1. Summary of the Week
From September 19 to 25, a total of 22 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 two out-licensing deals, one in-licensing deal, and four domestic partnerships.
In China, the largest transaction involved InnoCare Pharma and Eli Lilly for drug discovery programs covering up to five targets, with an upfront payment of $100 million and a total deal value of $3.35 billion.
Outside China, 15 deals were announced. The largest transaction involved Atavistik Bio and Roche to discover and develop novel allosteric therapeutics, with an upfront payment of $70 million and potential milestone payments of up to $1.9 billion, plus tiered royalties.
2026年9月19日-25日，全球医药市场共签署了22项资产授权和合作协议。中国市场共达成7项交易，包括2项出海交易、1项引进交易和4项国内交易。
中国市场，本周最大的出海交易是诺诚健华与Eli Lilly签署战略研究合作及许可协议，双方将合作开发至多5项创新性靶点项目，首付款1亿美元，总金额可达33.5亿美元。
中国以外市场，本周共签署了15项资产授权和合作协议。最大的交易是Atavistik Bio与Roche达成战略研究合作，共同发现和开发全新变构药物，首付款7,000万美元，潜在里程碑达19亿美元，以及分层特许权使用费。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL | Amberstone Biosciences | Henlius Biotech 复宏汉霖 |
T cell engager 1; T cell engager 2; T-MATE™ Technology | Unknown/to Be Determined | Pre-Clinical | 888 | 4 | Global |
| China OL | InnoCare Pharma 诺诚健华 |
Eli Lilly | Novel Target Drug Discovery Program | Unknown/to Be Determined | Undisclosed | 3,350 | 100 | Global |
| China OL | BoomRay Pharmaceuticals 博锐创合 |
Novartis | radioactive ligand therapy program | Oncology | Pre-Clinical | 900 | Undisclosed | Global |
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China Domestic | Sanyou Biopharmaceuticals 三优生物 |
Novocodex 新码生物 |
Innovative dual-payload ADC drug | Unknown/to Be Determined | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | SunNovo 阳光诺和 |
Vanguard Pharmaceutical 万高药业 |
ABA001 | Hypertension; Cardiovascular Disease | Phase I | Undisclosed | Undisclosed | Chinese Mainland |
| China Domestic | XtalPi 晶泰科技 |
Hanx Biopharmaceutical 翰思艾泰 |
XtalPi Science Platform | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | Insilico Medicine 英矽智能 |
Undisclosed | Specialized Foundation Models for Biological Research | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
2a. China Section
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | ITM Isotope | Telix Pharmaceuticals | Full Acquisition | 177Lu-edotreotide | 2,350 | 1,650 |
| Proposed | Mantle Therapeutics | LEXEO Therapeutics | Option Acquisition | MTL-104; MTL-707; MTL-501; MTL-801 | 21.3 | 8.3 |
| Proposed | Cypress BioPharma | Aclipse Therapeutics | Merger | Lobeglitazone; CBP-228; CBP-002 | 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 |
| 2026-09-24 | Amberstone Biosciences | Henlius Biotech 复宏汉霖 |
Undisclosed | Pre-Clinical | 888 | 4 |
| 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 |
| 2026-08-26 | 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。
