1. Summary of the Week
From August 8 to 14, a total of 15 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, seven were China-related, defined as transactions involving at least one China-based company. These comprised three out-licensing deals, three in-licensing deals and one domestic partnership.
In China, the largest deal involved Gan Lee Pharmaceuticals and Menarini for the Phase III asset bofanglutide, with an upfront payment of $70 million and a total deal value of $821 million.
Outside China, 8 deals were announced. The largest transaction involved PTC Therapeutics and Sangamo Therapeutics for the BLA-stage asset ST-920, with an upfront payment of $111 million.
2026年8月8日-14日，全球医药市场共签署了15项资产授权和合作协议。中国市场共达成7项交易，包括3项出海交易、3项引进交易和1项国内交易。
中国市场，本周最大的出海交易是甘李药业与Menarini就临床三期资产bofanglutide达成授权许可协议，首付款7000万美元，总金额可达8.21亿美元。
中国以外市场，本周共签署了8项资产授权和合作协议。最大的交易是PTC Therapeutics收购Sangamo Therapeutics 已申报上市资产ST-920，首付款1.11亿美元。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL | Revolution Medicines | BeOne Medicines 百济神州 |
elironrasib; RMC-5127; daraxonrasib; zoldonrasib | Oncology | Phase I/II; Phase I; Filed; Phase III | Undisclosed | Undisclosed | Chinese Mainland; Hong Kong, Macao and Taiwan; Other |
| China IL | Stella Pharma | China Biology Services Group; Pengbo (Hainan) 中国生物科技服务; 鹏博(海南) |
boronophenylalanine (10B) | high-grade glioma; meningioma; head and neck cancer; melanoma; glioma; squamous cell carcinoma of the head and neck (SCCHN); cancer; solid tumor; glioblastoma multiforme (GBM); angiosarcoma | Approved | Undisclosed | Undisclosed | Chinese Mainland |
| China IL | ArriVent Biopharma | Allist Pharmaceuticals 艾力斯 |
ARR-002 | fallopian tube cancer; ovarian cancer (OVC); peritoneal cancer; endometrial cancer | Phase I | Undisclosed | Undisclosed | Chinese Mainland; Hong Kong, Macao and Taiwan |
| China OL | Gan Lee Pharmaceuticals 甘李药业 |
Menarini | bofanglutide | obesity; type 2 diabetes; Overweight; obstructive sleep apnea (OSA) | Phase III | 821 | 70 | Europe |
| China OL | CrystaIO Biopharma 晶蛋生物 |
Almirall | small molecule candidates | dermatology | Pre-Clinical | Undisclosed | Undisclosed | Hong Kong, Macao and Taiwan; United States; Europe; Japan; Other |
| China OL | Insilico Medicine 英矽智能 |
THPharm | PandaOmics 靶点发现与排序引擎 | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | Kelun-Biotech 科伦博泰 |
New Frontier 新风天域 |
sacituzumab tirumotecan | Gastroenterology; Rare Diseases; Oncology; Diagnostics | Approved | Undisclosed | Undisclosed | Other |
2a. China Section
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Actio Biosciences | Jazz Pharmaceuticals | Full Acquisition | ABS-1230 | 1,320 | 820 |
| Completed | Abscint | Curium Pharma | Full Acquisition | 68Ga-ABS011 | Undisclosed | Undisclosed |
4. Top Deals of 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 |
| 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 |
| 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 |
| 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 |
5. 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。
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