1. Executive Summary of the Month
In September 2026, a total of 106 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, 34 were China-related, defined as transactions involving at least one China-based company. These comprised 15 out-licensing deals, 6 in-licensing deals, and 13 domestic partnerships.
In China, the largest deal involved SciBrunch Therapeutics and Merck & Co. for the Pre-Clinical asset SPR2015, with an upfront payment of $400 million and a total deal value of $2.13 billion.
Outside China, 72 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 $1.9 billion, plus tiered royalties.
2026年9月，全球医药市场共签署了106项资产授权和合作协议。中国市场共达成34项交易，包括15项出海交易、6项引进交易和13项国内交易。
中国市场，本周最大的出海交易是思璞锐医药与Merck & Co.就临床前资产口服KRAS G12D（ON）抑制剂SPR2015达成全球独家授权协议，首付款4亿美元，总金额可达21.3亿美元。
中国以外市场，本月共签署了72项资产授权和合作协议。最大的交易是Atavistik Bio与Roche达成战略研究合作，共同发现和开发全新变构药物，首付款7,000万美元，潜在里程碑达19亿美元，以及分层特许权使用费。
2. Licensing Deals
China Licensing and Cooperation Deals September 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ 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 IL | 1CBIO | Lee’s Pharm 李氏大药厂 |
OC-3 | prostate cancer; solid tumor; ovarian cancer (OVC); breast cancer | Pre-Clinical | 27 | Undisclosed | Chinese Mainland; Hong Kong, Macao and Taiwan; Other |
| China IL | Ainos | BioPhoenix 三福生医 |
Veldona (low-dose oral IFN-α) | Chronic Hepatitis C; Behcet’s Disease; Wart; COVID-19; Thrombocytopenia; Sjögren’s Syndrome; HIV-1 Infection | Phase III | 10 | Undisclosed | Global |
| China IL | Nerviano Medical Sciences | HiDiamond Bio 弘星相和生物 |
NMS-173 | Low-Grade Glioma; Cholangiocarcinoma | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China IL | SN Bioscience | PegBio 派格生物 |
APGP6; peptide candidate 1; peptide candidate 2; SNA Long-acting Drug Delivery Platform | obesity; endocrine/metabolic disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China IL | Stanford University | XtalPi 晶泰科技 |
small molecule drug discovery collaboration | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
China Licensing and Cooperation Deals September 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL | SciBrunch Therapeutics 思璞锐 |
Merck & Co. | SPR2015 | Non-Small Cell Lung Cancer (NSCLC); Pancreatic Cancer; Colorectal Cancer (CRC) | Pre-Clinical | 2,130 | 400 | Global |
| China OL | Hengrui Pharmaceuticals 恒瑞医药 |
Novo Nordisk | HRS-1596 | Type 2 Diabetes; Obesity | IND | 2,600 | 300 | United States; Europe; Japan; Other |
| China OL | Sironax 维泰瑞隆 |
Novartis | Brain Delivery Module platform | disorder of nervous system | Pre-Clinical | 175 | 125 | Global |
| China OL | Hutchison China MediTech 和黄医药 |
GSK | HMPL-A830 | solid tumor; pancreatic cancer; colorectal cancer (CRC); lung cancer | Phase I | 1,295 | 110 | United States; Europe; Japan; Other |
| 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 | Jiangsu Simcere Zaiming 江苏先声再明 |
Roche | SIM0660 | lymphoma; B-cell lymphoma; autoimmune disease | Pre-Clinical | 1,530 | 75 | Global |
| China OL | Nhwa Pharmaceutical 恩华药业 |
Somnivera | undisclosed investigational drug | Undisclosed | Undisclosed | 517.5 | 10.5 | United States; Europe; Japan; Other |
| China OL | BoomRay Pharmaceuticals 博锐创合 |
Novartis | radioactive ligand therapy program | Oncology | Pre-Clinical | 900 | Undisclosed | 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 | InxMed 应世生物 |
Chugai Pharmaceutical | SPYK04 | Solid Tumor | Phase I | Undisclosed | Undisclosed | Global |
| China OL | Yingshuo Biotech 莹硕生技 |
YS Life Science | Tamokas (tamsulosin ODT) | Urination Disorder; Benign Prostatic Hyperplasia (BPH) | Approved | Undisclosed | Undisclosed | Other |
| China OL | Exegenesis Bio 嘉因生物 |
Modalis Therapeutics | MDL-201; AAV capsid EMC181 | Musculoskeletal Disorder; Duchenne Muscular Dystrophy (DMD) | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Shian Biotech 时安生物 |
Moonwalk Biosciences | MW101; adipose-targeting chemistry technology | Cardiovascular Disease; Obesity | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | METiS Therapeutics 剂泰医药 |
Luye Pharma 绿叶制药 |
AI-designed novel delivery systems | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | Anpu Biotechnology 昂朴生物 |
INFevo 无界进化 |
Innovative Genetic Disease R&D Platform | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | OBiO Technology 和元生物 |
Renyuan Biotechnology 仁远生物 |
EPC program | cardiovascular disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | Biocytogen 百奥赛图 |
Qilu Pharmaceutical 齐鲁制药 |
Fully human VHH antibody molecule | 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 | 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 |
| China Domestic | DPTechnology 深势科技 |
Anke Biotechnology 安科生物 |
design and optimization of ADC payloads | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic | Vcare PharmaTech 威凯尔 |
Nanjing Chia-tai Tianqing Pharmaceutical 南京正大天晴 |
eratrectinib | Solid Tumor; Cancer Pain; Thyroid Cancer; Inflammatory Skin Diseases; Salivary Gland Cancer; NTRK Fusion-Positive Solid Tumors; Bone Metastasis; Liposarcoma; Metastatic Bone Pain | Approved | Undisclosed | Undisclosed | Chinese Mainland |
| China Domestic | Veltec 维尔泰克 |
Chengda Biotechnology 成大生物 |
recombinant quadrivalent enterovirus vaccine (Hansenula polymorpha) | HAND, Foot and Mouth Disease (HFMD) | IND | Undisclosed | Undisclosed | Global |
| China Domestic | Viva Biotech 维亚生物 |
Xidian Pharmaceutical 西点药业 |
Mol2MARS Reverse Target Discovery and Development Platform | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
M&A Deals September 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | ITM Isotope | Telix Pharmaceuticals | Full Acquisition | 177Lu-edotreotide | 2,350 | 1,650 |
| Completed | Nualtis | COSCIENS Biopharma | Full Acquisition | RHB-103 (rizatriptan VersaFilm) | Undisclosed | 15 |
| 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 |
| Proposed | Sernova Biotherapeutics | Seraxis | Merger | SR-02; SR-03 | Undisclosed | Undisclosed |
| Completed | Cachet Pharmaceutical | Tongrentang | Partial Acquisition | Undisclosed | Undisclosed | Undisclosed |
| Completed | Santersus | Xenetic Biosciences | Reverse Takeover | Xenetic DNase technology; nucleocapture® | Undisclosed | Undisclosed |
| Completed | North Immunology | Aethlon Medical | Reverse Takeover | NOR-101 | Undisclosed | Undisclosed |
| Completed | Marea Therapeutics | Lisata Therapeutics | Reverse Takeover | MAR002; MAR005 | Undisclosed | Undisclosed |
| Completed | Trimt | ABX | Full Acquisition | [177Lu]-Therahexin; [68Ga]-Triveoctin; [68Ga]-trivehexin | 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 |
| 2026-09-28 | SciBrunch Therapeutics 思璞锐 |
Merck & Co. | Oncology | Pre-Clinical | 2,130 | 400 |
| 2026-02-08 | Innovent Biologics 信达生物 |
Eli Lilly | Immunology; Oncology | Pre-Clinical | 8,850 | 350 |
| 2026-09-29 | Hengrui Pharmaceuticals 恒瑞医药 |
Novo Nordisk | Endocrinology & Metabolism | IND | 2,600 | 300 |
| 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 |
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 |
| 2026-09-24 | Amberstone Biosciences | Henlius Biotech 复宏汉霖 |
Undisclosed | Pre-Clinical | 888 | 4 |
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。
