1. Summary of the Week

From September 12 to 18, a total of 21 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, eight were China-related, defined as transactions involving at least one China-based company. These comprised five out-licensing deals, one in-licensing deal, and two domestic partnerships.

In China, the largest transaction involved Sironax and Novartis for a preclinical brain delivery module platform, with an upfront payment of $125 million and a total deal value of $175 million.

Outside China, 13 deals were announced. The largest transaction involved Dualitas Therapeutics and Roche to advance novel bispecific antibodies for immunology and inflammation (I&I) diseases using Dualitas’ DualScreen™ Bispecific Discovery Engine, with an upfront payment of $36.5 million and a potential total deal value of up to $1 billion.

2026年9月12日-18日，全球医药市场共签署了21项资产授权和合作协议。中国市场共达成8项交易，包括5项出海交易、1项引进交易和2项国内交易。

中国市场，本周最大的出海交易是诺华行使独家选择权收购维泰瑞隆专有脑部递送平台的全球权益，首付款1.25亿美元，总金额可达1.75亿美元。

中国以外市场，本周共签署了13项资产授权和合作协议。最大的交易是Dualitas Therapeutics与Roche达成研究合作和许可协议，使用Dualitas的DualScreen™双特异性发现引擎，开发用于免疫学和炎性（I&I）疾病的新型双特异性抗体，首付款3,650万美元，总金额可达10亿美元。

2. Licensing Deals

China Licensing and Cooperation Deals September 2026

Deal Type	Licensor	Licensee	Assets	Disease	Stage	Total amount ($ million)	Upfront ($ million)	Deal Territory
China IL	Stanford University	XtalPi 晶泰科技	small molecule drug discovery collaboration	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
China OL	Sironax 维泰瑞隆	Novartis	Brain Delivery Module platform	disorder of nervous system	Pre-Clinical	175	125	Global
China OL	Chimagen Biosciences 恩沐生物	GSK	trispecific TCE	multiple myeloma (MM)	Pre-Clinical	750	Undisclosed	Global
China OL	HitGen 成都先导	Connexus	Technology License	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
China OL	Escugen 诗健生物	Sovran Bio	bispecific ADC candidate	oncology	Pre-Clinical	Undisclosed	Undisclosed	Global
China OL	WuXi XDC 药明合联	Ona Therapeutics	WuXiTecan-2 toxin-linker technology platform	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	SANTO Therapeutics 神拓生物	PolyGene Bio 聚茵生物	HPAE delivery vehicle—transdermal drug delivery therapy technology; Adaptation and optimization of transfection reagent platform and viral vector platform	neurofibromatosis	Undisclosed	Undisclosed	Undisclosed	Global
China Domestic	DPTechnology 深势科技	Anke Biotechnology 安科生物	design and optimization of ADC payloads	Undisclosed	Undisclosed	Undisclosed	Undisclosed	Global

2a. China Section

3. M&A Deals

M&A Deals September 2026

Status	Acquiree	Acquiror	Acquisition Type	Item	Total amount ($ million)	Upfront ($ million)
Completed	Cachet Pharmaceutical	Tongrentang	Partial Acquisition	Undisclosed	Undisclosed	Undisclosed
Completed	Santersus	Xenetic Biosciences	Reverse Takeover	Xenetic DNase technology; nucleocapture®	Undisclosed	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
2026-07-14	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

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。