1. Executive Summary of the Month
In October 2026, a total of 125 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, 26 were China-related, defined as transactions involving at least one China-based company. These comprised 15 out-licensing deals, 3 in-licensing deals, and 8 domestic partnerships.
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, 99 deals were announced. The largest transaction involved Regeneron and Sanofi for multiple next-generation, long-acting immunology antibodies, with an upfront payment of $1 billion and potential milestone payments of up to $7 billion.
2026年10月，全球医药市场共签署了125项资产授权和合作协议。中国市场共达成26项交易，包括15项出海交易、3项引进交易和8项国内交易。
中国市场，本周最大的出海交易是是Gilead Sciences收购瀚辰星泰包括先导候选药物HCXT-2001在内的口服IL-23R抑制剂项目，首付款12.75亿美元。
中国以外市场，本月共签署了99项资产授权和合作协议。最大的交易是Regeneron与Sanofi达成战略研究合作，共同开发和商业化多款下一代长效免疫抗体，首付款10亿美元，潜在里程碑达70亿美元。
2. Licensing Deals
China Licensing and Cooperation Deals October 2026
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China IL | Nxera Pharma | Synmosa 健乔信元 |
daridorexant | Postoperative Delirium; Neuroinflammation; Alcohol Dependence; Obstructive Sleep Apnea; Dementia; Sleep Disorder; Chronic Obstructive Pulmonary Disease; Sleepiness; Amyloidosis; Anxiety Disorder; Opioid Dependence; Depressive Disorder; Alzheimer’s Disease; PTSD; Insomnia | Approved | Undisclosed | Undisclosed | Other |
| China IL | Maruho | Orient Europharma 友华生技 |
glycopyrronium tosylate | Axillary Hyperhidrosis; Hyperhidrosis | Approved | Undisclosed | Undisclosed | Other |
| China IL | Mundipharma | Shanzhe Biopharmaceutical 杉泽生物 |
rezafungin | Pulmonary Aspergillosis; Invasive Candidiasis; Intra-Abdominal Infection; Fungal Infection; Fungemia; Vulvovaginal Candidiasis; Sepsis; Candidemia; Pneumocystis Carinii Pneumonia; Candidiasis | Approved | Undisclosed | Undisclosed | Chinese Mainland; Other |
| 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 | Abogen Biosciences 艾博生物 |
Novartis | Other potential RNA projects; ABO2203 | Undisclosed | Phase I | 7,775 | 575 | 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 | Asieris Pharmaceuticals 亚虹医药 |
Theramex | Cevira (hexaminolevulinate hydrochloride ointment photodynamic therapy system) | HPV Infection; Precancerous or Dysplastic Lesions Caused by HPV; Cervical Intraepithelial Neoplasia (CIN) | Approved | 250 | 15 | Europe; Other |
| China OL | METiS TechBio 剂泰科技 |
Eli Lilly | Next-generation tissue-specific LNP delivery technology | Undisclosed | Undisclosed | 1,110 | 10 | Global |
| China OL | MicuRx Pharmaceuticals 盟科药业 |
ClearideBio Therapeutics | Options on the other 6 ADC programs; MRX-23 | Oncology | Pre-Clinical | 223 | 1 | Global |
| China OL | Rona Therapeutics 大睿生物 |
Roche | ALK7 siRNA | Metabolic Syndrome; Cardiovascular Disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Hiteck Biological Pharma 海特生物 |
Visara | HT006.2.2 | Neurotrophic Keratitis (NK) | Phase I | Undisclosed | Undisclosed | United States; Europe; Japan; Other |
| China OL | Triastek 三迭纪 |
Janssen Pharmaceuticals | New oral drug development program | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Energenesis Biomedical 华安医学 |
YooYoung Pharmaceutical | ENERGI-F703 | Diabetic Foot; Venous Ulcer; Epidermolysis Bullosa (EB) | Phase III | Undisclosed | Undisclosed | Other |
| China OL | Taiwan Liposome 台湾微脂体 |
Nippon Zoki Pharma | TLC599 (dexamethasone sodium phosphate) | Osteoarthritis (OA); Knee Osteoarthritis | Phase III | Undisclosed | Undisclosed | Japan |
| China OL | Minhai Biotechnology 民海生物 |
Gennvax Egypt | 20-valent pneumococcal polysaccharide conjugate vaccine | S. Pneumoniae Infection; Infection | Phase II | Undisclosed | Undisclosed | Other |
| China OL | Wellington Zhaotai; ZHAOTAI MEDICAL GROUP Wellington Zhaotai; 昭泰医疗集团 |
BioOra | WZTL-002 | Mantle Cell Lymphoma (MCL); Diffuse Large B-Cell Lymphoma (DLBCL); B-Cell Acute Lymphoblastic Leukemia; Primary Mediastinal B-Cell Lymphoma (PMBCL); Follicular Lymphoma (FL); B-Cell Lymphoma | Phase II | Undisclosed | Undisclosed | United States; Europe; Japan; Other |
| China OL | Defand Therapeutics 迪拓生物 |
Roche | Option to expand to other targets; MGDs program | Oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL | Sinopep-Allsino 诺泰生物 |
Adalvo | oligonucleotide therapeutics program | Unknown/to Be Determined | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | RigeRNA 炫景生物 |
Hisun Pharmaceutical 海正药业 |
RGN6669; Several other targets; Patented technology platform for small nucleic acid development | To be determined | Pre-Clinical | 137 | 1.4 | Global |
| China Domestic | GenSciences 晟斯生物 |
Betta Pharmaceuticals 贝达药业 |
SS202 | Growth Hormone Deficiency (GHD); Turner Syndrome; Idiopathic Short Stature | Pre-Clinical | 5.6 | 1.4 | Global |
| China Domestic | Fudan University 复旦大学 |
Shengyao Guangyan 盛曜光研 |
BODIPY type photosensitizer | Acne | Pre-Clinical | 9 | Undisclosed | Global |
| China Domestic | Capital Medical University 首都医科大学 |
Gloria Pharmaceuticals 誉衡药业 |
TLK2-targeting gene therapy | Undisclosed | Pre-Clinical | 1.5 | Undisclosed | Global |
| China Domestic | SciClone Pharmaceuticals 赛生药业 |
Jacobson Pharma 雅各臣科研制药 |
thymalfasin | COVID-19; Non-Small Cell Lung Cancer (NSCLC); Chronic Hepatitis B; Esophageal Cancer; Melanoma; Solid Tumor; Colorectal Cancer (CRC); Sepsis | Approved | Undisclosed | Undisclosed | Other |
| China Domestic | Guangzhou Laboratory 广州国家实验室 |
Garden Bio-chemical 花园生物 |
25-hydroxycholesterol and its prodrugs | Zika Virus Infection; Dengue Fever; Ebola Virus Infection; Virus Infection | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | HSID 中国医学科学院皮肤病医院 |
Caijin Biopharmaceutical 才金医药 |
2D4 monoclonal antibody | Alopecia Areata; Systemic Lupus Erythematosus (SLE); Vitiligo | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic | Guangzhou Laboratory 广州国家实验室 |
China National Biotech Group 中国生物 |
respiratory combination vaccines | hMPV Infection; Parainfluenza; RSV Infection | Pre-Clinical | Undisclosed | Undisclosed | Global |
M&A Deals October 2026
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | IntraBio | Shionogi | Full Acquisition | levacetylleucine | 2,000 | Undisclosed |
| Proposed | Pacira BioSciences | Viatris | Full Acquisition | Exparel; Zilretta; enekinragene inzadenovec | 1,650 | Undisclosed |
| Proposed | Gameto | Ferring Pharmaceuticals | Full Acquisition | Undisclosed | 1382.5 | Undisclosed |
| Proposed | SOFIE Biosciences | GE Healthcare | Full Acquisition | 18F-FAPI-74 | 945 | Undisclosed |
| 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 |
| Completed | Gravitas Life Sciences | Hepion Pharmaceuticals | Full Acquisition | GV023; GV104 | Undisclosed | Undisclosed |
| Completed | Velaris Therapeutics | Alaunos Therapeutics | Full Acquisition | VLR199; VLR360; VLR258; VLR247 | Undisclosed | Undisclosed |
| Completed | Recognify | AmyriAD | Full Acquisition | inidascamine | Undisclosed | Undisclosed |
| Proposed | CERo Therapeutics | SRX Global | Full Acquisition | CER-1236 | Undisclosed | Undisclosed |
| Proposed | Mithril Medicine | Anthropic | Completed | LM4-DAG1 bispecific antibody | Undisclosed | Undisclosed |
| Proposed | Longchuangji Pharma 龙创基药业 |
Zhendong Pharmaceutical 振东制药 |
Partial Acquisition | Lactobacillus Dual-Strain Live Bacteria Capsules for Vaginal Use | Undisclosed | Undisclosed |
| Completed | Corxel US | Amanat Acquisition Corp | Reverse Takeover | CX12; VCT220 | Undisclosed | Undisclosed |
| Completed | Zeo | Pluri | Partial Acquisition | Undisclosed | Undisclosed | Undisclosed |
| Completed | Prana Therapies | Bolt Biotherapeutics | Reverse Takeover | PRA-216 | Undisclosed | Undisclosed |
| Completed | Petalion | Starpharma | Partial Acquisition | Undisclosed | Undisclosed | Undisclosed |
| Proposed | Armed Cell Therapeutics | Mankind Pharma | Partial Acquisition | Undisclosed | 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) |
|---|---|---|---|---|---|---|
| 2026-10-22 | 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 |
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 |
| 2026-10-01 | 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 |
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。
