Deals & Financing
Licensing, acquisitions, financings and clinical readouts that matter for China-originated assets and the buyers looking at them, each linked to the company announcement or trade-press source. Upfront and milestone amounts are listed separately, as disclosed.
Browse by type
LicensingOut-licensing and co-development of drug or platform rights14 items
NewCoAssets licensed into newly formed companies built around them3 items
M&ACompany or asset acquisitions that set buyer appetite4 items
ClinicalClinical readouts that move asset value6 items
FinancingEquity financings and investments5 items
ConferencesPartnering, investor, scientific, CRO, regulatory, CMC, digital and HEOR meetings, next 12 months65 events
Latest
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Type
Companies
Estuary Bio raises $103M to advance local AAV therapy for ADPKD
$103M total
AstraZeneca and insitro form a strategic collaboration in difficult-to-treat cardiometabolic disease
$40M upfront
OMass Therapeutics raises a $310M Series C
$310M (GBP230M)
City Therapeutics prices upsized IPO at about $200M
About $200M
CSPC announces China IND for SYS6088, a PD-1/VEGFA/CTLA-4 trispecific
No deal value
Eton licenses US rights to Aquestive's Libervant (diazepam buccal film)
$10M upfront
Hiteck licenses next-generation NGF eye drop HT006.2.2 to Visara outside Greater China
$7M upfront and near-term
MicuRx licenses MRX-23 ADC and grants STOPIN platform options to ClearideBio
$1M upfront
Asieris grants Theramex exclusive rights to APL-1702 (CEVIRA) in Europe and other markets
Over $250M total
Garden Bio and Guangzhou National Laboratory form a joint venture for 25-hydroxycholesterol broad-spectrum antivirals
Undisclosed
Sino Biopharm completes enrollment in Phase 3 registrational trial of inhaled TQC3721 for COPD
No deal value
CSPC updates Phase 1 data for SYS6002 in advanced cervical cancer; 2.4 mg/kg regimen moves into Phase 3
No deal value
Novartis takes global rights to Abogen's in vivo mRNA T-cell engager ABO2203
$575M upfront; up to ~$7.8B total
GSK buys Chimagen's trispecific T-cell engager for up to $750M
Up to $750M total
Ivonescimab monotherapy beats pembrolizumab on overall survival in HARMONi-2
No deal value
Simcere Zaiming licenses CD79a×CD19×CD3 trispecific SIM0660 to Roche
Up to $1.53B total
Lilly to acquire Merida Biosciences for up to $2.9B, entering Graves' disease
Up to ~$2.88B total
Haisco immunology asset goes into ARCH-founded NewCo Sentivera
Over $1.5B total
J&J locks up Sail Biomedicines' in vivo CAR-T with an equity stake and an acquisition option
$2.58B total if the acquisition option is exercised
argenx to acquire Forte for $2.2B, adding anti-CD122 antibody FB102
~$2.2B in cash
GemPharmatech and Humlab partner on global distribution of humanized mouse models
Undisclosed
Avere in-licenses Hansoh's oral IL-23 drug, lists via NextCure reverse merger and raises $320M
License up to $2.3B; concurrent $320M private placement
AstraZeneca and CSPC partner on kidney-disease siRNA
~$1.77B total
Insilico Medicine and Takeda sign AI drug discovery collaboration
~$600M total
Lilly to acquire in vivo CAR-T company Kelonia for up to $7B
Up to $7B in cash
Annual tally
China innovative-drug out-licensing| Year | Deals | Total value | Upfront payments, combined |
|---|---|---|---|
| 2024 | 94 | $51.9B | — |
| 2025 | 157 | $135.7B | $7.0B |
Data from DIA Global Forum, March 2026. Upfront payments were only about 5% of total value; the rest is paid only if development reaches agreed milestones, and much of it never will be.