1. Summary of the Week
From November 1 to 6, a total of 24 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, 7 were China-related, defined as transactions involving at least one China-based company. These comprised six out-licensing deals and one domestic partnership.
In China, the largest transaction involved Sino Biopharmaceutical and Boehringer Ingelheim, including antibody-drug conjugates (ADCs) and T-cell engagers (TCEs), with an upfront payment of $358 million and a total deal value of $7 billion.
Outside China, 17 deals were announced. The largest transaction involved Nxera Pharma and AbbVie for NXE0033744, a novel EP4 receptor agonist, with an upfront payment of $100 million and $1.37 billion in development and commercial milestone payments, plus tiered royalties.
2026年11月1日-6日，全球医药市场共签署了24项资产授权和合作协议。中国市场共达成7项交易，包括6项出海交易和1项国内交易。
中国市场，本周最大的交易是中国生物制药与Boehringer Ingelheim就包括ADC和TCE在内的多个项目达成选择权与许可协议，首付款3.58亿美元，总金额可达70亿美元。
中国以外市场，本周共签署了17项资产授权和合作协议。最大的交易是Abbvie与Nxera就新型EP4受体激动剂NXE0033744签订独家全球许可协议，首付款1亿美元，潜在开发和商业里程碑13.7亿美元，以及分层特许权使用费。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL |
Sino Biopharmaceutical 中国生物制药 |
Boehringer Ingelheim | antibody-drug conjugates (ADCs) and T-cell engagers (TcEs) | Undisclosed | Undisclosed | 7,000 | 358 | Global; United States; Europe; Japan; Other |
| China OL |
Minghui Pharmaceutical 明慧医药 |
ASKA Pharmaceutical | MHB018A | Thyroid Eye Disease | Phase III | 440 | 110 | Japan |
| China OL |
Hinova Pharmaceuticals 海创药业 |
Evommune | HP570 | Rheumatoid Arthritis; Autoimmune Disease; Inflammatory | IND | 1,100 | 30 | United States; Europe; Japan; Other |
| China OL |
Brise Pharma 熙源安健 |
AbbVie | Migraine programs | Migraine | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL |
CStone Pharmaceuticals 基石药业 |
Kimia Therapeutics | KT-721 | Undisclosed | Pre-Clinical | Undisclosed | Undisclosed | Chinese Mainland; Other |
| China OL |
WuXi Biologics 药明生物 |
Fresenius | polatuzumab vedotin biosimilar; teprotumumab biosimilar; up to 35 other options | Diffuse Large B-Cell Lymphoma (DLBCL); Dysthyroid Optic Neuropathy (DON) | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic |
Kelun-Biotech 科伦博泰 |
New Frontier 新风天域 |
sacituzumab tirumotecan | Gastroenterology; Immunology; Rare Diseases; Oncology; Diagnostics | Approved | Undisclosed | Undisclosed | Other |
2a. China Section
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Karyopharm Therapeutics | Ayrmid | Merger | Selinexor; eltanexor | 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 |
| 2026-11-04 | Sino Biopharmaceutical 中国生物制药 |
Boehringer Ingelheim | Undisclosed | Pre-Clinical | 7,000 | 358 |
| 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。
