Deals
Licensing, NewCo formation, acquisitions and clinical readouts that matter for China-originated assets and the buyers looking at them. Only publicly disclosed or mutually confirmed deals; each item links to the company announcement or trade-press source. Upfront and milestone amounts are listed separately, as disclosed.
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LicensingOut-licensing and co-development of drug or platform rights8 items
NewCoChina assets licensed into newly formed ex-China companies2 items
M&ACompany or asset acquisitions that set buyer appetite4 items
ClinicalClinical readouts that move asset value3 items
FinancingEquity financings and investments2 items
ConferencesPartnering, investor and scientific meetings, next 12 months26 events
Latest
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Type
Companies
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
Simcere Zaiming licenses CD79a×CD19×CD3 trispecific SIM0660 to Roche
Up to $1.53B 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
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
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.