1. Summary of the Week
From July 1 to 10, a total of 30 agreements were signed worldwide. Within China’s biotech industry, there were four in-licensing deals, six out-licensing deals and five domestic transactions.
In China, the largest in-licensing deal involved Adneuris Therapeutics and Conba Pharmaceutical for the phase 3 asset cebranopadol, with an upfront payment of $17.5 million and a total deal value of $111.5 million. The largest out-licensing deal was between Chia Tai Tianqing Pharmaceutical and AstraZeneca for the Phase 3 asset TQC3721, with an upfront payment of $200 million and a total deal value of $2.1 billion. The largest domestic deal was between EnliTISA and Hisun Pharmaceutical for the phase 2 asset UP-818-CC, including an upfront payment of $6.3 million and a total deal value of $62 million.
Globally, 15 deals were announced. The largest transaction was between Astex Pharmaceuticals and Genentech for a breast cancer therapy program, with an upfront payment of $25 million and a total deal value of $490 million.
2026年7月1日-10日，全球医药市场共签署了30项资产授权和合作协议。中国市场共达成15项交易，包括4项引进交易、6项出海交易和5项国内交易。
国内市场上，本周最大的引进交易是康恩贝从Adneuris Therapeutics引进临床三期资产cebranopadol在大中华地区的开发与商业化权益，首付款1750万美元，总金额可达1.115亿美元。最大的出海交易是正大天晴与AstraZeneca就临床三期资产TQC3721订立独家授权协议，首付款2亿美元，总金额可达21亿美元。最大的国内交易是海正药业与艾缇亚就临床二期资产UP-818-CC签署独家授权许可及合作协议，首付款630万美元，总金额可达6200万美元。
国际市场上，本周共签署了15项资产授权和合作协议。首付款最大的交易是Astex Pharmaceuticals与Genentech就乳腺癌治疗药物研发签订全球独家研究合作和许可协议，首付款2500万美元，总金额可达4.9亿美元。
2. Licensing Deals
China Licensing and Cooperation Deals July 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL | Adneuris Therapeutics | Conba Pharmaceutical 康恩贝 |
cebranopadol | chronic pain; diabetic peripheral neuropathic pain (DPNP); pain; opioid dependence; cancer pain; acute pain; post-operative pain; low back pain; osteoarthritis knee pain; drug dependence | Phase III | 111.5 | 17.5 | Chinese mainland; Hong Kong, Macao and Taiwan |
| China IL | Schrödinger | Simcere Pharmaceutical Group 先声药业集团 |
AI-designed innovative drugs | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China IL | Rani Therapeutics | PegBio 派格生物 |
RaniPill® platform | obesity; metabolic disease | Undisclosed | Undisclosed | Undisclosed | Global |
| China IL | TwinEdge Bioscience | Hanx Biopharmaceutical 翰思艾泰 |
HX009 | Hematology; Rare Diseases; Oncology | Phase II | Undisclosed | Undisclosed | Global |
| China OL | Chia Tai Tianqing Pharmaceutical 正大天晴 |
AstraZeneca | TQC3721 | asthma; chronic obstructive pulmonary disease (COPD) | Phase III | 2,100 | 200 | Hong Kong, Macao and Taiwan; United States; Europe; Japan; Other; Global |
| China OL | CSPC PHARMA. 石药集团 |
AstraZeneca | siRNA candidates | nephropathy | Pre-Clinical | 1,770 | 30 | Global; United States; Europe; Japan; Other |
| China OL | Insilico Medicine 英矽智能 |
Takeda Pharmaceuticals | Pharma.AI candidate molecule | unknown/to be determined | Pre-Clinical | 600 | Undisclosed | Global |
| China OL | OTR Therapeutics 翱路医药 |
LG Chem | Discovery, evaluation and development of tumor drug candidates | oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Zhaoke Ophthalmology 兆科眼科 |
Teuto | Ophthalmology Innovation Product Portfolio | ophthalmology | Undisclosed | Undisclosed | Undisclosed | Other |
| China OL | Biocytogen 百奥赛图 |
Whitehawk Therapeutics | BsADC programs | oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | EnliTISA 艾缇亚 |
Hisun Pharmaceutical 海正药业 |
UP-818-CC | mouth ulcer; idiopathic pulmonary fibrosis; chemoradiotherapy-induced oral mucositis; acute respiratory distress syndrome; acute lung injury | Phase II | 62 | 6.3 | Chinese mainland; Other |
| China Domestic | XtalPi 晶泰科技 |
Gan Lee Pharmaceuticals 甘李药业 |
Ultra-long-lasting delivery and sustained-release formulation technology | metabolic disease | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | HUST–City University of Macau Institute for Advanced Studies Frontier Interdisciplinary Research Center 华科—澳城大高等研究院前沿交叉研究中心 |
Hanx Biopharmaceutical 翰思艾泰 |
Intelligent molecular design and development | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | Sanyou Biopharmaceuticals 三优生物 |
Baiyun Mountain Rare Core Health 白云山稀核健康 |
radiopharmaceuticals program | oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | Sun Yat-sen University 中山大学 |
Guangyu Technology 广誉科技 |
c-MYC Transcriptional inhibitor | liver cancer | Pre-Clinical | Undisclosed | Undisclosed | Global |
2a. China Section
3. M&A Deals
M&A Deals July 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Myricx Pharma | Novartis | Full Acquisition | NMTi payload platform; MYX2470; MYX2449 | 1,500 | 1,100 |
| Proposed | Memo Therapeutics | Ipsen | Full Acquisition | potravitug | 791 | 226 |
| Completed | Thymmune Therapeutics | United Therapeutics | Full Acquisition | THY-100 | 300 | 140 |
| Completed | iRenix Medical | Tarsus Pharmaceuticals | Full Acquisition | IRX-101 | 565 | 75 |
| Proposed | Crinetics Pharmaceuticals | Vertex Pharmaceuticals | Full Acquisition | paltusotine; atumelnant | 10,000 | Undisclosed |
| Proposed | eTheRNA immunotherapies | Valerio Therapeutics | Full Acquisition | Undisclosed | 34 | Undisclosed |
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 | 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 |
| 2026-07-08 | Chia Tai Tianqing Pharmaceutical 正大天晴 |
AstraZeneca | Respiratory | Phase III | 2,100 | 200 |
| 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 |
Top China In-Licensing and Cooperation Deals 2026
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| 2026-05-14 | AriBio | Fosun Pharmaceutical 复星医药 |
Neurology; Cardiovascular; Genitourinary | Approved | Undisclosed | 80 |
| 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 |
| 2026-07-03 | Adneuris Therapeutics | Conba Pharmaceutical 康恩贝 |
Anesthesiology; Musculoskeletal; Psychiatry; Oncology | Phase III | 111.5 | 17.5 |
| 2026-06-16 | Dimerix | Everest Medicines 云顶新耀 |
Infection; Genitourinary | Phase III | 340 | 10 |
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 |
| 2026-07-04 | EnliTISA 艾缇亚 |
Hisun Pharmaceutical 海正药业 |
Gastroenterology; Respiratory; Oncology; Rare Diseases | Phase II | 62 | 6.3 |
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 |
| 2026-06-24 | Antares Therapeutics | Novartis | Oncology | Undisclosed | 1,905 | 105 |
| 2026-02-18 | CSL | Eli Lilly | Respiratory; Gastroenterology; Infection; Rare Disease; Musculoskeletal; Immunology; Cardiovascular; Oncology; Genitourinary; Endocrine & Metabolic | Phase III | 100 |
5. 2021-2025 China Innovative Drug Licensing Transactions
BioToChina.org 