Deal Tracker
12 TRANSACTIONS$79.8B+ TOTAL VALUE| Licensee | Licensor | Date | Total | Upfront | Modality | Area | Stage |
|---|---|---|---|---|---|---|---|
| AstraZeneca | CSPC Pharmaceutical石药集团 | Oct 2025 | $18.5B | $100M0.5% | Small Molecule | Cardiovascular / Metabolic | Pre-clinical |
| GSK | Hengrui Medicine恒瑞医药 | Jul 2025 | $12B | $500M4.2% | Multi-asset (12 programs) | Respiratory / Immunology / Oncology | Mixed (lead: clinical PDE3/4i for COPD) |
| BMS | BioNTech (China-originated)BNT-327 | Jun 2025 | $11.1B | Undisclosed | Bispecific Antibody | Oncology | Phase II |
| Takeda | Innovent Biologics信达生物 | Oct 2025 | $10B+ | $1.2B12% | Bispecific + ADC | Oncology (Solid Tumors) | Phase I/II |
| Merck | Kelun-Biotech科伦博泰 | 2022-ongoing | $9.4B+ | $175M1.9% | ADC (7 targets) | Oncology | Pre-clinical / Phase I |
| AbbVie | RemeGen荣昌生物 | 2025 | $5.6B | $100M1.8% | ADC | Oncology | Phase III (China approved) |
| Summit Therapeutics | Akeso康方生物 | 2022 | $5B+ | $500M10% | Bispecific Antibody | Oncology | Phase III |
| Pfizer | 3SBio三生制药 | May 2025 | $4.8B | $1.25B26% | Bispecific Antibody | Oncology / Immunology | Phase II |
| Eli Lilly | Innovent Biologics信达生物 | 2015-ongoing | $1.4B+ | Multiple tranches | Monoclonal Antibody + Bispecific | Oncology | Multiple stages |
| AstraZeneca | Eccogene益方生物 | 2025 | ~$1B+ | Undisclosed | Small Molecule | Metabolic (GLP-1) | Phase I |
| Novartis | BeiGene百济神州 | 2021 | $650M+ | $650M | Monoclonal Antibody | Oncology | Phase III / Approved in China |
| Johnson & Johnson | Legend Biotech传奇生物 | 2017-ongoing | $350M+ upfront + royalties | $350M | CAR-T Cell Therapy | Hematology (Multiple Myeloma) | Pre-clinical at signing, now FDA-approved |
AstraZeneca–CSPC Pharmaceutical: Largest headline value in China out-licensing history. Novel lipoprotein disruptor.
GSK–Hengrui Medicine: First major multi-asset portfolio deal. $500M upfront across 12 programs. Lead: HRS-9821 PDE3/4 inhibitor for COPD.
BMS–BioNTech (China-originated): PD-L1 x VEGF bispecific. Triggered by Akeso ivonescimab competitive pressure.
Takeda–Innovent Biologics: IBI363 and IBI343 — two cancer assets. Includes $100M equity investment. Biggest deal for Chinese-developed antibodies at signing.
Merck–Kelun-Biotech: Multi-target ADC platform deal. OptiDC linker-payload technology.
AbbVie–RemeGen: Disitamab vedotin (HER2 ADC). Largest ADC out-licensing from China.
Summit Therapeutics–Akeso: Ivonescimab (PD-1/VEGF). First-in-class bispecific. Beat pembrolizumab in NSCLC.
Pfizer–3SBio: Highest upfront-to-total ratio among mega-deals. Reflects clinical-stage premium.
Eli Lilly–Innovent Biologics: Long-running strategic collaboration. Includes sintilimab and multiple pipeline candidates.
AstraZeneca–Eccogene: Oral GLP-1 receptor agonist. Validates Chinese small molecule innovation in obesity/metabolic.
Novartis–BeiGene: Tislelizumab (PD-1). Rights later returned to BeiGene, which now commercializes globally.
Johnson & Johnson–Legend Biotech: Carvykti (cilta-cel). First China-originated cell therapy with global FDA approval. $1B+ revenue trajectory.