1. Summary of the Week
From November 7 to 13, a total of 28 biopharmaceutical licensing and collaboration transactions were announced globally. Of these, 9 were China-related, defined as transactions involving at least one China-based company. These comprised six out-licensing deals and three domestic partnerships.
In China, the largest transaction involved RemeGen and Vor Biopharma for the asset RC298, with an upfront payment of $56 million and a total deal value of $356 million.
Outside China, 19 deals were announced. The largest transaction involved CorMedix Therapeutics’ acquisition of substantially all of Heron Therapeutics’ assets for upfront consideration of $145 million in cash, CorMedix common stock, plus up to $55 million in contingent earn-out payments and royalties on net sales of certain Heron products.
2026年11月7日-13日，全球医药市场共签署了28项资产授权和合作协议。中国市场共达成9项交易，包括6项出海交易和3项国内交易。
中国市场，本周最大的交易是荣昌生物与Vor Biopharma就资产RC298达成海外授权交易，首付款5600万美元，总金额可达3.56亿美元。
中国以外市场，本周共签署了19项资产授权和合作协议。最大的交易是CorMedix Therapeutics收购Heron Therapeutics的实质性全部资产，首付款包括1.45亿美元和约定数量的公司普通股，加上高达5500万美元的或有收益付款和特许权使用费。
2. Licensing Deals
| Deal Type | Licensor | Licensee | Assets | Disease | Stage | Total amount ($ million) |
Upfront ($ million) |
Deal Territory |
|---|---|---|---|---|---|---|---|---|
| China OL |
RemeGen 荣昌生物 |
Vor Biopharma | RC298 | Undisclosed | Undisclosed | 356 | 56 | United States; Europe; Japan; Other |
| China OL |
JW Therapeutics 药明巨诺 |
Eureka Therapeutics | ARTEMIS® platform; JWATM213; JWATM214; ECT204; ET1402 | Hepatoblastoma; Hepatocellular Carcinoma (HCC); Liver Metastasis | Pre-Clinical; Phase I; Phase II; Phase I/II | 110 | 10 | Chinese Mainland; Hong Kong, Macao and Taiwan; Other |
| China OL |
Senlang Biotechnology 森朗生物 |
Tempest Therapeutics | CD7-targeted lentiviral vector platform.; a series of in vivo CAR-T candidate products; SL4903 | Hematologic Malignancies; Autoimmune Disease; Plasma Cell Neoplasm; Multiple Myeloma (MM) | Phase I | Undisclosed | Undisclosed | Global |
| China OL |
Exegenesis Bio 嘉因生物 |
Ascidian Therapeutics | Next-generation AAV capsids program | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China OL |
XtalPi 晶泰科技 |
Pierre Fabre | Novel small molecule therapy | Oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China OL |
Probio 蓬勃生物科技 |
AbTis | Undisclosed | Oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic |
Synthgene 申基生物 |
Skye Medicine 天宜康医药 |
Patent for Novel Cationic Lipids and Cap Analogs | Undisclosed | Undisclosed | Undisclosed | Undisclosed | Global |
| China Domestic |
Anglikang Pharmaceutical 昂利康 |
Ruizhijie Biotechnology 睿智杰; MicroX Pharmaceutics | iNCT Pipeline; Oncology Immunotherapy; Protein Replacement Pipeline | Oncology; Rare Disease | Pre-Clinical | Undisclosed | Undisclosed | Global |
| China Domestic |
MindRank AI 德睿智药 |
BoomRay Pharmaceuticals 博锐创合 |
Cyclic Peptide–Targeted RDC | Oncology | Pre-Clinical | Undisclosed | Undisclosed | Global |
2a. China Section
3. M&A Deals
| Status | Acquiree | Acquiror | Acquisition Type | Item | Total amount ($ million) |
Upfront ($ million) |
|---|---|---|---|---|---|---|
| Proposed | Unnatural Products | Argenx | Full Acquisition | macrocycle peptide platform | 1,150 | 550 |
| Completed | NeuroAirmid | Lineage Cell Therapeutics | Full Acquisition | hNSC-01 | 58 | 5 |
| Proposed | Montai | Valo Health | Merger | MTAI-1025; oral STAT6 inhibitor | Undisclosed | Undisclosed |
| Completed | Omniose | AstraZeneca | Full Acquisition | Bioconjugation platform | 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) |
|---|---|---|---|---|---|---|
| 2026-07-21 | 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。
