1. Summary of the Week
From October 17 to 23, a total of 18 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, 3 were China-related, defined as transactions involving at least one China-based company. All three were out-licensing deals.
In China, the largest transaction was between Gilead Sciences and PeptidStar Therapeutics, for acquiring an oral IL-23R inhibitor program, including lead asset HCXT-2001, with an upfront payment of $1.275 billion.
Outside China, 15 deals were announced. The largest was between Celltrion and Kaigene for a preclinical asset, KG013, worth up to $580.5 million.
2026年10月17日-23日，全球医药市场共签署了18项资产授权和合作协议。中国市场共达成3项交易，均为出海交易。
中国市场，本周最大的交易是Gilead Sciences收购瀚辰星泰包括先导候选药物HCXT-2001在内的口服 IL-23R 抑制剂项目，首付款12.75 亿美元。
中国以外市场，本周共签署了15项资产授权和合作协议。最大的交易是Celltrion与Kaigene达成全球独家授权，引进其临床前资产KG013 ，首付款和里程碑合计可达5.805亿美元。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL | Peptidstar Therapeutics 瀚辰星泰 |
Gilead Sciences | HCXT-2001 | Psoriasis; Plaque Psoriasis; Crohn’s Disease; Ulcerative Colitis (UC) | Phase I | Undisclosed | 1,275 | Global |
| China OL | Hansoh Pharmaceutical 豪森药业 |
Roche | Platform-based ADC programs | Undisclosed | Pre-Clinical | 15,510 | 400 | United States; Europe; Japan; Other |
| China OL | METiS TechBio 剂泰科技 |
Eli Lilly | Next-generation tissue-specific LNP delivery technology | Undisclosed | Undisclosed | 1,110 | 10 | Global |
2a. China Section
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Completed | Neurotech Pharmaceuticals | Alcon | Full Acquisition | revakinagene taroretcel | 550 | Undisclosed |
| Proposed | NewBridge Pharmaceuticals | DKSH | Full Acquisition | Undisclosed | 390 | Undisclosed |
| Completed | AM-Pharma | Ambrose Healthcare | Full Acquisition | recombinant human alkaline phosphatase | 182 | Undisclosed |
| Proposed | Microba | Genetic Signatures | Reverse Takeover | MAP315 | Undisclosed | Undisclosed |
| Proposed | Silence Therapeutics | Merck KGaA | Full Acquisition | divesiran | Undisclosed | Undisclosed |
4. Top Deals of 2026
| Date | Licensor | Licensee | Field | Stage | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| 2026-10-22 | Peptidstar Therapeutics 瀚辰星泰 |
Gilead Sciences | Gastroenterology; Immunology; Dermatology | Phase I | Undisclosed | 1,275 |
| 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 |
| 2026-10-02 | Abogen Biosciences 艾博生物 |
Novartis | Undisclosed | Undisclosed | 7,775 | 575 |
| 2026-10-19 | Hansoh Pharmaceutical 豪森药业 |
Roche | Undisclosed | Pre-Clinical | 15,510 | 400 |
| 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 |
| 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 |
| 2026-10-01 | Regeneron | Sanofi | Immunology | Phase I | 8,000 | 1,000 |
| 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 |
| 2026-10-04 | Alentis Therapeutics | CSL | Respiratory; Gastroenterology; Immunology; Rare Diseases; Oncology; Genitourinary | Phase II | 1,555 | 355 |
| 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 |
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。
