1. Executive Summary of the Month
In August 2026, a total of 98 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, 30 were China-related, defined as transactions involving at least one China-based company. These comprised 12 out-licensing deals, 7 in-licensing deals, and 11 domestic partnerships.
In China, the largest deal involved Alphamab Oncology and Pathos for the Phase III asset JSKN-016, with an upfront payment of $125 million and a total deal value of $2.09 billion.
Outside China, 68 deals were announced. The largest transaction involved SK Biopharmaceuticals and Biohaven for opakalim, an investigational antiseizure medication, with an upfront payment of $400 million and a total deal value of $795 million.
2026年8月，全球医药市场共签署了98项资产授权和合作协议。中国市场共达成30项交易，包括12项出海交易、7项引进交易和11项国内交易。
中国市场，本周最大的出海交易是康宁杰瑞与Pathos就临床三期资产JSKN-016达成授权许可协议，首付款1.25亿美元，总金额可达20.9亿美元。
中国以外市场，本月共签署了68项资产授权和合作协议。最大的交易是SK Biopharmaceuticals与Biohaven就Kv7离子通道平台和在研抗癫痫新药Opakalim达成全球许可协议，首付款4亿美元，总金额可达7.95亿美元。
2. Licensing Deals
China Licensing and Cooperation Deals August 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ 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 IL | Lir Therapeutics | VectorBuilder 云舟生物 |
Further optimization of AAV capsids | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
China Licensing and Cooperation Deals August 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL | Heidelberg Pharma | Huadong Medicine 华东医药 |
novel toxin payloads; ATAC® technology platform; innovative bispecific ADCs | unknown/to be determined | Undisclosed | Undisclosed | Undisclosed | Global |
| China IL | OliX Pharmaceuticals | Hansoh Pharmaceutical 豪森药业 |
Specific siRNA sequence targeting the first gene; A specific siRNA sequence targeting the second gene | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China IL | Leios Therapeutics | China Medical System 康哲药业 |
10XB-101 (polidocanol) | submental fullness (SMF); abdominal obesity | Phase II | Undisclosed | Undisclosed | Chinese Mainland; Other |
| China OL | Alphamab Oncology 康宁杰瑞 |
Pathos | JSKN-016 | non-small cell lung cancer (NSCLC); oesophageal adenocarcinoma; gastric cancer; cancer; gastro-esophageal junction cancer; breast cancer; solid tumor; hormone receptor positive breast cancer; triple negative breast cancer (TNBC) | Phase III | 2,093 | 125 | United States; Europe; Japan; Other |
| China OL | Henlius Biotech 复宏汉霖 |
Sandoz | HLXTE-HAase1001; other 7 mAb or ADC biosimilar products; cetuximab biosimilar; evolocumab biosimilar; belimumab biosimilar | colorectal cancer (CRC); squamous cell carcinoma of the head and neck (SCCHN); lupus nephritis (LN); systemic lupus erythematosus (SLE) | Pre-Clinical; Phase I | 322 | 85 | United States; Europe; Japan; Other |
| China OL | Haisco Pharmaceutical 海思科 |
Sentivera Therapeutics | HSK60002 | atopic dermatitis; inflammatory | Phase I | 1,536 | 76 | United States; Europe; Japan; Other |
| 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 | DualityBio 映恩生物 |
Genentech | DUPAC ADC program; DUPAC platform | oncology | Undisclosed | 1,045 | 45 | Global |
| China OL | Chia Tai Tianqing Pharmaceutical 正大天晴 |
Cipla | rolditamig deuderuxtecan | breast cancer; cancer; hormone receptor positive breast cancer; colorectal cancer (CRC); solid tumor; HER2 positive breast cancer; HER2-low breast cancer; non-small cell lung cancer (NSCLC); gastric cancer; gynecological cancer; triple negative breast cancer (TNBC); biliary tract cancer; esophagogastric cancer | Phase III | 123 | Undisclosed | Other |
| China OL | Insilico Medicine 英矽智能 |
THPharm | PandaOmics Target Discovery and Ranking Engine |
Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| 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 | Auson Pharma 奥全生物 |
Eton Pharmaceuticals | ASN001 (timolol maleate gel) | haemangioma; infantile hemangioma | Filed | Undisclosed | Undisclosed | United States |
| China OL | WestGene Biopharma 威斯津生物 |
CREATE Medicines | CRT-403; RetroT-enabled in vivo CAR program; CRT-401 | autoimmune disease; unknown/to be determined; solid tumor | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Biomap 百图生科 |
Biogend Therapeutics | BioMap AI Discovery System | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China OL | Claruvis Biotech (Chongqin) 重庆誉颜制药 |
Revelyx | YY003 | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Hong Kong, Macao and Taiwan; United States; Europe; Japan; Other |
China Licensing and Cooperation Deals August 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China Domestic | Synusight Biotech 思努赛生物 |
Mabwell Bioscience 迈威生物 |
18F-SST001 | amyotrophic lateral sclerosis (ALS); positron emission tomography imaging; Parkinson’s disease (PD); Lewy body dementia; multiple system atrophy (MSA) | Phase I | 5.56 | 3 | Chinese Mainland; Hong Kong, Macao and Taiwan |
| China Domestic | Liaocheng University 聊城大学 |
Maiboxing Biotechnology 迈帛星生物 |
LCUGZ1007 | cancer | Pre-Clinical | 2.6 | Undisclosed | Global |
| China Domestic | METiS Therapeutics 剂泰医药 |
Hengrui Pharmaceuticals 恒瑞医药 |
AiTEM artificial intelligence formulation platform | 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 |
| China Domestic | Reyoung Pharmaceutical 瑞阳制药 |
Simcere Pharmaceutical 先声药业 |
RB0026 | RSV infection; lower respiratory tract infection | Filed | Undisclosed | Undisclosed | Chinese Mainland; Hong Kong, Macao and Taiwan |
| China Domestic | ProCapZoom Biosciences 普罗凯融 |
Taienkang Pharmaceutical 泰恩康 |
MSCohi-O | Sjögren’s syndrome; graft-versus-host disease (GVHD) | Phase I/II | Undisclosed | Undisclosed | Chinese Mainland; Hong Kong, Macao and Taiwan |
| China Domestic | DeepMed 深药科技 |
SunNovo 阳光诺和 |
co-development of innovative drugs | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | CanSino 康希诺 |
Depu Biology 德普世生物 |
Personalized mRNA cancer vaccines | gastrointestinal cancer; solid tumor | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | METiS Therapeutics 剂泰医药 |
WestVac Biopharma 威斯克生物 |
personalized mRNA cancer vaccines | oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | Insilico Medicine 英矽智能 |
Byterna 元码智药 |
mRNA AI native development engine; personalized mRNA tumor vaccine | oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | ShanghaiTech University 上海科技大学 |
Asiflyer Bio 若弋生物 |
AI-designed recombinant botulinum toxin type A | unknown/to be determined | Pre-Clinical | Undisclosed | Undisclosed | Global |
M&A Deals August 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Actio Biosciences | Jazz Pharmaceuticals | Full Acquisition | ABS-1230 | 1,320 | 820 |
| Proposed | Alkeus Pharmaceuticals | Tarsus Pharmaceuticals | Full Acquisition | gildeuretinol | 800 | 450 |
| Proposed | Alesta Therapeutics | BioMarin Pharmaceutical | Full Acquisition | OC-1 | 490 | 275 |
| Proposed | Lantheus | Curium Pharma | Full Acquisition | 18F-piflufolastat; 18F-piflufolastat; Florquinitau; izaflortaucipir (18F); BAY86-7548; flutafuranol (18F); perflutrenn (lipid microsphere); florbetaben F-18 | 8,000 | Undisclosed |
| Proposed | Merida Biosciences | Eli Lilly | Full Acquisition | MER769; MER511 | 2,875 | Undisclosed |
| Completed | Slate Medicines | Fulcrum Therapeutics | Reverse Takeover | DS009; SLTE-2100 | Undisclosed | Undisclosed |
| Completed | Abscint | Curium Pharma | Full Acquisition | 68Ga-ABS011 | Undisclosed | Undisclosed |
| Proposed | NeuroNOS | Univo Pharmaceutical Industries | Partial Acquisition | BA-102; BA-101 | Undisclosed | Undisclosed |
| Proposed | Redx Pharma | Skye Bioscience | Reverse Takeover | RXC-008; Zelasudil; namacizumab | Undisclosed | Undisclosed |
| Completed | MediSix Therapeutics | IASO Biotherapeutics | Full Acquisition | PCART7 | Undisclosed | Undisclosed |
| Proposed | Bajiayi | Golden-horse Pharmaceutical | Partial Acquisition | BJY-801; Flavone glycoside | Undisclosed | Undisclosed |
| Proposed | Eight Plus One Pharmaceutical | Golden-horse Pharmaceutical | Partial Acquisition | Flavone glycoside; BJY-801 | Undisclosed | Undisclosed |
| Completed | Cy Biopharma | Ensysce Biosciences | Reverse Takeover | CY200 (psilocybin) | Undisclosed | Undisclosed |
| Proposed | Supernus Pharmaceuticals | Indivior | Merger | Gocovri (amantadine); Oxtellar XR (oxcarbazepine extended-release tablets); SPN-830 (apomorphine infusion pump); Safinamide; Zuranolone; apomorphine; viloxazine; Trokendi XR (topiramate extended-release capsules); rimabotulinumtoxinB | Undisclosed | Undisclosed |
| Proposed | Xycota Biosciences | NexTel Medical | Full Acquisition | XYCO-01 | 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 |
| 2026-08-26 | Biohaven | SK Biopharmaceuticals | Neurology | Phase II/III | 795 | 400 |
| 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 |
| 2026-08-24 | Hanmi Pharm | Genentech | Endocrinology & Metabolism | Phase I | 2,300 | 190 |
| 2026-03-23 | Kali Therapeutics | Sanofi | Musculoskeletal; Immunology | Phase I | 1,230 | 180 |
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。
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