China’s $60B Out-Licensing Boom in 2025 Positions Biotech as Global Powerhouse in Oncology & Obesity

Chinese Company

Partner Company

Drug/Asset

Date of Deal

Upfront (millions)

Total Deal (millions)

MOA/Target

Indication

Development Stage

Notes

Fosun Pharma

Sitala Bio

FXS6837

8/26/25

$25M

$670M

Undisclosed inflammation blocker

Immune diseases

Phase 2

Small molecule for immune regulation; $5M Sitala shares at no cost; ~RMB 120M R&D invested; 2024 market ~$3.8B (IQVIA) [9].

RemeGen

Santen Pharmaceutical

RC28-E

8/19/25

$35M

$283M

Dual-target VEGF/FGF fusion protein

Ophthalmic diseases

Phase 3

For wet AMD and diabetic retinopathy; strong Phase 2 efficacy [2].

Fosun Pharma

Expedition Therapeutics

XH-S004

8/11/25

$17M

$645M

DPP-1 inhibitor

Immune diseases

Phase 2

For non-cystic fibrosis bronchiectasis (Phase 2), COPD (Phase 1b); first-in-class potential; Fosun retains China rights [10,11].

XtalPi

DoveTree

Undisclosed (AI discovery)

7/2025

$100M

$6,000M

Undisclosed (small molecules/antibodies)

Cancer, autoimmune, neurological, metabolic

Discovery/Preclinical

AI-powered drug discovery platform; no specific candidates named; milestones and royalties [5].

CSPC Pharmaceutical Group

Madrigal Pharmaceuticals

SYH2086

7/30/25

$120M

$2,120M

GLP-1 receptor agonist (oral)

Metabolic diseases

Preclinical

For MASH, obesity, T2D; to combine with Rezdiffra; trials planned for H1 2026; CSPC retains China rights for other GLP-1s [8,12].

Hengrui Pharma

GSK

HRS-9821

7/28/25

$500M

$12,500M

PDE3/4 inhibitor

Multiple (respiratory, immunology, oncology)

Phase 1

Potential best-in-class for COPD; largest 2025 deal [2].

Keyi Pharmaceutical

Erigen

CAR-T targeting BCMA and CD19

7/22/25

$15M

$1,335M

CAR-T cell therapy

Cancer

Phase 1

For multiple myeloma and lymphomas; dual-target CAR-T [2].

Biocytogen Pharmaceuticals

BeOne Medicines

Undisclosed

7/9/25

N/A

N/A

Undisclosed (fully human antibodies)

Cancer

Undisclosed

Early-stage oncology asset; multiple antibodies for innovative drugs; limited details [13].

ConjugateBio

Adagene

Undisclosed (proprietary antibody)

7/8/25

N/A

N/A

Antibody for bispecific ADC programs

Undisclosed

Preclinical

For bispecific ADCs; broad application potential; no specific name disclosed [2].

CStone Pharmaceuticals

Istuto Gentili

Anti-PD-L1 mAb

7/8/25

N/A

$193M

Monoclonal antibody targeting PD-L1

Cancer

Marketed

Approved for NSCLC, esophageal cancer; established efficacy [2].

Mabwell (Shanghai) Bioscience

Calico Life Sciences

Anti-IL-11 mAb

6/26/25

$25M

$596M

Monoclonal antibody targeting IL-11

Other (aging-related)

Phase 1

For fibrosis and aging-related diseases; novel target [2].

Remegen

Vor Biopharma

Telitacicept

6/25/25

$125M

$4,125M

Fusion protein targeting BAFF and APRIL

Immune diseases

Phase 3

Approved in China for SLE, RA, gMG; includes $80M warrants [2].

Harbour BioMed

Otsuka Pharmaceutical

Bispecific T cell engagers

6/22/25

$47M

$670M

Bispecific T cell engagers targeting BCMA and CD3

Immune diseases

Phase 1

For multiple myeloma; strong preclinical safety [2].

Simcere Zaiming

NextCure

Anti-CDH6 ADC

6/16/25

N/A

$745M

Antibody-drug conjugate targeting CDH6

Cancer

Phase 1

For ovarian and renal cancers; high specificity [2].

Genrix Bio

Cullinan Therapeutics

Bispecific T cell engager

6/4/25

$20M

$712M

Bispecific T cell engager targeting BCMA and CD3

Immune diseases

Phase 1

For multiple myeloma; competitive in BCMA space [2].

Intragrand Pharma

Transpire Bio

PDE4 inhibitor

6/3/25

N/A

N/A

PDE4 inhibitor

Other

Preclinical

For inflammatory diseases; early-stage asset [2].

Hansoh Pharma

Regeneron Pharmaceuticals

HS-10535

6/2/25

$80M

$2,010M

GIP/GLP-1 receptor agonist

Metabolic diseases

Phase 3

For obesity; $1.93B milestones; strong weight loss data [2].

Evopoint Biosciences

Astellas Pharma

XNW27011

5/29/25

$200M

$1,540M

Antibody-drug conjugate targeting CLDN18.2

Cancer

Phase 1

For gastric/pancreatic cancers; $130M upfront + $70M near-term [2].

EpimAb Biotherapeutics

Juri Biosciences

Bispecific T cell engager

5/27/25

N/A

$210M

Bispecific T cell engager targeting KLK2 and CD3

Cancer

Preclinical

For prostate cancer; novel KLK2 target [2].

BioNova Pharmaceuticals

Servier

Menin inhibitor

5/23/25

N/A

N/A

Menin inhibitor

Cancer

Phase 1

For AML; promising early efficacy signals [2].

3SBio

Pfizer

SSGJ-707

5/19/25

$1,250M

$6,050M

Bispecific antibody targeting PD-1 and VEGF

Cancer

Phase 2

For NSCLC, colorectal, gynecological cancers; $100M equity investment [2].

Sirius Therapeutics

CRISPR Therapeutics

siRNA targeting Factor XI

5/19/25

$95M

$95M

Small interfering RNA

Other (coagulation)

Phase 1

For thrombotic disorders; novel RNA approach [2].

Qyuns Therapeutics

Caldera Therapeutics

Bispecific antibody

4/23/25

$10M

$555M

Bispecific antibody

Immune diseases

Preclinical

For autoimmune disorders; early-stage potential [2].

Earendil Labs

Sanofi

HXN-1002 & HXN-1003

4/17/25

$175M

$1,845M

Bispecific antibodies targeting α4β7/TL1A and TL1A/IL23

Immune diseases

Preclinical

For IBD; dual-target approach for enhanced efficacy [2].

VelaVigo Bio

Ollin Biosciences

VBS-102

4/17/25

N/A

$440M

Bispecific antibody

Undisclosed

Preclinical

First-in-class bispecific; VelaVigo retains Greater China rights; limited details on target [13].

Hengrui Pharma

Merck KGaA

GnRH receptor antagonist

4/7/25

$15M

N/A

GnRH receptor antagonist

Other (endometriosis)

Phase 3

For hormone-sensitive conditions; established target [2].

Puhe BioPharma

Bayer

BAY 3713372 (PH020)

3/26/25

N/A

N/A

PRMT5 inhibitor

Cancer

Phase 1

For MTAP-deleted tumors; MTA-cooperative; Bayer has global rights ex-China [13].

Hengrui Pharma

Merck & Co.

HRS-5346

3/25/25

$200M

$1,970M

Lipoprotein(a) inhibitor

Other (cardiovascular)

Phase 2

For heart disease risk; novel cardiovascular target [2].

The United Laboratories International Holdings

Novo Nordisk

UBT251

3/24/25

$200M

$2,000M

GLP-1/GIP/glucagon receptor agonist

Metabolic diseases

Phase 2

For obesity and T2D; multi-agonist approach [2].

Hangzhou Polymed Biopharmaceuticals

Photys Therapeutics

HPB-143

2/20/25

N/A

N/A

Protein degrader targeting IRAK4

Immune diseases

Preclinical

For inflammation; Phase 1-ready; novel degrader technology; Photys has ex-Greater China/Southeast Asia rights [13].

CSPC Pharmaceutical Group

Radiance Biopharma

Anti-ROR1 ADC

2/19/25

$15M

$1,165M

Antibody-drug conjugate targeting ROR1

Cancer

Phase 1

For solid tumors; high specificity for ROR1 [2].

Lepu Biopharma

ArriVent BioPharma

Anti-CDH17 ADC

1/21/25

$47M

$1,207M

Antibody-drug conjugate targeting CDH17

Cancer

Preclinical

For GI cancers; novel ADC target [2].

KeyMed Biosciences, InnoCare Pharma

Prolium Bioscience

Bispecific targeting CD20 and CD3

1/20/25

N/A

$520M

Bispecific antibody targeting CD20 and CD3

Multiple

Phase 1

For B-cell malignancies; dual-partner deal [2].

Simcere Zaiming

AbbVie

Trispecific targeting GPRC5D, BCMA and CD3

1/13/25

N/A

$1,055M

Trispecific antibody

Cancer

Phase 1

For multiple myeloma; innovative trispecific design [2].

Harbour BioMed, Kelun Biotech

Windward Bio

Anti-TLSP mAb

1/10/25

$45M

$1,015M

Monoclonal antibody targeting TLSP

Immune diseases

Phase 1

For asthma and inflammation; dual-partner collaboration [2].

Hangzhou HealZen Therapeutics

Johnson & Johnson

HZ-Q1070

1/10/25

N/A

N/A

Protein degraders targeting BTK

Multiple

Preclinical

For B-cell disorders; cutting-edge degrader tech; IND cleared for some indications [13].

Sciwind

Verdiva Bio

Oral GLP-1 RA; Amylin RAs

1/10/25

$70M

$2,470M

Oral GLP-1 receptor agonist; Oral/injectable amylin agonists

Metabolic diseases

Phase 1

For obesity; multi-candidate deal with strong market potential [2].

Keymed Biosciences

Ouro Medicines

Bispecific T cell engager targeting BCMA and CD3

1/10/25

N/A

N/A

Bispecific T cell engager targeting BCMA and CD3

Immune diseases

Phase 2

For multiple myeloma; competitive in BCMA space [2].

Keymed Biosciences

Timberlyne Therapeutics

Anti-CD38 mAb

1/9/25

N/A

N/A

Monoclonal antibody targeting CD38

Immune diseases

Phase 2

For multiple myeloma; established target [2].

Biocytogen

Sotio Biotech

SOT109

1/9/25

N/A

N/A

Antibody for ADC targeting novel tumor antigen

Cancer

Preclinical

For colorectal cancer; novel tumor antigen; early-stage ADC development [13].

Beijing Mabworks Biotech

Climb Bio

Anti-APRIL mAb

1/9/25

$9M

N/A

Monoclonal antibody targeting APRIL

Immune diseases

Preclinical

For autoimmune disorders; novel target [2].

DualityBio

Avenzo Therapeutics

Bispecific ADC targeting EGFR and HER3

1/7/25

$50M

$1,200M

Bispecific antibody-drug conjugate targeting EGFR and HER3

Cancer

Preclinical

For solid tumors; dual-target ADC [2].

WuXi Biologics

Candid Therapeutics

Trispecific T cell engager

1/6/25

N/A

$925M

Trispecific T cell engager

Immune diseases

Preclinical

For autoimmune conditions; innovative trispecific approach [2].

Innovent Biologics

Roche

IBI3009

1/1/25

$80M

$1,080M

Antibody-drug conjugate targeting DLL3

Cancer

Phase 1

For small cell lung cancer; promising early data [2].