1. Executive Summary of the Month

In July 2026, 122 biopharmaceutical agreements were announced worldwide. In China’s biotech sector, there were 14 out-licensing deals, 7 in-licensing deals, and 15 domestic partnerships.

In China, the leading 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 leading out-licensing deal was between Dizal Pharma and AstraZeneca for the approved asset sunvozertinib, with an upfront payment of $600 million and a total deal value of $1.5 billion. The largest domestic transaction was between TYK Medicines and Qilu Pharmaceutical for the filed asset asandeutertinib, with an upfront payment of $42 million and a total deal value of $384 million.

Internationally, 86 cross border deals were reported, with the largest being the strategic collaboration between Sail Biomedicines and Johnson & Johnson to develop in vivo CAR-T therapies for immune mediated diseases, under which Johnson & Johnson will make total initial payments of $320 million, with a total deal value up to $925 million.

2026年7月，全球医药市场共签署了122项资产授权和合作协议。中国市场共达成36项交易，包括14项出海交易、7项引进交易和15项国交易。

国内市场上，本月最大的引进交易是康恩贝从Adneuris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;最大的出海交易是迪哲医药与AstraZeneca就已获批资产sunvozertinib达成在全球范围内的独家授权许可协议，首付款6亿美元，总金额可达15亿美元;最大的国内交易是同源康与齐鲁制药就已申报上市资产asandeutertinib达成在中国大陆区域的许可与合作及供应和商业化协议，首付款4200万美元，总金额可达3.84亿美元。

国际市场上，本月共签署了86项资产授权和合作协议。最大的交易是Sail Biomedicines与Johnson & Johnson就共同开发用于自免疾病的体内CAR-T项目达成战略合作，首付款3.2亿美元，总金额可达9.25亿美元。

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 IL	AFT Pharmaceuticals	TongDe Pharmaceutical 通德药业	acetaminophen + ibuprofen	pain; fever	Approved	Undisclosed	Undisclosed	Chinese Mainland
China IL	Nevakar	Zhaoke Ophthalmology 兆科眼科	NVK-002 (atropine)	myopia	Filed	Undisclosed	Undisclosed	Global
China IL	Tempest Therapeutics	Senlang Biotechnology 森朗生物	TPST-4003	multiple sclerosis (MS); myasthenia gravis (MG); oncology; autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Chinese Mainland
China OL	Dizal Pharma 迪哲医药	AstraZeneca	sunvozertinib	non-small cell lung cancer (NSCLC); small lymphocytic lymphoma (SLL); mantle cell lymphoma (MCL); B-cell lymphoma; chronic lymphocytic leukemia (CLL); oncology; marginal zone lymphoma (MZL)	Approved	1,500	600	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; Global; Other
China OL	Hansoh Pharmaceutical 翰森制药	Avere	HS-20118 (AVR-001)	plaque psoriasis; psoriasis	Phase II	2,300	120	United States; Europe; Japan; Other
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	Innovent Biologics 信达生物	Spero Therapeutics	IBI355	systemic lupus erythematosus (SLE); Sjögren’s syndrome; autoimmune disease	Phase I	1,100	Undisclosed	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	Impact Therapeutics 英派药业	Pharmanovia	senaparib	prostate cancer; breast cancer; castration-resistant prostate cancer (CRPC); oncology; small cell lung cancer (SCLC); endometrial cancer; ovarian cancer (OVC); solid tumor; peritoneal cancer; fallopian tube cancer	Approved	479	Undisclosed	Europe; Other
China OL	Lee’s Pharm 李氏大药厂	Ashlins Ocular Pharmaceuticals	Yallaferon	condyloma acuminatum; HPV infection; herpes labialis; cervical erosion; genital herpes; herpes zoster	Approved	31	Undisclosed	United States; Europe; Japan; Other
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 OL	Zhaoke Ophthalmology 兆科眼科	Nevakar	NVK-002 (atropine)	myopia	Filed	Undisclosed	Undisclosed	United States
China OL	CanSino 康希诺	AGP	PCV13	bacterial pneumonia; meningitis; pneumonitis; epidemic cerebrospinal meningitis; multiple sclerosis (MS); HIV-1 infection; sepsis; S. pneumoniae infection; bacteremia	Approved	Undisclosed	Undisclosed	Other
China OL	Essex Bio-Technology 亿胜生物	Gunze Medical	recombinant bovine basic fibroblast growth factor; novel products R&D program	dry eye syndrome (DES); burn injury; keratitis; frostbite; corneal disease; chemoradiotherapy-induced oral mucositis; pressure ulcers; corneal erosion; wound healing; scald; bullous keratopathy; cutaneous fibrosis; skin ulcer wound healing	Approved; Pre-Clinical	Undisclosed	Undisclosed	Japan; Global

China Licensing and Cooperation Deals July 2026

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
China Domestic	TYK Medicines 同源康医药	Qilu Pharmaceutical 齐鲁制药	asandeutertinib	non-small cell lung cancer (NSCLC); brain metastasis; leptomeningeal carcinomatosis	Filed	384	42	Chinese Mainland
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	Insilico Medicine 英矽智能	Bora 保瑞药业	drug innovation model combined with Pharma.AI technology	Undisclosed	Undisclosed	2,500	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
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	Insilico Medicine 英矽智能	China Medical System 康哲药业	AI-empowered drug discovery	Undisclosed	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	DPTechnology 深势科技	Excalipoint 艾科联	AI-enabled TCE development platform	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	Byterna 元码智药	Insilico Medicine; duneQ 英矽智能; 沙丘量子	Circular mRNA “Quantum + AI” Technology Platform	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	SunNovo 阳光诺和	Gem Pharma 药康生物	AOC program; pharmacological effect model	rare disease; aging; disorder of nervous system; metabolic disease; autoimmune disease	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Eli Radiopharma 亦立医药	Smart Logic 思朗科技	Cyclic Peptide Molecular Resource Platform; Radiopharmaceutical Research and Development Project	oncology; neurology	Pre-Clinical	Undisclosed	Undisclosed	Global
China Domestic	Biomap 百图生科	Xbiome 未知君	AI-enabled microbial drugs development	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	Drug Farm 药物牧场	GRIT Biotechnology 沙砾生物	KunEvo platform	oncology	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	Harbour BioMed 和铂医药	SinoPharm 国药集团	innovative biologics R&D	oncology; inflammatory	Pre-Clinical	Undisclosed	Undisclosed	Global

M&A Deals July 2026

Status	Acquiree	Acquiror	Acquisition Type	Item	Total amount ($ million)	Upfront ($ million)
Proposed	AtaiBeckley	Eli Lilly	Full Acquisition	HS-20118 (AVR-001)	3,800	2,800
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	Sail Biomedicines	Johnson & Johnson	Option Acquisition	in vivo CAR-T therapy program	2,580	Undisclosed
Proposed	Forte Biosciences	argenx	Full Acquisition	FB-102	2,200	Undisclosed
Proposed	eTheRNA immunotherapies	Valerio Therapeutics	Full Acquisition	Undisclosed	34	Undisclosed
Proposed	Avere	NextCure	Reverse Takeover	N,N-dimethyltryptamine; BPL-003 (intranasal 5-MeO-DMT, dry powder); midomafetamine	Undisclosed	Undisclosed
Proposed	Neuphoria Therapeutics	Scancell	Full Acquisition	iSCIB1; soclenicant	Undisclosed	Undisclosed
Completed	Vidya Therapeutics	Processa Pharmaceuticals	Full Acquisition	VT7208	Undisclosed	Undisclosed
Proposed	Biosergen	Flerie	Merger	BSG005	Undisclosed	Undisclosed
Completed	Kira Pharmaceuticals	Jasper Therapeutics	Reverse Takeover	Briquilimab; KP-701; vensobafusp alfa	Undisclosed	Undisclosed

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
2026-07-14	Dizal Pharma 迪哲医药	AstraZeneca	Haematology; Oncology; Rare Diseases	Approved	1,500	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

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)
2026-07-21	TYK Medicines 同源康医药	Qilu Pharmaceutical 齐鲁制药	Oncology	Filed	384	42
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

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
2026-07-29	Sail Biomedicines	Johnson & Johnson	Immunology	Pre-Clinical	925	320
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
2026-07-22	Neurimmune; AstraZeneca	Royalty Pharma	Cardiovascular Disease; Rare Disease	Phase III	425	125
2026-05-19	Hansa Biopharma	Serb SA	Neurology; Rare Diseases; Musculoskeletal; Hematology; Immunology; Endocrinology & Metabolism	Approved	130	124

4. 2021-2025 China Innovative Drug Licensing Transactions

About YAFO Capital

YAFO Capital is a global boutique investment and BD advisory firm with professional teams across China, the U.S., Europe, and Southeast Asia. Our expertise spans four core business segments: transaction advisory and consulting, NewCo incubation, investment management, and partnering forums. Over the past 12 years, YAFO has built a strong track record, closing dozens of business development transactions with leading global pharmaceutical and biotech companies. For more information, please visit www.yafocapital.com.

关于雅法资本
雅法致力于生物医药项目的跨境及国内授权交易、成立NewCo和并购交易。基于雅法在全球广泛的人脉与资源网络，在过去十二年成功推进了大量的海外项目进入中国市场并协助诸多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。核心合伙人背景多元化，包括华尔街资深投行交易经验及跨国药企经历，为客户交易提供全方位的强力支持。