Top 10 China Pharma Deals 2025: $40B in Global Innovation Exports
In the first half of 2025, China’s innovative drug license-out deals surpassed USD 15 billion, marking a 40% year-over-year increase.
Antibody-drug conjugates (ADCs) and bispecific antibodies now account for over 60% of all outbound transactions — signaling a new wave of China’s pharmaceutical globalization.
According to DengYueMed’s Top 10 China Pharma Deals 2025, a global market review, ten A-share pharmaceutical leaders have become the backbone of this movement, leveraging unique technologies and strategic partnerships to secure their position on the world stage. Here’s how they did it:
1. Kelun Pharma – China’s ADC Champion
Kelun’s SKB264 (TROP2 ADC) set a record-breaking global deal with Merck worth USD 10.885 billion, making it the most valuable ADC export from China.
The therapy targets TROP2 in breast and lung cancers, showing an ORR >60% in heavily pretreated patients. Phase III trials are ongoing in the US and Europe, with market submission expected by 2026. Kelun retains China’s rights, achieving a true “global resource + local strength” balance.
2. Hengrui Pharma – Beating Global Benchmarks
Hengrui’s HER2-ADC (SHR-A1811) outperformed Roche’s DS-8201 in head-to-head Phase III breast cancer trials (ORR 78% vs. 70%).
Beyond oncology, Hengrui licensed its GLP-1 portfolio to a European partner for USD 6 billion, while expanding global R&D centers across 30 countries — showcasing China’s world-class innovation capacity.
3. Bio-Thera Solutions – Dual-Target Innovation
Bio-Thera’s BL-B01D1, the world’s first EGFR/HER3 bispecific ADC, tackles drug resistance by dual targeting. Partnered with Bristol Myers Squibb (BMS) in an USD 8.4 billion deal, it’s now advancing through global clinical trials.
4. BeiGene – A Global Commercial Powerhouse
BeiGene’s BTK inhibitor Brukinsa (Zebutinib) achieved USD 18.9 billion in 2024 sales, reaching over 70 countries.
Its PD-1 antibody tislelizumab and TIGIT bispecific ociperlimab are leading next-generation immunotherapy programs with multiple FDA designations.
5. 3SBio – Emerging Market Strategist
3SBio prioritizes emerging markets across Southeast Asia and the Middle East, combining self-developed antibodies and local partnerships.
Its Etanercept (Yisaipu) continues to dominate the autoimmune disease segment, while HER2/PD-L1 bispecific antibodies and ADC CMO services expand its international footprint.
6. RemeGen – Pioneer of China’s ADC Outbound Path
RemeGen’s Disitamab Vedotin (RC48), licensed to Seagen for USD 2.6 billion, became China’s first global ADC export.
Its Telitacicept, a first-in-class BLyS/APRIL dual-target drug for lupus, is now in Phase III trials in the US and EU — positioning RemeGen as a model for “product + technology” globalization.
7. Sinoway – From Vitamins to Biotech Breakthroughs
By acquiring Jushi Bio, Sinoway entered the biologics race, advancing Claudin18.2 ADCs and mRNA vaccines.
It licensed its ADC rights to Korean partners (USD 500 million deal) and achieved emergency authorization for its COVID-19 mRNA vaccine in Southeast Asia.
8. Junshi Biosciences – Dual-Engine Expansion
Junshi’s PD-1 antibody toripalimab is approved in over 10 countries, while its antiviral VV116 (co-developed with Eli Lilly) surpassed USD 200 million in overseas sales in 2024.
Its PD-1/CTLA-4 bispecific and ADC pipelines further strengthen its oncology portfolio.
9. E-lics (Ailis Pharma) – Targeting Resistance with Precision
Ailis’s Furmonertinib, a third-generation EGFR-TKI, tackles T790M and exon 20 insertions, winning FDA Breakthrough Therapy Designation.
Licensed to ArriVent, the total deal value reached USD 750 million, and global Phase III trials are underway.
10. WuXi AppTec – The Engine Behind Global Drug Development
As the leading CDMO/CXO platform, WuXi AppTec enables biopharma innovation worldwide.
Its ADC and gene therapy services power collaborations with Merck, Pfizer, and other major pharma companies, accounting for 70% of its overseas revenue.
Pharmaceutical Distributor—DengYueMed Perspective:
| Company | Flagship Drug / Program | Target / Mechanism | Key Indication(s) | Global Deal Value (USD) | Major Partner(s) | Global Progress / Milestone | Unique Strength / Strategy |
|---|---|---|---|---|---|---|---|
| Kelun Pharma | SKB264 (TROP2 ADC) | TROP2 | Breast & Lung Cancer | 10.885 billion | Merck | Phase III (US/EU); Market submission by 2026 | Highest-value ADC export; Retains China rights |
| Hengrui Pharma | SHR-A1811 (HER2-ADC) / GLP-1 Portfolio | HER2 / GLP-1 | Breast Cancer / Diabetes | 6 billion | European Partner | Outperformed DS-8201 (ORR 78% vs 70%) | Global R&D centers in 30+ countries |
| Bio-Thera Solutions | BL-B01D1 (EGFR/HER3 bispecific ADC) | EGFR + HER3 | Resistant Cancers | 8.4 billion | Bristol Myers Squibb | Global clinical trials ongoing | World’s first EGFR/HER3 bispecific ADC |
| BeiGene | Brukinsa (BTK inhibitor) / Tislelizumab (PD-1) | BTK / PD-1 / TIGIT | Hematologic & Solid Tumors | 18.9 billion (sales) | — | Approved in 70+ countries | Leading global commercialization & immunotherapy |
| 3SBio | Etanercept (Yisaipu) / HER2-PD-L1 bispecifics | TNF / HER2-PD-L1 | Autoimmune / Oncology | — | Regional Partners (SEA & ME) | Dominant in emerging markets | Combines antibody innovation with CMO services |
| RemeGen | Disitamab Vedotin (RC48) / Telitacicept | HER2 / BLyS-APRIL | Breast Cancer / Lupus | 2.6 billion | Seagen | RC48: First global ADC export; Telitacicept: Phase III (US/EU) | Pioneered China’s ADC globalization |
| Sinoway | Claudin18.2 ADC / mRNA Vaccine | Claudin18.2 / mRNA | GI Cancer / COVID-19 | 500 million | Korean Partners | ADC license-out; mRNA EUA in SEA | Transitioned from vitamins to biologics |
| Junshi Biosciences | Toripalimab (PD-1) / VV116 (antiviral) | PD-1 / Antiviral | Oncology / COVID-19 | 200+ million (sales) | Eli Lilly | Approved in 10+ countries | Dual-engine: oncology + antivirals |
| E-lics (Ailis Pharma) | Furmonertinib (EGFR-TKI) | EGFR (T790M / Exon 20ins) | NSCLC | 750 million | ArriVent | FDA Breakthrough Therapy; Global Phase III | Tackling drug resistance with precision |
| WuXi AppTec | CDMO/CXO Services | ADC / Gene Therapy | Multi-disease | — | Merck, Pfizer, etc. | Supplies 70% overseas revenue | Global biopharma enabler; innovation backbone |
In 2025, Top 10 China Pharma Deals 2025, China’s top pharmaceutical innovators — including Kelun, Hengrui, BeiGene, and RemeGen — are reshaping the global biotech landscape with record-breaking deals, advanced ADC platforms, and world-class clinical pipelines.
From billion-dollar partnerships to FDA breakthroughs, China’s pharma globalization is entering a new era of “systemic innovation export.”
As regulatory frameworks align and Belt & Road markets open new opportunities, companies mastering differentiated technology, global clinical standards, and scalable production will continue to lead the charge.
China’s innovative drug globalization story — as Pharmaceutical Distributor DengYueMed reports — is only just beginning.
More views at China’s Pharmaceutical Breakthroughs Go Global: Behind the $45 Billion Boom and the Next Great Test
