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

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。